Real FICO score

[Anonymous]

Recently I ran my FICO score and it was 762 -so we applied for a new mortgage to take advantage of the really low rates and we were turned down because the bureau they use - Kroll Factual only shows my FICO as 678.  I'm not sure where the discrepancy is and why?  Can anyone help?

[Anonymous]

I went through Kroll and when they pulled my score it showed the same score as myfico. So I'm not sure as to where your discrepancy is. You should check your report against theirs to see if anything changed..

[Anonymous]

We couldn't understand it either and the loan reviewer said that they don't rely on the FICO scores that you get from the reporting agencies on-line - which doesn't make any sense.  Anyway, I'm going to contact them to see if they get the same thing as myfico.

Thanks

[llecs]

Have to check...where did you pull your FICO scores from and how far apart in time did you pull them?

[Anonymous]

You can check your Fico score on Equifax and then go to a car lot and let them check your credit and the score will be different. This happened to me and I asked the finance manager at the dealership why was my score on Equifax that morning 580 but when he checked it around lunch time it was 479. He said that there is several different credit scores depending on what you are trying to purchase. He said that what he pulled was called auto trace which is used for auto financing. If you apply for a mortgage loan the score again will be different from what you looked up yourself. He said that credit cards also use a different scoring system. He said that pulling your score before you purchase anything is not of much help because what the company gets is going to be different. I know that he was telling me the truth because he showed me the report he had and it said the score was 479 and it didn't look anything like the Equifax report that I had pulled that morning. It had the same information on it but it looked different and the score was 479 as he had told me.

[Junejer]

Maxwell, you are right about the auto enhanced and CC enhanced scores, but the mortgage scores are classic scores which are what you get here at myfico.com. There is a mortgage enhanced score being rolled out by EQ this month, so doubtful that many lenders are using that, if any.

OP remember that there are three FICO scores. You mentioned score singular. Mortgage lenders usually pull all three and take the middle of the three. Which one did you pull here at myfico? And which one were they referring to when they gave you the score from Kroll?

[Anonymous]

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@Anonymous wrote:
Recently I ran my FICO score and it was 762 -so we applied for a new mortgage to take advantage of the really low rates and we were turned down because the bureau they use - Kroll Factual only shows my FICO as 678.  I'm not sure where the discrepancy is and why?  Can anyone help?

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From Kroll's website (Mortgage Lending / Credit Reports section):

"Kroll Factual Data’s Bureau Express merged credit report combines the credit histories from one, two, or all three credit repositories into a single easy-to-read report."

Kroll probably supplies lenders with a tri-merge report that includes credit information from all three CRAs. There are three scores (a score from each CRA) and your application review will be based on your middle score.

For example, if your Fico scores were 762, 678, and 670, your application would be based on the 678 score.

Look at which CRA your 762 score came from - Equifax or TransUnion. Then ask your lender what each of your scores were from Experian, Equifax, and TransUnion. Once you have this information, you can make an effort to improve the middle score ...

Message Edited by Revike on 04-16-2009 07:19 PM

[Junejer]

Rev, you said it better than I.

[Anonymous]

I recently went to a Motorcycle dealer who pulled my reports and came up with a score from Transunion that was 28 points lower than the Fico score I pulled from this the same day. The dealer only uses Transunion so I pulled only from them but the Fico I have is different. Can anyone explain the discrepancy with the scores? This was a real disappointment as that caused me to fall below the minimum score they were looking.

Also, I had a recent 30 past due on my report 2 months ago that I just discovered which found was a mistake based on my bank records. Does anyone know how much of an impact a 30 day miss payment can have on your score?

[Anonymous]

It depends which TU score version the dealer received. The score available at MyFico is a TU'98 Classic score, used by some mortgage lenders. The motorcycle dealer could have received a TU'04 Classic score (used by most mortgage lenders and some other lenders), which often varies by 1-30 points from the TU'98 version. When there is a difference between the two version, more often the TU'04 score is lower. There are quite a few threads about the two different TU Classic score versions, and much speculation about why Fico and TransUnion cannot agree to offer the TU'04 score to the public.

In addition to the two TU Classic versions, there are also industry-specific versions, such as auto, bankcard, and installment loan scoring models. There might have been a slight chance the motorcycle dealer received an auto-enhanced score, which would also differ from the TU'98 Classic score from MyFico ...