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.
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?
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 ...
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?
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 ...