myfico.com scores 15 points off from lender??

[Anonymous]

So I pulled my two scores from myfico.com, showing 753 & 748..  Lender pulls the scores and they get 743 and 734.. WTF?  Nothing changed at all in the few days between the pulls (verified:  I was able to look at the report the lender received.. everything lines up 100%.. EXCEPT THE SCORE).

Why the discrepancy?   ung

- Frustrated

[Anonymous]

Erm ... None of the scores listed are 15 points different from any of the other scores?

Was this a mortgage lender or some other type of lender? If it wasn't a mortgage lender, then it's quite possible the lender used a different model from the formula used in the MyFico scores, and it's no surprise the scores differ.

If it was a mortgage lender, which scores were associated with which credit bureaus? Can you confirm the exact name of the scoring models used on the lender's report, especially the TransUnion score? Additionally, scores really need to be pulled the same day to be comparable. There may have been a subtle difference that you missed when comparing the credit reports, and/or an aging milestone could have been reached. Did you compare credit reports for both dates line-by-line?

Message Edited by Revike on 07-30-2009 10:04 AM

[Anonymous]

I didn't know FICO had multiple formulas for myFICO.com purchases vs lender purchases.  Two lenders (both specifically mortgage lenders) pulled the same numbers..

 The TU score was the higher, Equifax was the lower.

If there was an aging milestone that was reached, wouldn't that increase the score?   Unfortunately I don't know what scoring model was used, as I just compared the dates, amounts, etc.. all the numbers.. How many scoring models are there?

[llecs]

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hellojoe wrote:

Unfortunately I don't know what scoring model was used, as I just compared the dates, amounts, etc.. all the numbers.. How many scoring models are there?

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Ask the lender for the FICO version used in their consideration for TU and EQ. I'm curious what that was. I've never read that EQ score from a lender differed from the score pulled here. But it is possible.

EQ:

MyFICO and approaching 100% of the lenders out there use Beacon 5.0. However, as of this year, EQ and FICO introduced Beacon 9.0 as well as a mortgage-enhanced FICO score (forgot the name of it) and I haven't seen any posts of anyone being sold this score by a lender.

TU:

MyFICO sells Classic Emperica TU 98 scores as does the only other place to buy your TU FICO, transunioncs.com (note the -cs). Most lenders now are using Classic Emperica TU04 scores. As of late last year, TU and FICO offered Classic TU08 scores and I haven't seen any posts offering this new score.

OP, maybe I missed it, how far apart did you pull the scores from here and from your lender?

[Anonymous]

Thanks for the replies!  :-) 

I'll ask the lenders..  The loan is moving forward without any issue, but it just makes me wonder if I could be getting a better rate.. not really getting it bad right now though.

Thanks for the info about all the different types of FICO scores.. talk about confusing!  

I pulled scores on the 24th, lenders pulled yesterday.

[Anonymous]

Yes, an aging milestone would increase the score, but you didn't specify originally whether you pulled the MyFico scores before or after the lender(s) pulled their scores, so it wasn't clear whether the scores had seemed to go up or down. You just said they were different. So is this what you got, then:

MyFico:

TU = 753

EQ = 748

Lender(s) - a few days later:

TU = 743

EQ = 734

The TU score difference may be caused by a difference in versions. The MyFico TU score is the 1998 version. Lenders may use either the 1998 version or, more frequently, the 2004 version. The 2004 version often computes a score that is lower than the 1998 version. Look at the lender's report (or ask) for the exact name of the TU scoring model that was used. It should be something like "Classic 98" or "Classic 04" or similar.

If the MyFico scores were pulled before the mortgage lender(s) pulled their scores, then an inquiry would be included on the lender's credit report that was not on the MyFico report, and that could account for much of the discrepancy in the scores from both credit bureaus.

Yes, there are many different credit scores, both Fico and non-Fico based, and even Fico has different scores for bankcards, auto loans, installment loans, and personal finance loans ...

(Edit) Oops, too slow ...

Message Edited by Revike on 07-30-2009 10:24 AM

[Anonymous]

Cool.. yeah, I've sent an email out to the lenders asking..

I thought pulling your myFICO score doesn't show up as an inquiry that would affect score?  If I am wrong on that, god help me since I've pulled it many times..

[Anonymous]

Pulling your own MyFico reports has no effect on your scores. But the report pulled by your mortgage lender would generally decrease your score between 1 point and 10 points, depending on how many other inquiries have occurred within the last year ...