Credit scores not matching

Discussion in 'Credit Talk' started by nikusroad, Sep 11, 2014.

  1. nikusroad

    nikusroad New Member

    Recently, my husband and I applied for an auto loan from Compass Bank. We were told that our credit scores were too low (658 and 667) to qualify for a rate under 8%. I flew into a panic and downloaded our scores from each agency (the lowest one was 729 and the highest was 794).

    I applied for another auto loan at Vantage West and they had no problem giving us 3.24% and showing us credit scores of 780 & 794. I do not understand why there is a huge discreipancy from what each credit company showed me (high 700s), vs. what Compass shows (mid 600s) vs. what Vantage West shows (high 700s). I have paper copies of what Compass and Vantage West say our credit scores are.

    Compass was unhelpful in helping me figure this out. I practically screamed ERROR, but they didn't seem to care even after I showed them paperwork from the 3 credit agencies. I don't know who to contact to figure out why there is such a huge discrepancy especially because the form I have from Compass shows "TU Consumer U.S" or TransUnion and the credit statement I downloaded says TransUnion as well.

    Any help is appreciated!

    Thanks!
     
  2. jam237

    jam237 Well-Known Member

    There's scores, and then there's scores...

    Did you obtain the actual FICOS or just ask the three CRAs for their CREDIT SCORES? Anything other than FICOS are commonly referred to as FAKOS.

    FICOS and FAKOS can vary drastically.

    Secondly, certain 'products' use even more different scores, so there can be any number of different scores available, each supposedly to measure the specific nuances of that specific 'product' type.
     
  3. nikusroad

    nikusroad New Member

    I got credit reports with credit scores, so am sure they are right. AND the 2nd bank showed our high credit scores as opposed to the first's low ones. Makes no sense.
     
  4. jam237

    jam237 Well-Known Member

    The credit reports with scores doesn't mean that they are the ACTUAL FICO SCORE, each CRA has their OWN scoring system, so unless you obtained your score directly from Fair Issacs, most likely it is not a true FICO score, each lending or insurance product type can have their own scoring system, each score will be different depending on WHICH CRA(S) the lender pulls.

    So if a lender pulls an Experian FICO, it'll differ than if they pulled a TransUnion FICO, and that'll differ than if they pulled an Equifax FICO.

    If a lender pulls more than one CRA to get the score that they use, it even adds more variations to the mix. Theoretically, they could use any combination of all three CRAs into the scoring algorithm; and if there would be a tradeline which is adverse on one, it'd change the overall score.

    There are so many possible scores that unless you specifically ask the lender which CRA and which score type they are requesting (and they may not even know), it'd be hard to tell which type of score is being used.
     

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