Clairification on E-loan Scores

Discussion in 'Credit Talk' started by VJ, Apr 30, 2001.

  1. VJ

    VJ Well-Known Member

    Carrie, there are alot more than 3 scores.The E-Loan
    score is a good example.The first thing that happens is a credit report must be accessed,either exp, TU or equifax.Now the choice of programs must be decided, either fico or a second party model. E-Loans score Provider is a good example, not fico,but respected.In fact, I beleive 3 out of 5 of the largest banks in america use the same second party software as E-Loan for in-house evaluations,which goes a long way explaining why some people get approved for a credit card w/650 fico while others need a 680 fico, simply, their not using fico.

    It would be misdirected to say E-Loans number is not valid because 3 out of the top 5 banks and more than 700 credit grantors value this score enough to make loan approvals on.
    And its a little more generous.

    Momof3, the good news is, with the Midland mortgage inquiry, your experian score should not have gone down with todays mortgage inquiry being within that 14 day window for scoring purposes.
    Thanks for sharing the numbers, it helps .

    I found out alot more infomation on that E-Loan
    inquiry thing from Midland Mortgage and I'll post after dinner if anyone is still interested.

  2. MikeB

    MikeB Banned

    I agree.
    I am interested in the E-loan fiasco. Thanks.
  3. MartysGirl

    MartysGirl Well-Known Member

    I am very interested in finding out more about it...!!!!
  4. Pat

    Pat Well-Known Member

    I'm very interested! Eloan hasn't responded to my email or planetfeedback. I was going to call them today, but I was to busy. Whats the scoop?
  5. VJ

    VJ Well-Known Member

    E-LOAN Disclaimers of interest

    ..disputed items are not incorporated in the assessment of your CreditXpert Credit Score(tm).

    CreditXpert(tm) is not connected in any way with Fair, Isaac and Company; the CreditXpert Credit Score(tm) is not a so-called FICO score.

    E-LOAN makes no representations or warranties that the CreditXpert Credit Scoreâ?¢ is identical to any consumer credit scores produced by any other company . If you apply through the E-Loan site, a different credit scoring system will be used to evaluate your application and your score may differ from the CreditXpert Credit Scoreâ?¢.

  6. VJ

    VJ Well-Known Member

    There are 3 companies involved.The 3 Stooges could have taken lessons from these guys and learned a lot, all IMHO.

    E-Loan starts this free credit scoring but doesn't want to know how they get the score, just that it should be a consumer request for
    credit in a perfect world.They say they should fix this as it is not correct and they are working on it.

    Midwest Mortgage(co-owned by the second party credit scoring company that was hired by E-loan to deliver scores) seem the most responsive.The coders said Experian has provided them with a code number to make fico ignore this inquiry when run. But it still shows in the hard inquiry area.My concern is it may work for fico,but how about all the second tier scoring programs, how will they know.Or NextGen know.So although closer, I haven't reached my required minimum comfort level.

    Experian says "Gee, too bad they dont dispute inquiries as they are a statement of facts.Someone ask for your report and they gave it to them. If you let experian run your score they would definity been soft inquiries.

    Experian will delete if Midwest mortgage provides affidavit saying in effect credit report pulled in error.

    In closing,I've offered to have my score run 2 times
    tomorrow.Since the scoring should recognize the the mortgage inquiries as one they should be the same score.
    IF not, its an error and will be deleted.(Times 3)


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