I am curious as to which credit reporting agency most lenders look at. We are in the process of refinancing and when I pulled a copy of a credit report I noticed we were put in "collections". To make a long story short we took care of everything and it came off of two out of the three reports. The scores now range from 743, 733 and then a whopping 621! This is killing me because I really wanted to refinace by the end of the year but it took so long just to get the whole collections problem straighted out. I would like to move on and get things done asap but feel stalled!! Does anyone know if they take an average of the three scores or just one in particular? Also, is there a big difference in the percentage rates between a score of 743 vs. 621? Thanks!
What I would do is figure out what is causing one score to be 621 and try to resolve that. Many lenders use the middle score or average all your scores.
Your mid score is the 733 and that what I go off of. Post some details on what you are looking to do and I will try to assist you....
For mortgages, they usually pull all and use the middle score. For other credit, such as credit cards and auto loans, it depends on the company granting the credit and where you live.
