I applied for a pre-approved auto loan with my credit union and was told my apr would be 8.55 after they pulled Eq. My Fico is 738 but the CU shows a 644 on the report. I called Eq and they assured me I only have one file and the 738 is what was sent. I made a copy of my Credit Watch report and showed the loan officer but she insisted it must come directly from Equifax. Any ideas as to what happened would be appreciated. thnx mark
I'd be getting a copy of the credit report from the CU. If they don't want to give it to you, you may have to get a court order. I don't know whats up, but if you can bust them it would be a great lawsuit.
I'm with Dixie. The CU decided to jack up your rate by artificially lowering your score. Either that or EQ gave them a different report, which is entirely possible. I'd get to the bottom of this if I were you.
When I first read the original post, I thought one of three possibilities. 1) The CU had pulled a "full factual" mortgage report. Its possible depending on how their computer software is set up or operator error. 2) EQ had reinserted or sent a separate file. What was that thread a while back... "my copy is not like their copy" or something like that? That popped in my head too. 3) The CU was lying about the score. BTW EQ does NOT want consumers to see the reports that are provided to lenders. The branch manager from whom I obtained the CR used as evidence in my suit against EQ is not working for the bank anymore. This happened shortly after I filed. Coincidence?
Is it possible the score, even though FICO supplied, was a customized algorithm for vehicle financing ?
