Hi all I am currently in the process of buying a condo. I had a quick question. What is the difference between mortage credit scores and a regular CRA score? I was suprised to see when the mortage company pulled my credit, how much higher my scores were on that report than I see when I pull my own reports. Thanks
AntBubba, TransUnion and Experian's online scores are their own creation (in other words they're fake). Equifax's site is the only credit bureau online that uses the FICO system. Most of us keep track of our scores just as a comparison on where we stand and where we need to go. Your true scores are the ones you received from the mortgage company. Dani
My fiance just found out that her mortgage scores were actually LOWER than her CRA scores. She has impeccable credit (750+) with the big 3 (Equif, Trans, and Exper). We see NO reason what so ever for such a huge discrepancy in the range of her scores when comparing the mortagage scores to the CRA scores (almost 100 points). Does anyone have any suggestions on what can be done about this? Speaking to a "live" person regarding this issue can be such a challenge, if you don't have possession of a credit report and/or report number. Any feedback would be greatly appreciated....Thanks.
They probably use the old software for scoring. There have been several articles regarding this issue. The banks don't want to spend the money to upgrade to the new scoring model L
Whysper, Thanks for the response. I just called Equifax and they verified exactly what you've suggested as an explanation. It seems that our issue should be with the mortgage company and their "dated"scoring system. Do you think there is a chance they (mortagage companies, CRAs, etc.) could be using "profiling" tactics? Anything is possible you know?
One such article suggests that you check to see if the lender's software is older than the late 90's. wajaba
This is interesting. They use old software and get an inaccurate lower score. Then they can charge you higher interest! Who would have ever thought this was going on! Don't you just love creditnet! You learn so much to save you money!
That's pretty much the game...of course if you or I pulled something like that, we'd be called on the carpet for pulling a scam or some type of bank fraud! Read my post http://consumers.creditnet.com/straighttalk/board/showthread.php?postid=150914 about my scores. I'll update as soon as my actual credit reports from the CRAs come in.
Re: Outdated Credit-Scoring System http://www.washingtonpost.com/wp-dyn/articles/A53198-2002Feb22.html Read this Kev
Re: Outdated Credit-Scoring System I appreciate all your responses...very informative. Jonesing, What conclusion, if any, have you come to about the scoring tactics used in situation?
