Home Buying in 27332>Question Details

Mdanie, Home Buyer in 27332

My credit was pulled and my kroll scores are way different then my scores I pulled from the three credit agencies...why is there a diff. in my scores

Asked by Mdanie, 27332 Mon Oct 3, 2011

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Mortgage lenders use FICO scores.

The scores you get from the "three credit agencies" are not your actual FICO scores that mortgage lenders will use, they are what are called Vantage scores (jokingly called “FAKO” scores because creditors do not use that system).

Unfortunately it’s difficult to get your FICO scores if you are a consumer, the only website that you can get them at is http://www.myfico.com and you can read the difference between FICO & Vantage scores at http://www.bankrate.com/brm/news/DrDon/20061117_credit_FICO_…
0 votes Thank Flag Link Tue Oct 4, 2011
Every form of credit pull will come up with different scores because they all use a matrix designed specifically for that request. A tri-merged mortgage format will be the most in-depth in the majority of financial transactions. The scores you pulled online may not even have been actual scores from the bureaus, some sites ask questions and based on your answers develop an approximate number.

Another possible answer is credit scores are constantly changing, even a slight change can have a huge impact in scores. I had a client charge a $200 purchase on a credit card and it hit his scores by almost 100 points.
0 votes Thank Flag Link Mon Oct 3, 2011
There is 3 credit bureaus, each may differ slightly as some creditors only report to 1 or 2 and not all 3. When getting a loan or credit banks usually pick the midddle one. you should get on each of teh 3 sotes, check your credit history and dispute anything that is a mistake or incorrect, you can easily do so online.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 3, 2011
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