Home Buying in San Jose>Question Details

Ira, Home Buyer in 95126

which credit reporting company is best?

Asked by Ira, 95126 Tue Sep 13, 2011

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It doesn't matter which is best. As a buyer, your lender is going to look at all 3 scores. Your numbers will vary, based on what each has in its files. So even if it were a fact that "A" was the best and "C" was the worst, that information won't help or hurt you in any way.
0 votes Thank Flag Link Tue Sep 13, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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The credit repositories mentioned below do not provide mortgage credit reports, those are compiled by reporting agencies. I don’t understand what you mean by which one is best, they all simply compile a credit report based on what is in the credit files from the three repositories. If you are applying for a mortgage you do not choose the credit provider; that is something the lender must do independently.

Looks like there are about 60 providers in my application software, I only use a couple of them. Shoot me an email if you want more info.
0 votes Thank Flag Link Tue Sep 13, 2011
Hello Ira,

Thanks for the question. There are 3 reporting agencies, Transunion, Equifax and Experian.

Each uses 175 criteria to grade or assess you. Experian is by far the most USED agency when credit is obtained, but it is also the most stringent with scoring which pleases lenders of all credit categories.

With mortgages, lenders use ALL 3, then they throw out the highest and lowest and accept the middle score as the final score.

I hope this is useful, please contact me direct with any further questions.

Best,

Eric Nelson
eric@svcfunding.com
408-268-2442
DRE #01258488
NMLS #120412
0 votes Thank Flag Link Tue Sep 13, 2011
Ira,

Are you trying to apply for mortgage loan or are you trying to know what your FICO scores are? If you wanted to know what your FICO scores are, you can go to http://www.freecreditreport.com and get it from there. It is free; however, it won't tell you 3 credit scores like lenders uses. If you want to know your middle score, you probably will have to pay for the report.

I hope I have answer your question. In the mean time, if you are in the market or know someone wants to buy/sell, please visit my website at the below.

Sincerely yours,
Web Reference: http://www.4reohomes.us
0 votes Thank Flag Link Tue Sep 13, 2011
I would also like to add that most lenders, when running your report for a mortgage loan, will obtain your scores from the 3 sources and then use the middle score as a baseline.
0 votes Thank Flag Link Tue Sep 13, 2011
Hi Ira, The 3 most commonly used are TransUnion, Equifax, and Experian. These three have teamed up to provide a free service for consumers where they can run their own report once per year and without a negative hit to scoring. You can go to this website for more information: https://www.annualcreditreport.com/cra/index.jsp
0 votes Thank Flag Link Tue Sep 13, 2011
Hello Ira. Assuming you are talking of the 3 major credit reporting bureaus (Transunion, Equifax, and Experian) the simple answer is that they all equal. If you are applying for a mortgage the Bank will order reports from each of them. For other credit they may use any of them.
NOTE: The credit report that you obtain on your own is of no use for anything other than your personal knowledge. Those obtained by the banks are much more detailed and you have no control of how the bank uses them.
0 votes Thank Flag Link Tue Sep 13, 2011
When you are buying a home the lender will pull a credit report. The lender will not let you select which credit reporting company you want to use.

if you are looking for finaning to buy a home I recommend that you talk with Doug Jones, The owner of Mortgage Magic in San Jose. Doug Jones has over 40 years of experience in this business and will offer you some excellent information with respect to financing the purchase of your home.

You may reach Doug Jones at (408)975-2400

Thank you
Charles Butterfield
Real Estate Broker/REALTOR
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes Thank Flag Link Tue Sep 13, 2011
Equifax, TransUnion & Experian are the 3 major credit reporting agencies - to ask which one is "best" isn't a very clear question. Best at what? ...is my question back to you.

If you are asking where the best place to check your own credit, it'd be https://www.annualcreditreport.com/ as you can get your credit report for free and it's directly from those 3 credit reporting agencies I mentioned above - you won't have another website trying to "interpret" (aka "dumb down") the credit reporting agencies data for you.

If you wanted to find out your credit score then http://www.myfico.com/ is the best website as you can get your Equifax & TransUnion FICO scores there, and FICO scores are the types of credit scores that us mortgage lenders pull. Experian no longer allows consumers to get their actual FICO score, so that is why it is unavailable at that website. The credit scores at that website cost money.
0 votes Thank Flag Link Tue Sep 13, 2011
Ira, what are you trying to do? Are you asking which company to get a credit report from? Is this for a home loan or do you just want to check your credit score?
0 votes Thank Flag Link Tue Sep 13, 2011
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