What mortgage lenders do they base your FICO score on?
by Author on Saturday, July 31st, 2010 | 2 Comments
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Mortgage lenders use whatever one or combination that they like, there is no standard.
They’re not very careful with what they say, but you as the consumer should hold their feet to the fire. If they said your ‘FICO’ score was low, be sure they were looking at an Equifax report. Equifax is the ONLY company to use the FICO (Fair Issac) score. Experian and Trans Union use their own, made up, credit numbers. Since Experian and Trans Union do not publish the criteria they use, who knows how they develop it. Usually, scores from Trans Union and Experian are close to the FICO score and to each other, but it is not uncommon for credit scores from different agencies to fluctuate by over 100 points!
Some lenders look at all three, others use only one. Ask the agency that told you the score was low.