CREDIT SCORE DIFFERENT?

    Why is my mortgage credit score different you may ask? The credit report you pull on line will sometimes vary from the credit report your mortgage lender pulls and here’s why..

    • Mortgage credit scores are hard pull credit scores. These scores are calculated using the FICO scoring module. They are used and approved industry wide for all mortgage lenders.
    • The FICO model is based on specific algorithms designed specifically for mortgage lender to rate the risk level of potential mortgage clients
    • Consumers checking their own credit reports are provided generic scores, not provided by the credit agencies themselves, but by the 3rd party vendors,
    • Different types of lenders, auto lenders, and credit card companies for instance use scoring models that are different from mortgage lenders.
    • Data from a consumer’s report and a mortgage credit score should match but the scores will vary, sometimes widely. The accuracy of the report especially derogatory errors should be checked and removed if incorrect.

    REMEMBER…it is still very important to monitor your own credit score!

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