Ive had my score pulled by two different mortgage lenders around the same time and the scores differ by 50 more points. How can that happen?
There are many versions of the scoring software out there old and newer versions. Because the newer versions cost more or due to expense of purchasing the newer version of software, the two companies could just be using different versions which have new and old mathematical algorithms being utilized. Its like saying why does a 2004 Lexus drive smoother than a 1995 Lexus. Additionally, all three credit repositories have their own version of scoring software as do other third party companies, such as mortgage lenders, automobile lenders and telecommunications. They do not play by the same rules, nor do they consult with each other on the fairness of their software. This is an area that Daly Financial hopes to one day successfully lobby against so that all information regarding how you are scored is placed fairly out on the table so that we know everyone is getting a fair shake in regards to their financial future. 16. What do I do if I’ve been a victim of “Identity Theft?” If you’ve been
Related Questions
- Ive had my score pulled by two different mortgage lenders around the same time and the scores differ by 50 more points. How can that happen?
- I see that various lenders charge different points. What are points and why do they differ from loan to loan?
- Are credit scores provided to consumers calculated the same as credit scores provided to mortgage lenders?
