CreditPhilosoper

Is myfico score the same as mortgage industry

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A mortgage broker told me that the score I get from MyFico.Com may be different than the score he pulls from CBC CREDIT SERVICES. He says that different industries use different scores.

Is the score I see on myFico.com different from the scores the mortgage broker will pull?

If so, how far off is it normally?

Thanks

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My mortgage broker used my FAKOs. (Higher than my FICOs.) Of course, I have a subprime loan. But with my scores I was lucky to get a mortgage at all. Am currently in the credit repair process so I can refinance to get out of this ARM which is due to change next July.

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Mortgage professionals pull scores with software that is skewed toward their industry, so do auto dealers/lenders and CC companies. Most of the time it's a version of FICO. These products are wholesaled to lenders only. Consumers don't have access to them.

"...how far off is it normally?"

Sometimes the variance is small, other times it's larger...Sounds like you've already purchased a MyFico.com score. If your broker obtains a lender-only score for you, be sure to post the difference.

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I just had Country Wide run my score yesterday.............

They used Landsafe Credit Merge Report

Came up with this.

6/28/2007

XPN - 559

EFX - 555

TUC - 569

Countrywide said they would go by the middle which is 561

I ran the freecreditreport.com from experian and purchased the triple report and it shows

6/28/2007

XPN - 648

EFX - 636

TUC - 690

Middle for Freecreditreport.com is 648

So the difference is basically 83 points.....................I asked my broker and they said online to customer is always higher because if it was lower people would not want to pay for the service.

On a side note one change from 6/28 to 6/29 was the inquiry from country wide it caused my free credit report score on 6/28 to drop from 648 to 636 in one day on todays 6/29/07 report.

Careful with inquiries...............

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the freecreditreport scores are not fico scores they are fako scores. you would have to go to www.myfico.com to purchase a true fico score. If you decide to do this get a code for 20% off

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