FICO vs Vantage Scores Sonny The credit-scoring world is a copmlicated one that is further complicated by all of the players involved. In fact, your credit score will be different depending on who is asking for your score and who is reporting your score. Confused? Lets start with how it changes based on who is making the request. If a mortgage lender ask for your score, he/she will see a very different number than if you ask for your own score. This is because the primary credit reporting bureau (Equifax, TransUnion, and Experian) tailor the formula according to the person/company pulling the credit report. An automobile company is more than a landlord in your auto loan payment history. As such, the different credit bureaus apply for different formulas depending on who is asking for your credit report: Vantage - The consumer formula is used if you request your own score. Auto - The Auto formula is used for lenders considering whether to give you an installment loan. Tenant - Used by landlords for considering wheter to rent to you. FICO - Used by mortgage lenders and other creditors. The FICO score is the most common score provided to creditors. For this reason, if you purchase your own score online, it will not be the same score seen by lenders. Instead, you will see your Vantage score, which will most likely be drastically different from the score seen by lenders. Have a client you want to send over? Click here to visit the portal and submit them. Call, text, or email me for your login credentials. Please stay tuned for more tidbits to come! Sincerely, Joe A. Chavarria Certified FICO® Professional The Credit Agents (281) 756-7060 ext 705 (832) 293-8389 Cell TheCreditAgents Lets clean um up Joe.
Posted on: Sat, 01 Mar 2014 01:12:09 +0000
Recently Viewed Topics
© 2015