Comments on: Why Is the Credit Score My Lender Calculated Different from My Equifax Score? http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/ Wed, 19 Jun 2013 20:23:30 +0000 hourly 1 http://wordpress.org/?v=3.5 By: EFX Moderator, EM http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-21031 EFX Moderator, EM Tue, 18 Jun 2013 20:53:28 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-21031 Darcy, thank you for sharing your concerns. It’s a frequent question on the blog, so we addressed it another blog post: http://blog.equifax.com/credit/responding-to-your-frequently-asked-credit-questions/

I hope this helps explain the situation better.

]]> By: LJ http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-20990 LJ Mon, 17 Jun 2013 19:53:16 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-20990 Agreed. I was completely misled in my honest attempt to know my credit situation and figure out how to build it. According to Equifax my score was 647. I was subsequently told by two lenders that it was 603 and my FICO was 574. I have yet to go to FICO to see if this is actually what they would report to me, the consumer, as I don’t want to sign up and pay for information that is so ambiguous – in the face of honest people trying to get correct information. Very frustrating and embarrassing, yes.

]]> By: Kevin Small http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-20287 Kevin Small Mon, 03 Jun 2013 07:40:16 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-20287 I feel your pain! Quicken loans told me over the phone my score was 695 more than good enough to qualify for a mortage loan right.So being ecstatic that finally my credit score would allow me to own my own home I applied for a loan at my local community bank.A few days later I received a call from a bank representative,and was told after an underwriting was done my score was actually under 600.What a slap in the face and embarrassing situation that was.Something is awry and corrupt in the US credit market for sure.

]]> By: Darcy M http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16835 Darcy M Mon, 08 Apr 2013 15:56:31 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16835 AMEN Frustrated! I pay TransUnion to monitor my credit score. They tell me its 631. That’s enough for a mortgage. So I go speak to a mortgage broker about getting financing for a home. Lo and behold HIS TransUnion score for me was a 549! That’s over 80 points difference – for the same CRA!!! There went my hopes for buying a home, not to mention I was very embarrassed for even trying. They wonder why we’re in such financial crisis. Its because of crap like this. There should be ONE CRA, ONE SCORE and ONE SCORING METHOD. No one should be allowed to pick and choose how they get to score us. What’s the point of having a score if its going to vary by that much? Needless to say, I won’t be paying ANYONE to monitor my credit score going forward. It was a complete rip off.

]]> By: Frustrated in Georgia http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16567 Frustrated in Georgia Mon, 25 Mar 2013 02:19:31 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16567 It’s time for consumers to write to congress. The credit score/reporting system is one big payday for credit reporting agencies and others who benefit (and don’t get me started with FICO). All credit reporting agencies should use one model. Instead they are so busy competing with each other that it is the consumer that gets the short end of the stick. I should not see a different score than the mortgage company and it is ridiculous for one reporting agency to report a score that is over 100 points difference from the other. This is just a drop in the bucket. I can sit down for hours and list all of the ridiculous rules that cause your credit score to fluctuate drastically. I could not work in this industry and keep a good conscience. I’m writing a letter to congress. I urge all of you to do the same.

]]> By: Maggie http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16600 Maggie Fri, 15 Mar 2013 21:05:03 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-16600 It’s a broken system if you ask me. First of all I don’t understand the balance to limit issue. Why give you a credit limit if you can’t use it? If you buy a car..your at the limit. If you finance a Christmas gift by charging for the entire purchase…your at the limit. What is really confusing to me is the difference between the credit bureaus scores. They can vary in as much as 100 points or more. Someone needs to fix this stupid scoring system. If you pay on time…you should have excellent credit regardless of how many accts or the balances. The system does not have information on your income so that to me makes sense. It’s very frustrating.

]]> By: Anita http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-15935 Anita Sat, 23 Feb 2013 16:22:32 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-15935 At the end of year i received the highest score I’d ever seen from transunion 825–then two months later i checked the same agency and the score was 806 B. Then i also checked w/Equifax which gave a score of 719. i have not checked experian yet. Expect to do that one in another two months time. I question of the validity of any of these scores. What is the consumer to do?

]]> By: Sam http://blog.equifax.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-14530 Sam Thu, 13 Dec 2012 10:45:22 +0000 http://ec2-50-19-98-117.compute-1.amazonaws.com/credit/why-is-the-credit-score-my-lender-calculated-different-from-my-equifax-score/#comment-14530 Can you explain industry-weighted scores and how and what factors are used
to determine the score. I got one score and the lender got a much lower score. I really don’t understand.

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