Credit question

[Jaimecbr900]

^^^^ WAYYY off base bud.

For mortgage purposes we do indeed use all 3 credit scores. Most lenders use what we call the "middle" score, which is basically not the highest nor the lowest of the 3 scores. It's not an average because we don't average the scores. We merely use the middle one.

Some lenders do indeed use a single repository score, but it's more rare they do that. However it is more common for other types of credit granters to use a single score. In this part of the country, it is usually Equifax since they are based out of Atlanta and most local creditors subscribe to that one. The west coast uses TransUnion for the same reasons the East coast uses Equifax.....they just do.

They are trying to incorporate new standardized formulas so you have a single score vs 3. I've seen as much as 100 pt difference between repositories. There are many reasons for that, with one being that each repository uses a different and totally confidential formula to derive their score. We've figured out patterns that affect scores, but the actual formulas are a closely guarded secret noone knows.

[David88vert]

I've seen as much as 100 pt difference between repositories. There are many reasons for that, with one being that each repository uses a different and totally confidential formula to derive their score. We've figured out patterns that affect scores, but the actual formulas are a closely guarded secret noone knows.

That's why I was asking. The scores vary by 80 points between the low and high.