January 8, 2007

Understanding Credit Score - Applying For A Mortgage

True or False?

I'm about ready to apply for a mortgage so I got my credit report and credit score from Experian, the credit reporting bureau. So now I have the exact same information that the lender will use when I apply for my mortgage.

False.

There are three credit reporting bureaus, Equifax, Experian and TransUnion. Equifax uses FICO (Fair Isaac Corporation) for their credit scores. Now, Experian and TransUnion have their own formulas.

The only way to get the exact same information the lender will be using, is to ask the lender which of the three credit reporting bureaus they use. Then, get your credit report and credit score from that bureau. The credit scores from the different credit bureaus may vary by 20 to 30 points.

Remember, if you’re not working the system, it’s working you.

PapaJoe

    • Filed under Understanding Credit Score by PapaJoe

    Spread the word

    del.icio.us Digg Furl Reddit BlinkList blogmarks Ma.gnolia RawSugar Rojo Simpy Spurl Wists Yahoo! Help

    Permalink • Print • Comment

    Trackback uri

    http://aboutunderstandingmycreditscore.com/applying-for-a-mortgage.html/trackback/

    Leave a comment

    You must be logged in to post a comment.

    credit report Credit Score Articles credit score chart Credit Score Check credit score help Credit Score News credit score ratings credit score reports Equifax Experian fico fico credit score Free Credit Report free credit score good credit score range how to raise your credit score loans credit score personal credit score TransUnion understanding credit score understanding my credit score understanding your credit score UnderstandingCreditScore universal default vantage credit score what is a good credit score what is my credit score your credit score