Which score do lenders use for mortgages? I pulled all three: Transunion, Equifax and Experian. All scores are eligible for a mortgage,i guess, but there are small differences in each. I was wondering which is used so that I can get a good guess at what our interest rate is going to be. I also heard that what you pull from the 3 bureaus is not what the banks see at all.
A fight over the credit score lenders use for your mortgage. Many nonbank lenders, which in some recent quarters have accounted for more than half of the mortgage dollars issued in the U.S., want the ability to use a credit score provided by a company owned by credit-reporting firms Equifax Inc., (NYSE:EFX) Experian PLC (NYSE:EXPN).
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A change in how potential mortgage borrowers are assessed may. What the FHFA will actually do remains up in the air. They could allow lenders to use both scores, or allow them to chose between.
FICO and its competitor, VantageScore, have been held in suspense to see which credit score model. keeps the credit box tight, and does not consider as many factors as newer credit scoring models.
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To be fair, other credit scoring models, such as the Vantage Score, do use information from. specific FICO® Scores, used in mortgage lending, auto lending, and credit card approvals. Mortgage.
Mortgage lenders are becoming better at finding out about the borrowers ability to repay a mortgage because just seeing if you have a good credit score. One thing that will help you is if you can show that you have re-established credit and there was an economic event that caused the bad credit and you have since recovered from the financial.
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