This week I had a client who pulled his own credit reports and credit scores from all 3 credit bureaus. What alarmed me is that Experian and TransUnion ar
e apparently using a new credit scoring model with consumers that is NOT compatible with traditional credit scores that we as a mortgage company use.
Both Experian and TransUnion are using a new model for scores where the range of scores is 500 to 990; whereas, we use scores that range from 300 to 850.
For this client his credit score with these 2 bureaus were 842 and 852 which is considered a “B” grade in these models. Thus, I don’t know what his credit scores are with my model and m
y model is what is used in our industry.
Thus, I would recommend that you do not PAY any money to Experian and TransUnion for their credit scores with them as these scores are nearly worthless in my opinion.
e apparently using a new credit scoring model with consumers that is NOT compatible with traditional credit scores that we as a mortgage company use.Both Experian and TransUnion are using a new model for scores where the range of scores is 500 to 990; whereas, we use scores that range from 300 to 850.
For this client his credit score with these 2 bureaus were 842 and 852 which is considered a “B” grade in these models. Thus, I don’t know what his credit scores are with my model and m
y model is what is used in our industry.Thus, I would recommend that you do not PAY any money to Experian and TransUnion for their credit scores with them as these scores are nearly worthless in my opinion.
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