I just got my credit report from my mortgage broker and the scores are different from the ones I got online. Why?
Many people starting a credit repair program like to get their credit scores to establish a benchmark, a way to track their progress. But when they start looking at all of the credit scores they are confused. Which credit scores are best to track for credit repair purposes? And does it even matter which scores you track?
Little Use for Non-FICO Scores
The credit scores you choose do matter, and for one reason only. Lenders, almost exclusively, use FICO scores. Theoretically you could purchase any scores to track your credit repair progress as long as you stuck to the same score. But there is a big problem with using scores other than FICO. Non-FICO scores may be designed to mimic FICO, but in our experience they can differ by as much as 100 points. This can lead to terrible disappointment when you apply for a loan. Hence there is little practical application for non-FICO scores.
More Credit Score Facts
To get back to your question, the credit report that got from your mortgage broker includes authentic FICO scores. These are the scores that matter and are the right scores to track for your credit repair. Here are a couple more handy notes about scores:
- The credit bureaus only sell real FICO scores to lenders. You can purchase FICO scores from MyFICO.com, the website for Fair Isaac Corporation, the creator of the FICO scoring model.
- The scores that you see on a mortgage report are genuine FICO scores, but they are re-branded by the credit bureaus. Equifax calls their FICO score a BEACON Score, TransUnion calls their FICO score a EMPIRICA Score, and Experian calls their the EXPERIAN/Fair Isaac Risk Model.