“I just talked to a lender about refinancing my condo and he told me my FICO scores. Theyre 719, 729, and 744. How come theres 3 different scores?”
***ANSWER:
There are three nationwide credit bureaus, each with their very own FICO score name:
– Experian has Experian, Fair Isaac Risk Model
– TransUnion has FICO Risk Score, Classic
– Equifax has Beacon
And, as you noticed, each comes up with their own score, different from the others. As I understand it, your scores will vary for four reasons:
1. Not all lenders and businesses report your credit activity to all three bureaus
2. Different ways lenders and businesses report to credit agencies.
3. Different ways agencies record the same information.
4. Different FICO models used by each credit reporting agency.
I know, youve got to be an actuary to be excited by that answer. But you asked the question
(By the way, I advise you to talk with my preferred lender at Countrywide. She is outstanding. Call me at 858-457-KENT and Ill put you in touch with her.)
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