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Originally Posted by bimmer456
Yeah I discovered that when I had this one lender say my score was below 700 and I knew it was bull crap as other lenders said it was fine. Something wrong with the vendor they were using to calculate the score the algorithm was way off. It could be that the vendor pulled the wrong credit report also but that's on them. Funny thing was the interest rate they quoted me wasn't higher than others.
When you get your free annual credit report they just give you the actual report data to review but no score as that is not part of the official report on file with each bureau. Each lender calculates their own score and the bureaus may have their own scoring as well. One of the more well known ones is the FICO score but there is apparently more than one FICO score available. So when you sign up with your credit card or bank to get a free credit score it has some kind of disclaimer that it is a ballpark and a lender may have a different score.
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I guess that makes sense. it's the lender and not the credit bureau that's taking the risk so it would make sense that they might take the credit bureau's algorithm as a starting point and then either add some variables of their own, or, overlay a customized weighting for certain criteria they deem to be more or less important.