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Old 08-24-2008, 01:37 PM
 
1 posts, read 14,139 times
Reputation: 16

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How can you find which lenders use either transunion, equifax or experian bureaus?

I am looking to get pre-approved for a loan, however my credit score and very different between the big 3 bureaus and want prefer to select my mortgage provider by whom that pull my credit from. I am sure not all lender pull all three...
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Old 08-24-2008, 01:53 PM
 
Location: Cary, NC
1,036 posts, read 3,628,866 times
Reputation: 503
Mortgage companies will use the middle of the three credit scores. Auto companies and credit card companies will often only check a single bureau.... and which one depends on the company and part of the country you are in.

Mortgage companies use the "tri-merge" report and look at the three because of the fact you mentioned. They don't want to chance pulling 1 score and its 50 points higher than the other two, making you look less risky than you are.

There were porgrams that used highest score, average score or 1 bureau... but those were the "non-conforming" programs that are now long gone.
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Old 08-24-2008, 07:22 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,100,301 times
Reputation: 1008
They use all 3, but use the middle of the 3 scores.

DO NOT PULL your credit scores with the actual bureaus.
These scores are usually way off, and the best one to use is myfico.com

Each year or every 6months there is a new FICO model that comes out.
Your scores may vary depend on which model the credit provider uses.

Lenders use credit providers like Kroll Factual, CBC Innovis, Credco, Fiserv, Advantage Credit, etc.
These credit providers pull a mortgage credit report for the lenders.
Each lender may accept the above credit providers, but some of them have their own preferred company. Countrywide prefers to use Landsafe to pull mortgage credit reports.

Back to the question

The lender pulls your scores 700, 680, 720.
They do not average scores but pick the middle score. 700

If there are 2 borrowers, they will put the lower of the 2 middle scores.
700, 680, 720. Borrower 1 middle score = 700
680, 660, 700. Borrower 2 middle score = 680
They will use 680 as the representative score.

If Borrower is reporting no income, then I would remove them from the mortgage. This applies if the lender will use their score to determine the interest rate. You can include the borrower on the title/deed.



Quote:
Originally Posted by swapwap View Post
How can you find which lenders use either transunion, equifax or experian bureaus?

I am looking to get pre-approved for a loan, however my credit score and very different between the big 3 bureaus and want prefer to select my mortgage provider by whom that pull my credit from. I am sure not all lender pull all three...
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Old 12-17-2009, 01:52 PM
 
2 posts, read 25,363 times
Reputation: 12
i only have credit lines on transunion report who only pulls transunion and how do you get your lines on trans union on to the other big two
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Old 12-17-2009, 02:01 PM
 
2 posts, read 25,363 times
Reputation: 12
Cool only have credit lines on transunion who pulls

[quote=dreamakher;12069609]i only have credit lines on transunion report who only pulls transunion only and how do you get your lines on trans union on to the other big two reporting companys ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,
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Old 12-17-2009, 03:06 PM
 
Location: Plano, Texas
1,676 posts, read 6,336,323 times
Reputation: 684
Call your creditors and ask them to report to all three credit agencies.

As the other posters said, when applying for a mortgage all three credit bureaus report will be pulled. No mortgage lender uses only one credit agency.
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Old 01-26-2010, 04:36 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,100,301 times
Reputation: 1008
thank you for the reps!

I wrote a post on city data about checking your score before/during/after any credit transaction
http://www.city-data.com/blogs/blog1...re-during.html
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