Why do the credit reports consumers take online differ from what mortgage brokers or vehicle dealer verbs up?
Answers:
To further clarify the first two posts.... lenders pay the credit reporting agencies (CRA's) to generate a rack up based on their industries requirements - ie, just because you don't hold a perfect track record for paying a credit card, doesn't necessarily tight-fisted you wont pay your mortgage on time (though within are correlations). The CRA's all have different models, some base on Fair Isaac's (FICO) some based on other credit models.... thus there are different score from one CRA to another, and even within the same CRA you might hold a different credit score for an auto loan vs a mortgage.
The differences are as follows;
"Auto enhanced" is the version that auto dealer and lenders see this is slanted to give more positive to installment loans since that's what a auto loan is.
"Factual" is the version that mortgage dealer and lenders see and it shows everything that you have done no matter how outdated.
When I bought my last house I got to see my plain report and it had things on that were in good health over 25 years old. Source(s): Finance Manager for over 9-years / 2008 edition Consumer Action Handbook.
The data used to generate the credit reports is the same no situation what format; auto, mortgage etc. The credit report information is displayed differently by different companies, but they are all pulling the credit from the same source and the information is the same no matter what the report, it is the display format that change. Source(s): Answered by: Edward Jamison, credit attorney and founder of www.Creditcrm.com, a credit repair business opportunity that makes you the credit expert.
What you get online is the chief report the three credit rating companies give away for free. Brokers or dealers retribution for more complete reports including your FICO score - which you can also get if you settle for it.
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