Out of all 3 reporting agencies, which score do lenders usually use when making a credit desision?
Answers:
Depends on the lender. I used to work for a lender who used Experian, but if the Experian system was down, would use TransUnion. Really, if there's a problem with any of your credit reports you should address the situation with the bureau directly (www.experian.com, www.transunion.com, www.equifax.com).
You should consult your prospective lender to learn their policies about which bureaus they use.
Every company would use one two or all three for their decision. You never really know what credit report they are going to use until they send you that letter that says you have been denied because of Expiring.
experian
experian
It actually would depend on what type of loan you were applying for. If you are trying to get a car loanit will be your experian score. But if you are trying to purchase a home they will use the middle score of the three. I hope this helps you out.
None of those are the right answer!
I AM A MORTGAGE CONSULTANT AND THIS IS MY PROFESSIONAL (and free) ANSWER.
The middle score.
All lenders look and the "mid score". That is the magic number. Ask a trained professional to look at your credit with you before your loan is submitted. If there is anything on your report that can be corrected or "tweeked" to improve your score you want to get that taken care of first. (Pay this card down to this amount, pay off that collection and so forth)
It depends on the company but the most common is Equifax because they are usually the most up to date and easy to receive. But be careful some things will be reported on one of the three but not all three. ex. a late payment can show on one of the three agencies but not all three.
None of these people are correct.
It depends on what type of loan you are applying for. If it's a vehicle loan the lenders only look at Equinox or Trans union.
If it's a mortgage loan they pull all three and use the middle score.
If it's a personal loan it will depend on the lender, they all have their own default bureaus.
usually the middle one is what they use.
Firstly, it depends on which company you're trying to get credit from. If it's a department store or small company, they may just pull one credit report. Which bureau they choose is their decision, based upon the fees they are willing to pay. For example, if you're applying for a Gasoline card, they generally only do one credit report. Whichever bureau charges them less for credit reporting, is the one they will use. However, for a car loan, they may run all 3, in which case, they'll choose the middle score between the 3 of them. Mortgages always run all 3 reports. You can ask the company which bureau they run before you apply
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