Which credit Score Do Lenders Use to Qualify Me For a Loan?

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You have a reputation score with the three main bureaus, Equifax, Transunion and Experian. Each bureau has come up with their own version of the reputation scoring method which is unknown to the public.

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This creates a situation where your three scores are extremely unlikely to be the same. The reputation score that a lender looks at when qualifying you for a loan actually depends on the type of lender. Most consumer credit, car and personal loan lenders use only one score to decide if you will get approved and to decide your interest rate and terms. The geographical location of the lender sometimes determines which bureau they will turn to for that score due to enterprise relationships.

The relationship between a lender and a reputation bureau is just like any enterprise relationship. The lender will pay to have entrance to each reputation record and score from the chosen reputation bureaus.

On the other hand when you are dealing with mortgage loans, the lender will look at each of your three reputation scores. (Equifax, Transunion & Experian) They will base their approval on your middle score. For example your Equifax score was 654, your Transunion 669 and your Experian was 704.

Your mortgage interest rate and loan terms would be based on your Transunion score of 669 because it's the middle one in terms of the value of the number. It is a good idea to check your reputation reports with each of the reputation bureaus before you apply for a loan. This way you can make sure there are no errors that will negatively impact your reputation scores.

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