When getting ready to buy a house (or refinance), you will go through the process of getting your credit scores. Often times the credit scores are a bit different across the major bureaus when your credit is pulled by a lender. Why does this happen? Actually, there are several reasons why your mortgage FICO scores will vary. Firstly, not all credit bureaus are reporting the same information. Creditors are not required to report to any of the bureaus. Some creditors or lenders work with only one or two bureaus. Some of them report to all three. Even if they do report to all three bureaus, they might not report the same information to all of them. Mistakes happen at times and a late payment might get reported to one bureau, but not the others. Collection agencies introduce another layer of complexity. There are several collection agencies that only use one credit bureau. This can result in a score that is 100 points lower than the other credit bureaus.

Have questions about FICO scores or your credit rating? Feel free to reach out to Scott Bennett at 503-703-4699 or scott@altmo.com to talk about your current situation.