Credit Scores May Show Differently to Lenders
By: Big 2 News Staff
Updated: September 26, 2012
The Consumer Financial Protection Bureau studied 200,000 credit reports and found one out of five people are likely to get a score that's dramatically different.
That means you could get better or worse terms on your loans.
The score a lender sees can depend on the type of loan you're getting.
There are 49 different FICO scores to determine how risky you are.
The CFPB says we don't have any way to know which score the lender is using and how it jives with the report we buy from the credit bureaus.
The agency says consumers should shop around in case the lender sees a higher score than they think they have.
That means you could get better or worse terms on your loans.
The score a lender sees can depend on the type of loan you're getting.
There are 49 different FICO scores to determine how risky you are.
The CFPB says we don't have any way to know which score the lender is using and how it jives with the report we buy from the credit bureaus.
The agency says consumers should shop around in case the lender sees a higher score than they think they have.
