Credit reports and scores are created “on the fly” whenever they are requested by you, a creditor, or a lender.

In fact, you can have up to 69 different credit scores…23 different credit scores for each Bureau: Transunion, Experian, and Equifax credit scores depending on who pulls the report and the particular credit profile applied to you.

This Credit Bureau process is especially problematic if you are thinking of getting a home loan or mortgage. The credit score you see if you request it from a Credit Bureau or an on-line service WILL be different – and probably much higher than the credit score you receive from a Mortgage Broker.

Why?

One reason is that when you pull a report from an online service 18 elements of identification have to match exactly. For example, all of the letters of your last name need to match. That means you are more likely to get accurate information.

When the credit bureaus pull reports for lenders, usually only 9 elements have to match, for example only 2 letters in your last name. So, more errors and erroneous information will appear on your score – lowering it.

Why do the Credit Bureaus provide different – and LOWER – scores to lenders? Because they’ve decided that by reporting lower – more conservative credit scores to lenders, they would be less likely to be sued by lenders if the borrower defaults on the loan.

Do the Bureaus care about showing Lenders your true credit worthiness?

Nope.

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