In today’s world, many consumers have instant access to their credit scores through most major credit card, bank and credit services sites. However, it is important to know that credit scores can vary from one service to the next depending on from which bureau the service sources the information.

This variance can be frustrating to consumers who are looking for a clear answer on their credit score before they apply for a home mortgage loan or another type of credit. For example, there can be a significant difference between FICO and Vantage scores because the previous Vantage models could have a score as high as 990, whereas the highest score in most industry models is 850. In that case, a consumer could potentially see a higher credit score using that older model, but it would not be a true reflection of what the majority of bureaus are reporting.

Almost all mortgage lenders and banks use FICO scores when evaluating credit risk and count on the three main credit bureaus to calculate such scores. These agencies provide the most accurate information to help us determine the creditworthiness of a customer when applying for a loan. If you are interested in purchasing a home, it is imperative to work with a mortgage planner to best understand your credit score and to make sure all of the information you are receiving is accurate.

When you are ready to apply for a mortgage loan, one of our fantastic mortgage planners at Fairway Fort Lauderdale would be delighted to help you navigate your options. Call us today to set up an appointment!