What Is the Point Difference in a Consumer Credit Score From a Lender Pulled Credit Score?

Before applying for new credit or a new loan, some consumers pull their own credit scores to determine what sort of interest rate they can qualify for. Unfortunately, consumers often pull consumer credit scores that are little more than educational tools and do not provide them with the information they need. This results in confusion when the consumer's lender quotes him a different credit rating.

Credit Scores

Consumers frequently go directly to the credit bureaus when purchasing their credit scores. Because the credit bureaus are the official gatekeepers for credit information, many individuals mistakenly believe that the credit score each bureau sells is the same score lenders use. While credit bureau scores are carefully calculated risk-based assessments, they are not the same as the FICO score lenders pull when evaluating credit and loan applications.

Scoring Range

The credit score you receive from the credit bureaus is calculated using the VantageScore system. VantageScore ratings range from 501 to 990, while the FICO score range is 300 to 850. Thus, pulling VantageScores rather than FICO scores leaves many consumers believing that their credit is better than it actually is due to the higher score range.

Point Differences

There is no guaranteed way to calculate your FICO score using your VantageScore or vice-versa. While mathematically its simple enough to determine one score from another, the VantageScore system calculates scores slightly differently than the FICO system. Because of the varying levels of importance that each system assigns to different information within your credit report and the fact that the formulas for both systems are closely guarded trade secrets, you cannot accurately calculate one score from another or determine the precise point difference between the two unless you purchase both scores.

Ordering Credit Scores

If you know your lender plans to pull your FICO scores, you can purchase and review those scores before your lender does by visiting myFICO.com. The myFICO website is owned and operated by the Fair Isaac Corporation--the company responsible for the FICO scoring formula. Thus, you know you're getting accurate FICO scores when you purchase them directly from the company that owns the formula.

Unfortunately, you can only request your FICO scores based on your credit reports with TransUnion and Equifax. Experian provides FICO scores to lenders, but as of February 2009, it terminated its contract with the Fair Isaac Corporation and no longer allows the company to use its credit reports when calculating FICO scores for consumers.