When you apply for credit or a loan, your lender will conduct a credit check to ensure that you qualify. The credit scores your lender pulls, however, may differ substantially from the credit scores you can pull on yourself.
Facts
A consumer credit report is scored by the credit bureaus whereas the credit reports that lenders pull are scored using the FICO model. This results in identical credit reports reflecting different scores.
Significance
The information contained in your credit history is just as important to lenders as your credit score. Your credit history is the same, no matter which type of credit score a lender pulls.
Considerations
Your mortgage lender is likely to pull a credit report scored by FICO. Car dealerships, however, may pull an Auto Industry Option score while credit card companies are likely to pull a bankruptcy risk score.
Types
When you pull a consumer credit report, a soft pull is recorded within your credit history. This cannot be viewed by others and does not affect your score. Lenders, however, perform hard pulls on your credit report that can damage your credit score slightly.
Options
You can pull your own FICO scores for Equifax and TransUnion through myFICO.com. Unfortunately, you do not have access to your FICO score from Experian, your Auto Industry Option score or your bankruptcy risk score.
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