You have a credit score with the three main bureaus, Equifax, Transunion and Experian. Each bureau has come up with their own version of the credit scoring recipe which is unknown to the public.
This creates a situation where your three scores are very unlikely to be the same. The credit score that a lender looks at when qualifying you for a loan certainly depends on the type of lender. Most consumer credit, car and personal loan lenders use only one score to rule if you will get stylish and to rule your interest rate and terms. The geographical location of the lender sometimes determines which bureau they will turn to for that score due to business relationships.
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The relationship between a lender and a credit bureau is just like any business relationship. The lender will pay to have passage to each credit narrative and score from the chosen credit bureaus.
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On the other hand when you are dealing with mortgage loans, the lender will look at each of your three credit scores. (Equifax, Transunion & Experian) They will base their approval on your middle score. For example your Equifax score was 654, your Transunion 669 and your Experian was 704.
Your mortgage interest rate and loan terms would be based on your Transunion score of 669 because it’s the middle one in terms of the value of the number. It is a good idea to check your credit reports with each of the credit bureaus before you apply for a loan. This way you can make sure there are no errors that will negatively impact your credit scores.
Which reputation Score Do Lenders Use to Qualify Me For a Loan?