A recent study by the Consumer Financial Protection Bureau (CFPB) found that the credit scores we buy from credit agencies may be quite different from the credit scores that lenders buy from the same agencies.?
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From the report:
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Consumers cannot know ahead of time whether the scores they purchase will closely track or vary moderately or significantly from a score sold to creditors. Thus, consumers should not rely on credit scores they purchase exclusively as a guide to how creditors will view their credit quality.
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Most of the time, the scores are similar?73% to 80% of the time, in fact. However, for some borrowers, the differences can be substantial and can result in being denied a loan.
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According to Bloomberg (Dougherty, 25 Sep 2012):
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?This is like choosing what college to apply to without knowing your SAT or ACT scores, or whether the college uses ACT or SAT,? Chi Chi Wu, an attorney with the Boston-based National Consumer Law Center, said in an interview.
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For discussion:
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What leads to differences in credit scores?
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What are the potential negative outcomes for consumers if they do not see an accurate credit score before applying for a loan?
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