From now on you may want to reconsider paying $23.95 to Equifax for your credit score.

You might be surprised to hear that what you get, may NOT be what you expect.

You like me, probably believe that when you pay the additional $23.95 to Equifax, you’re getting the score that lenders rely on to determine your credit worthiness.

Well apparently, THAT”S NOT THE CASE…

First some history.

Client presents to me about 3 months ago requesting a specific mortgage.

The particular mortgage program in question is designed for business owners and comes with a minimum beacon score requirement.

That being said, I didn’t want to randomly pull the clients credit without first knowing they even met the minimum credit score requirements.

As I have always advised, you can pull your score personally, as many times as you’d like, and it WILL NOT affect your score.

As such, the client specifically paid $23.95 to Equifax to see their credit score.

Their credit was too low at that time.

I sent them away with a few credit secrets to help raise their score.

They followed my advice to the tee.

They called me yesterday as happy as can be.

When they arrived at my office, they once again paid the $23.95 to Equifax to obtain their credit SCORE.

Score was 683.

BINGO, goal achieved! Or at least we thought…

Knowing that their score met the program requirements, I too pulled their score.

BUT To my surprise, the score from my end was 635.

Just to be clear, client pulls and gets a 683, I pull and get a 635.

Why SUCH a discrepancy?

I immediately called Equifax for an explanation.

I will leave it up to your interpretation.

Please push the play button below to hear the call.

Would love to hear your comments below.

Mark Fidgett
Your Vancouver Mortgage broker
604-273-2002
www.notapennydown.com
mark@notapennydown.com

 
Post is included in group: By Referral ONLY active Rain Makers!!
Post is included in group: How To Grow Your Real Estate Business
Post is included in group: Online Marketing Help Center
Post is included in group: Realtors®
Post is included in group: The Art Of Marketing You

8 Comments on Equifax’s Dirty Little Secret - Credit Bureau

JUN
26
2011
Called Shot Master

Seems like the credit bureaus' are just not as good as we need them to be. I will hit the play button now. :)

 
10:25am • #1
145,932 Points Called Shot Master

Hello Mark,

  Great information to know, thanks for sharing.
10:29am • #2
119,962 Points Outside Blog

Mark,

Very interesting information!  I can just imagine the disappointment of the consumer when they learned of the descrepancy.  This should be brought to the public's eye.

 
10:38am • #3
785,467 Points 85 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Wow.

Amazing.

So there is a mysterious score for mortgages that we don't even know about?
12:08pm • #4
608,287 Points 14 Featured Posts Outside Blog Called Shot Master

It is crazy....i have a client who has paid off over $8,000 in debt and collections in the past 6 months....and his score has not changed one point!   It is so disappointing for the borrower!    We think we have a solution with only having his wife on the loan but it is hard to understand!   She had the same debt and collections and hers went up!  Crazy!
1:38pm • #5
1,911,866 Points 385 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Mark, this is freakin' outrageous!  I just did a little suggest click.  All of us need to hear this conversation.
1:54pm • #6
1 Featured Post

Ralph, more like a mysterious credit bureau score. Just to reiterate, credit bureau charges customers $25 for a score that no one uses. Go figure, do you think people would pay extra for this if the really new the truth.

Yes Patricia, outrageous to say the least.
8:11pm • #7
JUN
27
2011
1,098,671 Points 25 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Found this post on Lynn Friedman's reblog. How unfair is this, what a discrepancy in the scoring!! Beacon score should also be for the consumer especially when one pays $25.00
1:12am • #8


What does the graphic say?
Leave a response…

(optional)
Spam Prevention: