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
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