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Is Your Credit report scores really your score lenders look at??
OKay, I have bought over 50 properties that I own and rent out over the past 12 years and have closed hundreds of deals for clients as well.
 
I always thought the credit score you obtain from all three bureau's are your "credit score".  I have found out differently.
 
I have a client that had a middle score in the high 570's.(as pulled by the lender he was going to use)  He insisted his credit report he pulls with the "credit monitoring program" he uses says his middle score is almost a 645 and his lowest score is high 590's.  I was told by the lender that they take the "base credit score" from all three credit bureau's and then they put their own mathematical formula on these scores to "make" their own credit scores that they use to determine whether they will lend or not.  And each lender is different, one will put more weight on one thing then another will.  
 
Is this true?  I always had an issue with credit bureau's, as I don't feel they can "make the rules" on what is considered  good or bad credit but they won't tell anyone exactly how they score things!  Now I find ... more

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