Description: The article mentions the reasons why the author’s Credit Karma is different from his real credit score, we may also see some solutions to deal with the problems for a mortgage.
When you get a mortgage, what will happen if there are 65 models of credit scoring, so a credit card company, a car loan, all the different entities or institutions that lend money can choose one of these different models to use your credit score and Credit Karma.
Credit scoring for a mortgage is the highest risk loan that you can obtain, so it has the most strict credit scoring model, it means that when I go to get a mortgage credit report for you or for someone, you will be getting the mortgage credit score which is the riskiest.
But here’s the trick that no one knows, there’s a special code that must be put in to Experian Equifax and TransUnion in order to obtain the proper mortgage credit score for all three of those entities now.
I don’t even personally have that code, I don’t have it at summit funding, but my credit reporting company which I’ve used cred Co IV, I use advantage in Craig, the company’s our credit reporting companies, they issue credit reports, because I am a mortgage company, that’s legally set up as a true mortgage company.
They have the code, they issue and put in a special code to TransUnion Experian and Equifax in order to get true mortgage credit scores from those three entities now.
It means that when you go to creditkarma.com, when you go directly to Equifax yourself, you don’t have the mortgage code, you’re not able to get the true mortgage credit score that should come up on your credit report.
When you’re applying for a mortgage, when you’re wondering why these are different, it’s because credit commet doesn’t give you the code and you’re not able to obtain it unless you are a mortgage company and you are issuing or requesting a credit report from a credit reporting agency that has the code to directly give to those three places that issue the credit scores.