United Auto Finance Company | Info

Any individual hoping to secure financing must agree to a credit check. Before doing so, some financially savvy consumers will first review their own credit reports and scores. Unfortunately, alternate credit scores abound and lenders often pull different credit scores than consumers do. This isn’t an attempt on the part of banks to defraud consumers. Rather, it’s a standard business practice that, although confusing to some, serves to give banks the most accurate lending information possible.

Lender Credit Scores vs. Consumer Credit Scores

When a lender pulls an individual’s credit, it pull a type of credit score known as the “FICO score.” FICO scores are calculated by the Fair Isaac Corporation. Fair Isaac periodically modifies its calculation method in order to provide lenders with the best possible model of credit risk assessment.

Consumers, on the other hand, may pull their credit scores from any number of sources. They may access them through the credit bureaus or pull them from any third party credit report provider. These scores, however, are only for “educational purposes.” Only Fair Isaac knows the exact scoring model, thus other organizations can only guess at what an individual’s true score is based upon the data his credit report contains. Even the credit bureaus offer their own brand of consumer credit scores for the sole purpose of providing individuals with a rough estimate of the creditworthiness (See The FICO Score vs. VantageScore).

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