Why You Might Not Get Best Rates, When Shopping To Finance Your Malibu Home

by ritasimpson on September 26, 2012

in Buying My Home

When shopping for a mortgage to finance your new home in Malibu keep in mind that one in five consumers are likely to receive a different credit score from what a creditor will use to price a loan, according to the Consumer Financial Protection Bureau.

Many consumers incorrectly believe that the scores they purchase are the same ones used by lenders. The Consumer Financial Protection Bureau sites FICO scores, which are widely used by lenders, as having different credit scoring models for lenders and consumers that can vary. VantageScore also has different types of credit scores, and that may lead consumers to believe they are eligible to rates they really won’t qualify for.

Source: “Regulator Sees Flaws in Credit-Score Information,” The Wall Street Journal (Sept. 25, 2012)

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