Consumer versus Mortgage Credit Scores: What’s the Difference?
In this week’s edition of Mortgage Minutes, Academy Mortgage explains the difference between a consumer credit score and a mortgage credit score. The number one question that loan officers receive from Atlanta new home buyers in regards to credit scores is, “Why is it that when I pull my credit score, it is different from what a mortgage lender sees?”
There is a good reason for this difference. When an individual pulls their own credit score, it is considered a consumer credit score. However, when a lender pulls a credit score, a completely different scoring module is used to determine that number. Since a mortgage loan is typically going to be the highest loan amount that an individual ever applies for, the mortgage lending scoring module is significantly stricter. So, on average, a consumer credit score is considerably higher than a mortgage credit score.
A consumer cannot find out their mortgage credit score on their own; it can only be done by having a mortgage lender pull your credit report. Loan officers at Academy Mortgage are available to help Atlanta new home buyers determine their mortgage options, instruct them on how to work towards raising their credit score and much more. To find a loan officer in Atlanta, contact Academy Mortgage by calling 404-323-4728 or visit www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.