Personal and lender credit scores may differ

FRESNO, Calif.

Americans spend millions each year to find out their score but a consumer report said the score you get isn't necessarily the one lenders use.

Mark Nagy hoped to refinance his mortgage. He paid almost $200 to the credit bureau, Experian, so he could monitor his credit score regularly. When his score reached the mid 700s, he felt confident he would get the best mortgage terms. But that didn't happen.

"During my call with the bank, she proceeded to pull my credit while I was on the phone, and she came back with numbers substantially different than what I had recently checked online, by a difference of 22 points. said Nagy.

Consumer Reports said often the credit score you get is different from the score a lender uses. It took a close look at FICO, the company that invented credit scoring

" FICO alone has dozens of different scoring methods. And there are hundreds of others. They can all grade the same credit profile quite differently. So we just don't think it's worth it to buy your credit score," Margot Gilman from Consumer Reports.

It is important, however, to check your full credit report regularly for possible inaccuracies. You can get your report free every year from each of the three major credit bureaus, Experian, Transunion, and Equifax. People can do so by going to

When you are applying for a loan, you should always ask to see the actual credit score that the lender is using, and if you think that it is too low, you should ask for them to show you why. Another tip from consumer reports, shop around for the best interest rates because lenders can rate you differently.

As for mark, he was dismayed that with the credit score the lender used, he did not qualify for the best interest rate.

"I think I should have access to the same credit score that the banks and the creditors do, " said Nagy.

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