Talk Data to Me: Consumer vs. Mortgage Credit Scores [Episode 11]

We have all been there, a borrower says they have a 720 credit score, but when you get the report back they have a 680. How can that happen? How do you explain the difference to your borrower?

In this episode of Talk Data to Me, we are joined by Mark Teta, Regional VP at Certified Credit to talk about the differences between credit score models and ways lenders can better educate their borrowers on the impact of the various scoring algorithms.

Episode Resources

Consumer Credit Check

Federal law gives you the right to get a free copy of your credit report every 12 months. Through December 2022, everyone in the U.S. can get a free credit report each week from all three national credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.

Additional resources are available at:

• Credit Karma: https://www.creditkarma.com/free-credit-score
• Experian: https://www.experian.com/lpt/credit-score-tmpl.html
• Transunion: https://www.transunion.com/marketing/credit-wellness-non-brand
• Equifax: https://www.equifax.com/equifax-complete/3-bureau-credit-report/

Identity Theft Help

If you or a loved one are the victim of identity theft or mortgage fraud, here are a few resources you can use to report and recover.

• gov Report identity theft and get a recovery plan: https://www.identitytheft.gov/#/
• FTC Identity Theft Advice: https://consumer.ftc.gov/features/identity-theft