Which FICO version is used for mortgage?

[Mary]

We’re currently in the process of buying a home, and starting to look into mortgage. To start with, we want to check our scores before we start rate shopping.

Now that myFico.com have released multiple FICO score versions to consumers, what FICO version do we need to check? My guess is that it’s probably the newest (FICO 8), but how do I know for sure?

[Admin]

Actually, its FICO 5, 2 & 4 depending on the CRA

Unlike the Credit Cards & Car loans market, in the mortgage lending market things are very simple.

Almost all lenders will pull your credit reports from all three CRA’s, and run the following FICO score versions:

Each lender determines what FICO Score version they will use in their credit evaluation process. Generally speaking, in most cases you likely won’t know what version a lender is going to pull when evaluating your credit request.

• FICO Score 5 based on your Equifax Credit Report
• FICO Score 2 based on your Experian Credit Report
• FICO Score 4 based on your TransUnion Credit Report

Sometimes the lender may reference these FICO versions in a different name. For example, Fannie Mae’s reference them as follows:

• Equifax Beacon
• Experian/Fair Isaac Risk Model V2SM
• TransUnion FICO Risk Score, Classic 04

Hope this clarify things a bit.

The Credit Report 101 team

[Author]

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