Posted by GMann on March 05, 2003 at 20:15:25:
Let me elaborate. I have read some literature and have spoken with a rep from one of the credit bureaus. It is my understanding that if you want to “shop around” for a good rate then the credit bureaus aren’t going to penalize you for that. Each company has a designation (let’s say mortgage cos. have an M designation) The first “M” designated company that pulls your credit lowers your score. It is my understanding that any “M” designated companies that pull your credit for the next 30 days does not effect your score. So in theory you can have unlimited credit pulls in 30 days as long as they have the same designation. Same goes with buying a car. The kicker is that you hope everyone that is pulling your credit has the same designation. Even if you are shopping for a mortgage.
I have seen credit scores all over the place from the same bureau. A broker sent us a Trans Union that had a 660+ score and we pulled our bureau (same day)and it was in the high 500’s. Some of it depends on what level of service package you get when you sign up with a vendor. I know for a fact you can get a more intensely investigated version of an Equifax bureau. I have seen the scores differ by 30-50 points when the lesser and the more investigative Beacon was pulled on the same day.
Go to the 3 Bureaus websites and you can read for yourself. Here is the name of the companies and what they call their scores. I’m sure you can find their sites.
Equifax (Beacon Score)
Trans Union (TU Score)
Experion (TRW Score)
I am not an expert by any means. This is what I gather from what I have read and heard. Hope it helps.