When I go to pull someone’s credit for a mortgage credit report, I find that their scores differ from what they were told by Credit Karma and similar consumer credit services, sometimes by up to 120 points. So what’s the difference between a consumer credit report and a mortgage credit report?The truth is that a consumer credit report doesn’t take into consideration everything that a mortgage credit report does.

A mortgage credit report weighs certain factors very differently from a consumer credit report, including:

  • Collections
  • Utilization of credit
  • Late payments

That said, when you’re thinking of purchasing a house and you really want to see what a mortgage lender will see on your credit report, I recommend that you use myFICO. This service uses the FICO scoring model, which is what mortgage reports weigh in.

“Unfortunately, what you see online isn’t necessarily what you’ll see when you speak with a mortgage lender.”

On top of the different factors that are weighed on the actual credit score, mortgage reports look at address history and employment history. If you’ve been at your job for a long time and have lived in your current home for a long time, from a mortgage standpoint, that makes you look a little bit more stable.

Unfortunately, what you see online isn’t necessarily what you’ll see when you speak with a mortgage lender. If you have any questions about your credit or what a mortgage credit report looks like, I’d love to speak with you. Feel free to reach out to me and we can discuss this topic in more detail.