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Thread: Credit check monitoring.

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    Katarianna's Avatar
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    #1

    Credit check monitoring.

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    We have the credit check monitoring that USAA offers. Today we applied for a loan at another bank and the score they pulled does not match the score it shows me. What is up with that? I feel like it is sort of a waste if it isn't going to give me accurate information.
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    #2
    does the thing with USAA cover all 3 agencies or just one or two?
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    #3
    Well Credit Monitoring is more so you can keep an eye on what is going on with your report, and if anything fraudulent pops up you or the monitoring company is going to catch it quicker then if you did not have it.

    You do know that you have about 4 different credit scores correct? There are three main credit bureau that will all have a slightly different number because different things can be reported and they may look at information a little different. Then there is a true FICO score, which I believe takes into account all three agencies to create your score. Also lenders will look at information differently and can come up with a separate type of risk score for you to make a decision on if they think you are a viable Risk to take on or not.
    ~ Sara ~
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    #4
    The things with USAA does cover all three major credit scores. My bank uses Transunion. The difference was over 100 points. That just doesn't seem right to me.
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    #5
    I use that same service and have never had a disconnect like that--I'm checking folks at the bank to get some input as to how that could happen.
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    #6
    I talked with the folks in our CreditCheck Monitoring area and although they occasionally get feedback on small differences in scores the type of difference you noted is unusual. With that in mind the most obvious reason, even if unlikely, is that the credit score from the bank and the one from CreditCheck Monitoring were not for the same person. As you know, the service at USAA is based on a single person’s credit record (not both you and your spouse), if the score you received from the bank belonged to the other, it would be different, and maybe significantly different.

    Beyond that, he pointed out that while lenders may use data from the same credit bureau many create their own scoring models or buy models tailored to specific loans (for example: auto vs. credit card vs. mortgage). In other words, the same bureau data could be used with different weightings and results. The bottom line is that different models can result in different scores.

    Clearly, that’s not a perfect answer, but I hope it helps shed some light on the situation.
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.

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