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Why is your credit score different when buying a car?

When applying for an automobile loan, typically the banks or financial institutions used an enhanced view of your credit which is more focused towards your auto loan history. This is called "Auto Enhanced".

Also, not every bank uses the same credit bureau when determining the credit worthiness of an applicant, and note every lender reports to the exact same bureaus as other lenders. For i.e., you might have checked your TransUnion score before you go to the dealership and then the dealership pulls an Equifax report. The scores can be different. 

Another example, is that Lender A reports your good pay history to Experian, yet does not report it to Equifax and the bank that you are looking at only uses Equifax. Then the scores would be different.

Posted 11-09-2017 - trey melton



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