Mortgage lenders primarily use specific versions of the FICO credit score when evaluating mortgage applications. These are known as FICO Scores 2, 4, and 5, corresponding to the credit bureaus Experian, TransUnion, and Equifax, respectively. Lenders typically pull a "tri-merge" credit report that combines credit data and FICO scores from all three major credit bureaus to get a comprehensive view of a borrower's credit history
- FICO Score 2 is based on Experian data.
- FICO Score 4 is based on TransUnion data.
- FICO Score 5 is based on Equifax data.
Mortgage lenders usually use the middle score of the three (the median score) to make lending decisions. If applying jointly, they often use the lower middle score between the two applicants
. These mortgage-specific FICO scores differ from the general consumer credit scores that individuals might see on free credit sites or through other credit scoring models like VantageScore. The mortgage industry relies on these older, classic FICO models because of regulatory requirements and their widespread acceptance by government-sponsored enterprises like Fannie Mae and Freddie Mac
. Starting around late 2025, lenders will begin transitioning to newer scoring models like FICO 10 T and VantageScore 4.0, which incorporate additional data such as rental payments and credit usage trends, but the current standard remains FICO Scores 2, 4, and 5
. In summary, mortgage lenders use:
- A tri-merge credit report combining Experian, TransUnion, and Equifax data.
- The FICO Score 2 (Experian), FICO Score 4 (TransUnion), and FICO Score 5 (Equifax).
- The median of these three scores as the qualifying credit score for the mortgage application
