Why Is My Credit Score Different From What a Mortgage Broker Sees?

It’s pretty easy to get your credit score these days, but there can be differences in your score depending on what source you used. Therefore, you should focus more on your overall “credit hygiene” rather than one particular score. Meaning, focus on best practices at all times.

It’s also important to remember that the credit score you see may not be the one I see.

How useful are free credit scores when applying for a mortgage?
To bring the conversation around to mortgage borrowing, the only credit score that matters is the one your lender sees when your application is submitted by your Mortgage Broker. And it’s almost certainly NOT a score you have seen for yourself from all the score providers out there.

FICO Score 8 is the gold standard

For the most part, Mortgage Broker’s submit their mortgage applications with an Equifax Canada credit report attached. This report will display a few different measures to the lenders, but the one we pay the most attention to is called FICO Score 8. It’s the number we cite when a lender wants to know our mortgage applicants’ credit scores.
FICO says 90% of Canadian lenders use it, including major banks. But Canadian consumers cannot access their FICO score on their own.
Some banks and other mortgage lenders rely solely on the TransUnion credit report, which may use the Credit Vision Risk Score, and others use both reporting agencies. But they can all generate a FICO score.

Tatum Neufeld, BComm
Mortgage Broker • Mortgage Tailors


Oh hey there! I’m Tatum.

Whether you are looking for a home purchase mortgage, renewing an existing mortgage, refinancing, debt consolidation, financing revenue properties or a new home construction mortgage, I take the stress and worry out of the equation.


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