Profile picture for AndrePearson

wrong credit score reported by HSBC

HSBC denied my refinance application because my credit score was 711. when I checked with exuifax my credit score was 723. They then sent me a letter explaining they made a mistake on my credit report. But still no loan approval. What action can I take.
  • August 03 2011 - Walden
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Answers (2)

Profile picture for wordsmth
Understand that the scores that are seen by lenders are different than the scores you can see (or buy) from the credit rating agencies. They're similiar but they're not the same.

Understand, also, that your credit score frequently changes. All sorts of factors go into it--such as indebtedness and how much you've used your credit cards. And how often your credit is checked by creditors.

And understand that each of the credit bureaus is likely to have a different score for you. They should be reasonably close (unless there's a real error in one), but they won't be the same.

There isn't much difference between a 711 and a 723. HSBC is saying that that difference was enough to reject you?

Review that credit report. You say they say they "made a mistake" on your credit report. Review the entire report and challenge any errors. And, simultaneously, ask the HSBC underwriter to review your file. Provide the underwriter with the letter documenting the error. That might--or might not--be enough to prompt the underwriter to take another look.

Hope that helps.
  • August 03 2011
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I am sorry to hear about that.  Here is some information about repairing your credit score.  I hope this helps.
  • August 03 2011
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