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New Member
tmlove
Posts: 4
Registered: ‎03-03-2010
0

AMEX says my FICO is VERY different than my latest report shows

Today, I signed up online for  TransUnion's "truecredit" service.

 

My scores...

757 TransUnion

755 Experian

785 Equifax

 

I wanted to make sure I was in good shape before I applied for an AMEX card.

I was declined saying that my FICO was too low. When I asked what it was,

they told me they couldn't reveal the exact score but it was based on Experian...

I told them that I just got my scores today and it was 755 and asked if they thought that

was low...they told me that the score they got from Experian was much lower than 755.

 

Is it possible that TransUnion's "truecredit" service made a mistake or maybe it was on AMEX's end?

Anybody familiar with conflict scores?

Both reports were done today

Thanks

Terence

 

Contributor
michaels88369
Posts: 118
Registered: ‎02-17-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

True Credit uses what we call "FAKO" scores. They are not the REAL FICO scores. They are completely different scores. Most banks use fico not fako. The only place to get your true fico scores are from this website.
Contributor
woozy
Posts: 99
Registered: ‎02-12-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

Experian has their own FAKO service, ProtectMyId.

 

Soooo...why would a CB give out FAKO scores that vary significantly from real scores. I don't see the advantage.

Contributor
michaels88369
Posts: 118
Registered: ‎02-17-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

Me neither. I guess they are "their" way of computing scores. I think i read but dont hold me to it that they are trying to get the FAKO scores to be used more wide spread over the true FICO scores.
New Member
tmlove
Posts: 4
Registered: ‎03-03-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

Wow, just signed up here and my FAKO to FICO went from 755 to 680!!!

No wonder AMEX declined me

Contributor
michaels88369
Posts: 118
Registered: ‎02-17-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

Yeah i knew there was a huge difference. I dont like true credit that much. you should try out credit check total. they let you pull the 3 bearu reports everyday instead of truecredits once every 30 days. And cheaper i might add. lol
New Member
tmlove
Posts: 4
Registered: ‎03-03-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

But you just told me that this site is the only site to get the true scores...why then would you go to credit check total?
Contributor
michaels88369
Posts: 118
Registered: ‎02-17-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

You can pull your reports everyday, all 3 of them. True credit only allows transunion once every 24 hours and all 3 every 30 days. It was just a suggestion. You have to pay here everytime to get your scores i do believe. Correct me if im wrong, im still under the 30 day free trial.
New Member
tmlove
Posts: 4
Registered: ‎03-03-2010
0

Re: AMEX says my FICO is VERY different than my latest report shows

Ok

I just signed up for the 7 day trial at creditchecktotal and the scores are 677--700...much more inline with what myfico says my true FICO is...

i'm gonna dump truecredit

Mega Contributor
RobertEG
Posts: 17,832
Registered: ‎03-19-2007
0

Re: AMEX says my FICO is VERY different than my latest report shows

The bottom line is that credit scoring is totally unregulated.

Why?

Because how they score are federally protected intellectual property rights.  And rightfully so.

Would you ever ask to compel Coca-Cola to divulge their formua for Coke? It it is called trade secriet law.

Fair Isaac, marketing their scores under the FICO moniker, has at least two dozen different scoring algorithms that it licenses for use.

Different consumers and different CRAs have their own, licensed version of what can be called a FICO score.

Different vendors, often derisively referred to as FAKO score vendors, have equal right to market their scores.

All that matters, in the end, is what any creditor will license and use in their credit decisions.

I wont join the debate as to whether FICO or other non-FICO scores are better. 

But there are literally a hundred of them floating about, with no way to correlate because each and every one is a protected trade secret.

It is probably an uncontroverted fact that most creditors rely on FICO scores. That is all that is proven to make them "better."

 

 

 


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