Today, I signed up online for TransUnion's "truecredit" service.
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
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.
Wow, just signed up here and my FAKO to FICO went from 755 to 680!!!
No wonder AMEX declined me
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
The bottom line is that credit scoring is totally unregulated.
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."