Citi sending me Experian credit score

[Anonymous]

FICO vs. FAKO vs. Vantage Score vs… What is FAKO?

A FAKO (Fake-O) score is a term used to describe a credit score assigned to a credit history which uses a formula other than the one developed by the Fair Isaac Corporation. Fair Isaac developed a secret and proprietary formula for a computer to analyze a credit history and assign a numerical score. The company called it a FICO score. Many other companies attempted to simulate the FICO score with a process of their own and often at a lower cost than Fair Isaac. The resulting scores from these companies were termed as FAKO scores. Most FAKO scores are relatively close to FICO scores. These include scores like Vantage Score, PLUS score (Experian), TransRisk score (TransUnion), industry-enhanced scores, etc. FAKO scores should give you a ball park estimate of your FICO score.

Vantage Score?

A Vantage Score is not a FICO score. According to Wikipedia, VantageScore was created by the three leading credit bureaus, Experian, Equifax, and TransUnion, to compete with FICO score, the dominant player in the credit score business. VantageScore was launched on March 16, 2006 and currently is offered by the three agencies. The Vantage Score can be used by: lenders, Insurance Companies, Employers, Wedding Planners, Mortgage Companies etc. From VantageScore's website, its features also include:

• Predicts the likelihood of future serious delinquencies (90 days late or greater) on any type of account;
• Consumer score is based primarily on a 24-month review of a consumer's credit file;
• Includes up to four score factor codes and a fifth FACTA reason code;
• Can be accessed from all three CRCs;
• Does not consider "authorized-user" tradelines to assess credit risk.

[john398]

Another site says:

VantageScore: The Next Generation of Credit Scores

VantageScore is a new credit scoring model created by America's three major credit reporting agencies to support a truly consistent and accurate approach to credit scoring. This new score provides lenders with nearly identical risk assessment across all three credit reporting companies. Your VantageScore on Credit Karma was calculated based on information in your TransUnion credit report and follows a familiar academic scale for ease of understanding: A (901-990), B (801-900), C (701-800), D (601-700), F (501-600).

and you can get it free at credit karma

[Anonymous]

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@Anonymous wrote:

FICO vs. FAKO vs. Vantage Score vs…

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this link says "Many other companies attempted to simulate the FICO score with a process of their own...... The resulting scores from these companies were termed as FAKO scores. Most FAKO scores are relatively close to FICO scores. These include scores like Vantage Score, PLUS score (Experian), TransRisk score (TransUnion), industry-enhanced scores, etc. FAKO scores should give you a ball park estimate of your FICO score."

I disagree, and note that it's always interesting to see what you can find online.  As consumers, we're wise to evaluate what we discover online for accuracy, and to keenly discern marketing strategies and information before "putting our money" on any post we find online. 

FAKO's and FICO's are different. They are built on different algorithms which create different scores - in addition, the scores change in diverse directions and for diverse reasons. A FAKO increase/decrease does NOT yield a FICO increase/decrease. If you check my and DH's FICO mortgage scores vs. FAKO scores posted below, you'll see a distinct lack of correlation.  They are certainly not "relatively close", nor do they give "accurate ball park estimates."

My FICO mortgage pull:  EQ 708 EX 720 TU 730
Same day fako:  EQ 764 EX 679 TU 739

DH's FICO mortgage pull:  EQ 774 EX 690 TU 735
Same day fako:  EQ 761 EX 762 TU 735

My Current FICO:  EQ 711 EX 723 TU 723
My Current fako:  EQ 771 EX 792 TU 780

I've pulled tons of fako scores (I go through phases where I like to have credit monitoring services of various sorts). It doesn't matter who the source is. I've learned to ignore the FAKO scores and the advice that accompanies them. I don't read them anymore. I did for a long time, trying to discern any possible connection, but the reality is, once again, they are built on different algorithms, they create different scores and they adjust those scores based on differing criteria.

I wish FICO's and FAKO's were predictably correlated, especially in light of the decisions many posters on these forums make based on their FAKO scores.  They are, understandably, angry to learn of the inconsistencies and incongruencies between FICO's and FAKO's.