FICO's are based on (semi-) known and understood formulas created by FairIsaac Company. They are widely used in the credit industry.
FAKO's are, well, fake. No one knows the formulas behind them (and there are many different kinds), very few lenders use any of them at all, they have completely different score ranges from FICO's, and they are generally meaningless. It's like getting updated sports scores from a sport that no one has seen played and whose rules and scoring system are unknown.
There is one scoring system, called the Vantage score, that was created by all three CRA's in an attempt to break FICO's monopoly. It combines info from all three reports, so there's only one score. Some lenders appear to be using it, but the same lenders are also pulling FICO's, doubtless in an attempt to get a feel for how well it predicts. My guess is that FICO 08 is the counter-response to Vantage score, but that's completely my guess.
I'm sure that there are charitable explanations for why companies invent FAKO's. The cynical among us figure that they're a good way to fleece money from unknowing consumers.
So, yep, just ignore them. If you get them with a credit monitoring service, use the reports function and line the hamster cage with the scores. The same applies to their often-scary advice.
My TC FAKO's, as of today:
EQ: 732
TU: 697
EX: 657
My FICO's, as of a week or so ago (no big changes):
EQ: 709
TU: 728
EX: 730
I mean, puh-leeze. And I really don't ever look at them, except today, for another post, when I was trying to show how ludicrous they are.
FAKO's are, well, fake. No one knows the formulas behind them (and there are many different kinds), very few lenders use any of them at all, they have completely different score ranges from FICO's, and they are generally meaningless. It's like getting updated sports scores from a sport that no one has seen played and whose rules and scoring system are unknown.
There is one scoring system, called the Vantage score, that was created by all three CRA's in an attempt to break FICO's monopoly. It combines info from all three reports, so there's only one score. Some lenders appear to be using it, but the same lenders are also pulling FICO's, doubtless in an attempt to get a feel for how well it predicts. My guess is that FICO 08 is the counter-response to Vantage score, but that's completely my guess.
I'm sure that there are charitable explanations for why companies invent FAKO's. The cynical among us figure that they're a good way to fleece money from unknowing consumers.
So, yep, just ignore them. If you get them with a credit monitoring service, use the reports function and line the hamster cage with the scores. The same applies to their often-scary advice.
My TC FAKO's, as of today:
EQ: 732
TU: 697
EX: 657
My FICO's, as of a week or so ago (no big changes):
EQ: 709
TU: 728
EX: 730
I mean, puh-leeze. And I really don't ever look at them, except today, for another post, when I was trying to show how ludicrous they are.
Not only do I look at mine, I graph them! 
Anytime TC or CS score changes in one of the three CRAs I type in all three numbers. The average of the three is what is graphed. Comparing the graphs of those two with the graph of PFico I see (just looked) the general up and down tendencies is the same in all three. I just cannot justify spending that much on Ficos more than once or twice a year, but this way I can get a general view of how things are going.
Anytime TC or CS score changes in one of the three CRAs I type in all three numbers. The average of the three is what is graphed. Comparing the graphs of those two with the graph of PFico I see (just looked) the general up and down tendencies is the same in all three. I just cannot justify spending that much on Ficos more than once or twice a year, but this way I can get a general view of how things are going.Works for me 
- YMMV
- YMMV