stilldazed wrote:
Oops I've probably got the terminology wrong *insert red face here*. I thought those CB scores were the same as FICOs, but I see I was wrong. Looks like I should've said CBs & not FICOs. They do say EX, EU & TU, though. Is there a way they can still give FAKOs while they name the CBs?
Sure they can, and believe me, you're not the first to get fooled.
There are the FICO scoring formulas, developed at the request of each CRA, and each slightly different. And then there are the credit reports maintained by each CRA. When someone pulls a FICO score, the CRA runs the info on the report through the FICO score formula, and voila, you have your FICO score. But they have to pay part of the fee to FICO.
If someone goes to the Experian site, for instance, and requests their credit score, Experian will cheerfully run the info on the report through a
non-FICO score formula (PLUS score, Vantage score, etc.) and presto, you have a "credit score." Unfortunately, it's not worth much. Same thing happens if you buy your credit scores from freecreditreport-dot-com, TrueCredit, CreditSecure, and on and on. The score providers make a nice little profit on these things.
That's why we call those FAKO's.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007