Reply
Member
dresnoone
Posts: 21
Registered: ‎05-26-2011
0

Re: Credit Monitoring Service (CMS) Guide

This guide is very helpful, I’m using the USAA CreditCheck Monitoring and love the ability to refresh my credit report as often as I’d like without an increase in price. However, I see that it is considered a FAKO (Plus Score), what does the “Plus Score” mean?

 

If I wanted to do a comparison of the USAA CreditCheck Monitoring and my actual FICO Scores to find the variance difference between the two, how would I go about doing so?

Moderator Emeritus
MarineVietVet
Posts: 14,136
Registered: ‎07-14-2009
0

Re: Credit Monitoring Service (CMS) Guide


dresnoone wrote:

This guide is very helpful, I’m using the USAA CreditCheck Monitoring and love the ability to refresh my credit report as often as I’d like without an increase in price. However, I see that it is considered a FAKO (Plus Score), what does the “Plus Score” mean?  

If I wanted to do a comparison of the USAA CreditCheck Monitoring and my actual FICO Scores to find the variance difference between the two, how would I go about doing so?


The "PLUS"score was started by Experian after they stoppped selling FICO scores to consumers. I guess they wanted to make some money off their own product. But the PLUS scores are not used by any lenders and are therefore useless.

 

Trying to compare any FAKO score to FICO's is an exercise in futility. FAKO's score different data in different ways than FICO and usually have different score ranges. There is simply no formula that you can use to compare or correlate FAKO's to FICO's.

 

Long time member llecs explains it much better than I can:

 

"Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores. Experian and TransUnion do not sell FICO scores on their website. We call these non-FICO scores, FAKOs, and can easily be as much as a few points to 100+ points off your real FICO when pulled the same day. If it didn't say "FICO" next to the score, then it isn't.

Other companies (e.g. freecreditreport.com, freescore.com, truecredit, creditkarma, Equifax Credit Complete, Quizzle, and dozens of others out there) sell scores, but they are nothing more than gimmicks and lenders don't use them. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. The scores are off because the formula is different, factors in different things as compared to FICO, and score ranges are different than FICO's (e.g. FICO is 300-850, Vantage is 501-990, PLUS is 330-830, TransRisk is 350-850, and so on)."

 


 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Credit Monitoring Service (CMS) Guide

I'll add that if you wanted to compare for entertainment purposes, each time you see your PLUS score change, then come back to myFICO and purchase a new FICO report. Rinse and repeat when tracking these changes. You'll find that probably most of the time the scores move in the same direction. Other times they'll move in opposite directions (e.g. FICO increases and your FAKO decreases, or vice-versa). And other times one will stay the same while the other increases or decreases. For a fair comparison, you'll need to track it over a longer period of time. IME, I've had the scores come within a few points of each other. Other times, it's as muich as 30-50 points off.

Regular Contributor
MontegoMack
Posts: 201
Registered: ‎01-21-2012
0

Re: Credit Monitoring Service (CMS) Guide

Unfortunately, it's time for an update as USAA is changing their pricing structure and access.
BofA Cash Rewards Signature Visa 5k
Chase Freedom 9k
BBRZ MC 800 (SD)
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Credit Monitoring Service (CMS) Guide


MontegoMack wrote:
Unfortunately, it's time for an update as USAA is changing their pricing structure and access.

I know. :smileysad:  The entire guide is due in for an update I bet. New to-do list addition.

Contributor
nc
Posts: 87
Registered: ‎01-16-2009
0

Re: Credit Monitoring Service (CMS) Guide

 

USAA no longer provide unlimited credit reports.

 

"Credit Reports will be available once per month, instead of on an unlimited basis. This frequency meets the needs of the vast majority of members. For those seeking unlimited credit reports, please contact Experian at 1-866-751-1320."

 

Current Score: EQ: 786 (08/23/2012), EX: 802 (08/23/2012), TU: 774 (08/23/2012),

Goal Score: 800+ FICO across the board
Valued Member
algorithmslave
Posts: 68
Registered: ‎09-10-2012
0

Re: Credit Monitoring Service (CMS) Guide


nc wrote:

 

USAA no longer provide unlimited credit reports.

 

"Credit Reports will be available once per month, instead of on an unlimited basis. This frequency meets the needs of the vast majority of members. For those seeking unlimited credit reports, please contact Experian at 1-866-751-1320."

 


I called USAA today to cancel this service. The funny thing was, I had no idea that I was speaking with EX! The USAA customer service agent sends one to EX! I will spare you the details of what I said to him as I blamed my leaving on EX for acting like a bully who only knows how to strong arm people through fear rather than education. :smileyhappy: OOOPPPSSSS, my appologizes Mr. EX Agent...nothing personal. 

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...
New Member
d-07
Posts: 7
Registered: ‎04-09-2012
0

Re: Credit Monitoring Service (CMS) Guide

Hello,

 

Can you purchase or get  a package from myfico.com that includes all three credit reports.

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Credit Monitoring Service (CMS) Guide


d-07 wrote:

Hello,

 

Can you purchase or get  a package from myfico.com that includes all three credit reports.


Unfortunately Experian doesn't play nice. At one point a product was offered that included 3 reports of your choosing, so 3 of one, 2 of one and one of another, or one of each. Experian blocked consumer access to your own FICO score and you cannot buy it from anywhere. Because of that action, the only product within myFICO that offers the other two reports together (EQ and TU) is the Suze Orman's FICO® Kit. You can get two of one and one of the other and you get to decide which report to pull and when. 

 

While the Suze kit is great for report pulls at a discount, it doesn't offer any monitoring of your credit. It's a one-time pull only per report. There is no product that offers EQ and TU FICO score monitoring together. There's no product in the world that monitors all 3 FICO scores together.

Valued Member
algorithmslave
Posts: 68
Registered: ‎09-10-2012
0

Re: Credit Monitoring Service (CMS) Guide


llecs wrote:

d-07 wrote:

Hello,

 

Can you purchase or get  a package from myfico.com that includes all three credit reports.


Unfortunately Experian doesn't play nice. At one point a product was offered that included 3 reports of your choosing, so 3 of one, 2 of one and one of another, or one of each. Experian blocked consumer access to your own FICO score and you cannot buy it from anywhere. Because of that action, the only product within myFICO that offers the other two reports together (EQ and TU) is the Suze Orman's FICO® Kit. You can get two of one and one of the other and you get to decide which report to pull and when. 

 

While the Suze kit is great for report pulls at a discount, it doesn't offer any monitoring of your credit. It's a one-time pull only per report. There is no product that offers EQ and TU FICO score monitoring together. There's no product in the world that monitors all 3 FICO scores together.


Very unfortunate the credit bureaus and leading score provider cant play nice in the sand box together. Unfortunately this will only lead to Congressional oversight and than ultimately to lobby groups in response to gov. regulations. Quite sad really.......EX obviously has something else in the works and believes they can compete with FICO. I really hope somene offers an even playing field in the futre like adding bills that currently do not report such as rent and utillities. In addition, would be nice if there was some regulation that said, If you use a report and/or score to determine if you will conduct business with a consumer and/or organization, you must report the "on time" or "pays as agreed" payments as well, not just the negative. In addition, closing this service to car insurance is reasonable as a pose too allowing them to pull. All they, car insurance, use it for is an excuse to charge higher premiums to some and lower ones to others. 

You can wrap me in your flag, make me say a praise to your creator and make me spend your currency, but remember this, I am a loyal servant to Justice and a Patriot to none. I am free...

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}