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I have a question. Is anyone else using Wells Fargo's credit monitoring service? If so, would you happen to know how it measures up in terms of accuracy. I read about true FICO stories all the time on the forum, and it's not until I recieved a letter stating that I have a score that was 50 points off what I assumed to be correct that I actually started to pay attention. I was told that the scores I was getting were being reported directly from the CRA themselves. After getting this latest letter, now I'm not so sure. Can anybody be of some assistance please. Thanks.
@CreditResuscitation wrote:I have a question. Is anyone else using Wells Fargo's credit monitoring service? If so, would you happen to know how it measures up in terms of accuracy. I read about true FICO stories all the time on the forum, and it's not until I recieved a letter stating that I have a score that was 50 points off what I assumed to be correct that I actually started to pay attention. I was told that the scores I was getting were being reported directly from the CRA themselves. After getting this latest letter, now I'm not so sure. Can anybody be of some assistance please. Thanks.
I believe WF resells a product based off of creditkeeper.com. I used to use their service before they switched to this one, and haven't used it since they changed, but I believe it'll monitor your 3 reports daily and provide monthly scores. The scores they offer are not FICO scores. The FAKO scores offered are CreditXpert scores and ScoreX Plus scores. Ignore them. Even if the scores are bad, the report data is good and I've used similar products in the past.
BTW, this is taken from their T&C:
Your EITP membership includes Experian Scorex PLUS
SM and CreditXpert® ScoresTM. Although these scores are not used by lenders to
evaluate your credit, they are intended to reflect common scoring
practices and are designed to help You understand your credit. Your
scores are calculated using specific algorithms and are based on
information from the files at the three major credit reporting agencies.
Your scores may not be similar to scores You receive directly from those
agencies or from other sources.
@llecs, I thank you so very much for that info!!! Although I'm still very much in the rebuilding stage right now, two years ago when I got the service I barely knew what credit scores were let alone understanding their terms. Now after educating myself, I can see it in the T&C clear as day that I've been receiving FAKO scores this whole time. LOL, now I know why I've been getting rejected!!! Ok, so looks like it's time to start from scratch. Again, thanks so much. It's so frustrating to try and rebuild off something that's not as accurate as it should be. I'll keep everyone posted with my new scores once I give Wells Fargo the axe!!!