MyFico versus Equifax Complete Advantage; let the confusion begin...

[Anonymous]

Greetings all,

     I am very confused at the moment concerning MyFico and Equifax Complete Advantage Plan. Let me start from the beginning. On MyFico account I had a 2 point decrease due to one of my AMEX cards having a status of lost / stolen card. Here is the thing; I NEVER reported to AMEX that I had lost or had a credit card stolen. I called AMEX and they confirmed it. There was nothing of their files showing any stolen or lost card. They told me to contact Equifax directly to dispute this. So I did. Equifax stated that they did would file a dispute and gave me a confirmation number so I could monitor it. It will take 30 days for resolution (funny how it took only three days to ding me 2 points; but over a month to investigate and repair). Earlier in the year my wife has a $500 Federal credit Union credit card and went from $98 balance to $498 in a wild shopping spree. I was gigged 26 points on my Equifax score. I immediately (within a week) paid over $400 and got it back to $98 balance. It has been over a month and I have NOT seen any increase in my MyFico credit score. So basically my Equifax score is LOW. The representative from Equifax asked me what MyFico score was and I told him. He said that I would smile if I saw my "true" score. He said that he could not legally tell me my actual score over the phone; but if I signed up for the Equifax Complete Advantage Plan I would have a "BIG" smile on my face. It would cost me $17.95/month to get and he would send me my username and pw in a link to my e-mail and he would share my shock to actually see the difference. I was like what? I told him that MyFico.com was the best in the business and they are my "true" scores; how 90% of lenders use "these" scores to determine creditworthiness. He lightly laughed and said to me the following: MyFico is a third-party company that gets there scores from the 3 Credit bureaus. He stated that Equifax "IS" one of the three and said who do you think has the most correct numbers; MyFico or them? I tried to get my Equifax score from him but he did not budge. He accidently told me that there is a "100%" difference in my score from Equifax and MyFico. He then laughed when he told me that he just gave me “hint”. He said that all my scores are better than what MyFico states. He said I don't want to pressure you into this plan and to think about it and call back later if I wanted to try it. He stated that I would not be sorry if I did. I truly love MyFico and the information from the forums but I am a little confused. Is he blowing smoke or does he hold some truth? I did a little research and found out that many reviews gave high ratings to Equifax Complete Advantage Plan and the BBB has them at an A+ rating. It states that they use both "FICO" scores and "Vantage" scores. They admitted that most vendors use FICO scores and not many use the Vantage scores; but that they use both. I ask for your opinions and recommendations good and bad. All I ask is that forum members not attack my post; as all I want to find out is the truth. Is there a way to verify his information? I thank you ahead of time for your comments, suggestions, opinions, and recommendations. Enjoy what remains of your day.

Please forgive me for spelling errors. =)

MJH

[Anonymous]

I would say that rep was baiting you. Your myfico scores are what some lenders pull then there's the breakdown on those, look at Fico 8, Fico 4 that are in your myfico account, then there's a vantage 2.0 and 3.0 score...Sounds like that rep was trying to sell you on Equifax internal scoring  there's a disclaimer that says on Equifax site "which is a proprietary credit model developed by Equifax the Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income."

I would stick with what you have with myfico. I was one for buying every score I could find and stopped, it was giving me gray hear at my temples  

[gibeon]

Three Things!

1) FICO scores are the most widely used scores - whether you get them from MyFico, CreditCheckTotal, or for free from your bank cards. (Amex, Barclays, Discover, etc.)  I would rather have all my FICO scores than any other, as they are "the gold standard" in the credit score world.

2) In the end, the thing that is most important is what's IN your credit file, not the exact number on your credit score. So get whatever scores fit your budget, concerns, and lifestyle. If you pay on time, pay more than the minimums, keep balances low, and have a good mix of credit, your scores will be fine and high over time.

3) I'm not trying to be mean, but baragraphs are your friend. That is a giant block of text, and very hard to read. You may get more/better/faster responses, if your question is easier to read.

[Anonymous]

I have found myfico scores and information to often take 10-12 days to update. So while there may be a difference between what the bureau is reporting and what you are seeing on myfico, I would definitely not fall for the sales bs he is trying to reel you in with. myfico does update eventually.

I have found that Experian Credit Tracker updates immediately and have been very pleased with their services.

[CreditCuriosity]

CCT is the best bang for the buck with daily realtime updates of Experian and monthly updates of TU/EQ for $15ish a month. Granted only 08 scores, but scores are  just a gauge I want to see what is inside the report which it also offers!  MF needs to become more competitive on their prices IMO and update on a more consistent basis being what triggers a score change to happen as it lags quite a bit usually and can be confusing to really say what caused the score to increase/decreasease as they just put the event that caused the update to happen not what really caused the score to move in either direction .

Obviously if you want your other scores you can order a one time report from MF which I do on ocassion.

[Anonymous]

Thank you all for your replys. I did not fall for his bait and told him I would think about it.  I am hoping that there are others that will chime in with their opinions.  I will stick with MyFico and proceed with caution in the future.  I will work on my gigagraph posts and cut them down a bit.  Thanks for the recommendation. 

MJH

[Anonymous]

You can always purchase a one-time EQ FICO score if you are really interested in knowing what it is, as a short-term option. Citi cards offer the FICO EQ score, but I don't think it is FICO 08 as it ends up being different from my FICO 08.

[CreditCuriosity]

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@Anonymous wrote:

You can always purchase a one-time EQ FICO score if you are really interested in knowing what it is, as a short-term option. Citi cards offer the FICO EQ score, but I don't think it is FICO 08 as it ends up being different from my FICO 08.

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BTW Citi is CC Enhanced EQ08 although I don't have one, just remember I believe other discussions. Others can correct me if I am wrong which is quite possible

[Thomas_Thumb]

Correct.

Citi is a Fico 8 bankcard "enhanced" score based on Equifax data. Bankcard score range is 250 to 900 as opposed to 300 to 850 for Fico 8 classic.

[takeshi74]

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@Anonymous wrote:

On MyFico account I had a 2 point decrease due to one of my AMEX cards having a status of lost / stolen card.

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Be very careful relying soley on myFICO alerts to determine the cause(s) of a scoring change.  You must refer to reports before and after the change to determine the cause(s).  Additionally, myFICO is trigger based and not all activity with a scoring impact is a trigger.  If you're going to rely on myFICO then make sure you understand the triggers.

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

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@Anonymous wrote:

Please forgive me for spelling errors. =) 

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Paragraphs are a MUCH bigger issue.  I couldn't read past the first couple of sentences.

However, replies do indicate what you're asking about.  Scores are a very common topic and you always need to consider the specific scoring model and CRA when referring to scores.  You also need to consider the relevance of a given model/CRA combo to a given creditor.  Creditors do not all use the same model or CRA so there is no such thing as one "true" score and you cannot rely on one score to be "accurate".  Relevance to a creditor is what matters.  If a creditor/product uses a TU FICO 8 then that is the only score that matters to that creditor/product.  Other models and CRA's will not be relevant.  FICO itself doesn't have just one model.  See also the Understanding FICO Scoring subforum and its stickies.

The score you get form Equifax depends on the product you purchase.

http://www.equifax.com/all-products/

Scores provided by products in the middle of the page use an EQ FAKO that isn't used by creditors.  Scores provided by products at the bottom are FICO 8.  FICO 8 is the most commonly used model but, again, not all creditors use FICO 8.  A FICO 8 won't mean anything if, for example, a creditor uses a FICO 4, FICO NextGen, FICO 8 Bankcard (not the same thing as a FICO 8), etc.