PLEASE help me understand this!!!

[Anonymous]

Recently I inquired to customer service about charges for power scores......this is the response I got:

Thank you for contacting myFICO Customer Care.
Once a FICO score is purchased, the score and the credit profile from that date is the only one that you will be able to access for 30 days it is not updated as the information in the credit file changes and therefore will not reflect a new score. This is an internet based product, reports and scores are never mailed.

The Fair, Isaac model that is used to calculate the Score Power score takes into account changes to relevant credit information as they occur. Since information on your file can change daily, there is no way to determine the exact effect that the resolution of disputed items will have on your score. Getting another Score Power score will provide you with your most recent FICO® score. This most recent score will take into account your entire credit report as of the time of your request. It will take into account changes made to your credit profile as a result of resolved disputes as well as changes that occur naturally.

Now, something mentioned in this response leads me to another question...What exactly do they mean by "The Fair, Isaac model that is used to calculate the Score Power score"?

Is the Power Score the actual score that Equifax has at that moment? Or, is this a calculated number based off of variables recently reported?

DJ

PS  I'm so confused!

[Anonymous]

Also, if this report is NOT updated on a daily basis, how can they give power score updates. If the power score updates are an accurate indication of what is reported, then why can't the Equifax report be available on a daily basis?

DJ

[Anonymous]

They can but thats not the product they are selling. Your paying for a "Snap Shot" of your report at that moment.  If you want the next day snap shot you have to pay again. Thats why some folks use TC(for the daily report updates & FAKO's) and myfico for scorewatch. I hope I helped

[Anonymous]

That still doesn't explain the "Fair Isaac Model" that I initally posted. What do they mean by that?

I realize I'm paying for a snapshot. However, how do they arrive at the updated numbers? When I (or we) get the alerts, are these numbers that are predicted or are these THE ACTUAL SCORE?

Again, what is the "Fair Isaac MODEL"?

DJ

[Anonymous]

My understanding is that there are several models. Different credit grantors place weight on different credit criteria.(autos,credit cards,home loans, etc. they call them enhanced scores) Fair Isaac creates scoring models to fit each. I believe this is why you see slight differences in scores.

[Tuscani]

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so_confused wrote:

My understanding is that there are several models. Different credit grantors place weight on different credit criteria.(autos,credit cards,home loans, etc. they call them enhanced scores) Fair Isaac creates scoring models to fit each. I believe this is why you see slight differences in scores.

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Yep!