12-21-2012 08:45 PM
Why does the TU score on here exist? It is as much a FAKO as CreditKarma.
As of last year, and maybe still applies, but millions of TU98 were pulled according to FICO. It just pales in comparison to TU04. Some lenders still use it including mortgage lenders. However, the odds are small you'd ever run into a mortgage lender that uses it....kinda like TU08. Nobody uses that either, or at least not as much as TU98 I bet.
I know that TU04 isn't offered because TU doesn't want to play. IMO, having TU98 is better than nothing. You certainly can't guesstimate TU04 using a Vantage, TransRisk, PLUS, or whatever FAKO flavor suits your fancy.
illecs: has there any been any confirmation of TU98 (or 08) being used for a mortgage application for anything other than jumbo loans? I know the GSE's will not accept a loan underwritten by TU98, and that's the lion's share of the mortgage market these days, and I don't know any primary lender keeping conventional mortgages on their books... any score congruence between '98 and the mortgage scores is likely as much coincidence as a FAKO's being similar unless the market has changed substantially in the past year (which may have occurred I'll admit, haven't been tracking mortgages closely).
I suppose possibly that it may be pulled as a secondary score in the GSE case?
I have no idea. I just remember a few posters here and there claim their TU98 matched their lender's pull, but I never looked at what kind of mortgage they were gunning for.
12-26-2012 07:52 AM - edited 12-26-2012 07:52 AM
FAKOs exist to make profits for their sponsors. When you're sold a FAKO no fee goes to Fair Isaac. The CRAs have tried to get lenders to adopt their product so they can increase profit margins but have been unsuccessful. Experian has blocked sale of FICO scores to consumers.
12-27-2012 12:24 PM
Ahhh. See I thought Fair Issac and the CRAs were in cahoots. Now that I understand the dynamic this makes more sense. Thanks.