freecreditreport.com

Anonymous · ‎04-18-2011

why do you guys call their score fakos?

isnt it run by experian? isnt experian one of the credit bereaus?

just wondering

MarineVietVet · ‎04-18-2011

@Anonymous wrote:
why do you guys call their score fakos?
isnt it run by experian? isnt experian one of the credit bereaus?
just wondering

We call it a FAKO because since 2/2009 Experian has not sold their FICO score to consumers.

What they sell from their website is called a "Plus" score and cannot be compared to a FICO score in any fashion.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Anonymous · ‎04-18-2011

@Anonymous wrote:
why do you guys call their score fakos?
isnt it run by experian? isnt experian one of the credit bereaus?
just wondering

FreeCreditReport.com offers "Plus Scores" not Fico Scores, se we call it a Fako Score.

I'm not sure if its run by Exoerian but, it is an Experian based Credit Monitoring Service, Experian no longer sells their Fico Scores to consumers so they came up with Plus Scores and Vantage Scores (neither of which are Fico Scores).

They are pretty much just a way for Experian to make TONS of money, I'm a Member of FreeCreditReport.com, but not so much for the score, more so I can monitor my Experian Credit Report.

And yes Experian is one of the Credit Bureaus.

Hope this helps, feel free to ask any other questions you may have.

RobertEG · ‎04-18-2011

CRAs are repositories of the information used to produce any credit score. Fair Isaac, for example, does not have its own database of current credit files, and thus is not the party who generates even FICO scores. They simply lease their scoring algorithms to the CRA, who then runs thier data through the licensed FICO algorithm.The CRA then pays a fee back to FI for each score it produces using their algorithms. So CRs will designate the name of the CRA upon which the score was based. Only scores based on the licensed FICO algorithms can be sold as FICO scores.

Each CRA has also developed its own proprietary scoring algorithms, which they use to sell their own version of a credit score. By doing to, they dont have to pay Fair Isaac for each score they produce and sell. It is competition.

On this site, the difference between scores produced by Fair Isaac licensed algorithms and other independent algorithms are referred to, for purposes of identification of the source, as FICO and FAKO scores. It may be a somewhat prejudicial acronym, but it is what it is. Most lenders use only FICO scores, so the acronym has some merit.