06-22-2007 06:49 PM
Yep. There is a different formula for each CRA. Another reason why scores differ.
can I expect my true fico's from TU & EX to be higher or lower generally?
Yes.In theory they should be similar, but the FICO from eash CRA uses a slightly different formula, some companies report to one and not the other, some of them update faster than others etc, etc.For example, on a day last week, my EX was 61 points lower than my EQ which was 42 points lower than my TU. That is a 102 point range
Oh wow!! I learn something new ever day. The FICO is slightly different for each CRA? Or each CRA reports the data different to the FICO scoreing system. Either way, I had no idea. I thought FICO was calculated the same way for each model. Now I am confused. Please confirm I understand this correctly. I don't believe I have any room to take advantage of the differences in relation to score do I? I just only figured out EQ.
06-22-2007 07:13 PM
06-24-2007 11:10 AM
06-24-2007 11:49 AM - edited 06-24-2007 11:50 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO