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Regular Contributor
jdxprs1
Posts: 152
Registered: ‎08-20-2010
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Re: Do you pay for FICO to monitor your score?

PNC


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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Do you pay for FICO to monitor your score?


jdxprs1 wrote:

sorry, i dont know what a trimerge report is. 


When you app, your lender is required to give your your CR. In that report, data from all 3 CRAs are merged together and you can also see the score used. What does it say next to your scores (e.g. Beacon, Empirica, etc.)? Does it list a score range, and what is that range?

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Do you pay for FICO to monitor your score?

Got some info....

 

PNC outsources their report data to CBCInnovis from time to time. Does it say that on the tri-merge report? CBCInnovis uses different scoring models tailored for the lender. In virtually all examples in these forums, the EQ matched with a Beacon 5.0. In some of the cases TU matched, though in most of them it didn't and if had to do with TU04 vs. TU98 and we know that '04 is used by most lenders now. So, YMMV if that would match. I did see some on the web and in this forum that indicates that CBCInnovis also uses a newer version of FICO virtually no other lenders use and that is a mortgage-enhanced FICO. I have yet to see a single example, other than maybe yours, where a lender used this score, but based on your loan product, it's very possible, especially with a big lender like PNC.

 

Post back if you see anything on your report from PNC showing a scale or score info.

Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: Do you pay for FICO to monitor your score?


jdxprs1 wrote:

If you do, you are a SUCKER! Just like me, until now.

 

They are not even giving us our real scores. I pulled my equifax and transunion scores this morning around 9am. At 10:20am my mortgage company pulled the scores, and the fico scores given to the mortgage company were 100 points higher than the scores i paid to see at MYFICO.COM 

I've never felt so deceived and ripped off in my life. I've been putting off refinancing my house for over a year now in an effort to get my scores high enough, when in reality they may have been fine all along.

 

So in addition to the monthly fee i've wasted at myfico, this deception has also costed me around $300 per month in my mortgage payment.


I have Scorewatch. My EQ score is always spot on. The only notable exception was last year, when DH and I were expecting the arrival of youngest dd, we were toying with the idea of buying/building a new home. BoA used mortgage enhanced FICO scores. All three of my scores were higher than my non-mortgage enhanced FICO scores, as I expected might be the case with this less understood enhanced flavor of FICO. My EQ scores were exactly the same as what I get here when both USAA & NFCU pulled. My TU score is different, because all of my lenders are using the TU04 model, and we get TU98 here. However, there's never been a significant (greater than 20 point) difference, when I've had opportunity to compare. Did you ask your lender, or check the report provided, to see what version was being used?

 

I suspect, based on this post and others that you've made in the past, that there are some non-FICO scores in your equation, or that the history on your current mortgage and other installment loans is much more stellar than that of your revolving accounts, and PNC pulled mortgage enhanced scores. Going back an reading your previous posts in these forums, I'm inclined to believe the former.

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Valued Member
maggie88
Posts: 47
Registered: ‎04-04-2008
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Re: Do you pay for FICO to monitor your score?

I was told you don't have to get it monthy, but you do need to check it every 3 months or so. Only thing is this...one needs to see all three scores not just two.  This is important, because some organizations, like a credit union for example, wanted to check the score. Only they did not use the popular 2 that are here, they used Experian and they put out a bad report. Not negative, but stated there was no established history. So the person didn't get their 2.5% car refinanced loan. Even when they tried to correct the problem over at Experian, he was still denied. 

 

So in essence of whether you should buy your score or not is up to you. I suggest you do and keep abreast of what is going on, especially if you are going to make a big ticket purchase. Knowing what is going on could save you embarrasment.

Established Member
Shellemilyrose
Posts: 56
Registered: ‎02-15-2009
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Re: Do you pay for FICO to monitor your score?

[ Edited ]

Hey Maggie, I get what you're saying but I have a simple solution for that.  I put a security freeze on my experian, since they won't let me see my FICO associates with that CRA.  So myself, and any other lender only has access to EQ, and TU.  So the assertion that all three need to be accessible isn't necessarily so in all cases.  I have a simple philosophy, "If I can't see my own FICO score with a certain CRA, then nobody can."  Otherwise, there is an unfair advantage that lenders have over me in that they see my FICO while I can only see my fako.  I'm not applying for an auto or mortgage loan right now either, though.  There is a really nice 4 bedroom house in my area for $63,000 but there's no way my hubby and I could get the downpayment for such a purchase.


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Do you pay for FICO to monitor your score?


Shellemilyrose wrote:

Hey Maggie, I get what you're saying but I have a simple solution for that.  I put a security freeze on my experian, since they won't let me see my FICO associates with that CRA.  So myself, and any other lender only has access to EQ, and TU.  So the assertion that all three need to be accessible isn't necessarily so in all cases.  I have a simple philosophy, "If I can't see my own FICO score with a certain CRA, then nobody can."  Otherwise, there is an unfair advantage that lenders have over me in that they see my FICO while I can only see my fako.  I'm not applying for an auto or mortgage loan right now either, though.  There is a really nice 4 bedroom house in my area for $63,000 but there's no way my hubby and I could get the downpayment for such a purchase.


That will bite you in the butt in the long run. When applying for new credit, your less likely to be approved if a lender/creditor wants to pull EX and can't. if you take care of your credit yea it sucks but your EX FICO should be OK. If you get declined due to EX, you have the option to recieve a free CR from them.




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Established Member
Shellemilyrose
Posts: 56
Registered: ‎02-15-2009
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Re: Do you pay for FICO to monitor your score?

I find it interesting that you said this, because about a week ago I had a security freeze placed on my credit file with EX and on Thursday/Friday I was approved for a credit card (before they would only offer a prepaid card), AND a new checking account at B of A.  I'll pay to have it unfrozen in a year or so, but for now, it's fine and it cuts down on the amount of mail I get every month from cc offers.


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


Overall Goal Score: 700


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Andrew22
Posts: 118
Registered: ‎11-15-2010
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Re: Do you pay for FICO to monitor your score?

 signed up with myifco in October, 2010, By February, 2011, I'd raised my score almost 100 points. With help from this site and its contributors I corrected 9 errors on my report, not without some missteps on my part. But every step of the way, I had help, and it worked. My mortgage, at a very competitive rate, below 5%, closes next week. My lender-pulled scores were within 2 points of the scores I had here. And, the information on the reports was identical.


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