Rebuilding Your Credit

[TwinGirls19]

Not knocking Fico, infact I love fico for getting me where Im today but today I checked my Equifax report and I notice it hasnt been moving anywhere for the pass months. I called Equifax for other reasons and the guy mentioned that they are no longer using the Fico scoring system and that they no longer send information to them, and that looking at my score he could only tell me its much different from the one I told him I got from Fico. He mentioned the new system is ERS ( EQUIFAX RISK SCORE). Has anyone else seen a stop on their Equifax score from Fico meaning no movement lately?  

[FrugalRican]

I bet that if you called again and spoke to someone else, you'd get a completely different answer.

[dodgeball]

Equifax has never reported to Fico, what Fico does is pull the report and there scoring formula comes up with your fico score.

[TwinGirls19]

Gotcha. Just caught me by suprise because he mentioned "sir this is something we recently started doing over the pass year" so I was like whoa.

[dodgeball]

Yeah its there score that nobody uses, its a fako, the standard is a Fico score. For lenders to move to these independent  scoring systems very quickly would be udder caos and very costly. The Fico scoring model as the prefered scoring system is not going anywhere any time soon.

[missypiano]

I actually cancelled my subscription cause my score jumped up and down due to an account 120 days late that wasn't  even mine.  I called and talk to myfico CSR and they verified the information was correct on their end.  Called equifax and they warned me not to trust 3rd party companies; also verified that particular account wasn't mine and the score equifax had matched what a bank had pulled for me, (135 points above the 513 myfico claimed I had).  Just saying.

[dodgeball]

What? That makes no sense what so ever, what part of Fico is the standard is not getting through? So your telling me that a Bank used the equifax scoring model to access credit? I dont beleive it because there is not one lender who uses that model not one. You realize that  Fico pulls directly from the 3 CA servers right and than takes that info and converts it to there scoring model which 99% of all lenders use for there credit decesions.  They dont have the ability to add or delete information all they provide is a credit score, thats it nothing more or nothing less.

[MarineVietVet]

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TwinGirls19 wrote:

Not knocking Fico, infact I love fico for getting me where Im today but today I checked my Equifax report and I notice it hasnt been moving anywhere for the pass months. I called Equifax for other reasons and the guy mentioned that they are no longer using the Fico scoring system and that they no longer send information to them, and that looking at my score he could only tell me its much different from the one I told him I got from Fico. He mentioned the new system is ERS ( EQUIFAX RISK SCORE). Has anyone else seen a stop on their Equifax score from Fico meaning no movement lately?  

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This CSR was either poorly trained or outright lying to you. You can still buy an EQ FICO score directly from the EQ website and it is the same EQ Beacon 5.0 sold here. You can find that EQ FICO at this link: www.equifax.com/web-myfico-products/

EQ also sells their own proprietary "Equifax Credit Score" which is not a FICO and is not used by any lenders.

You have to be very careful what you buy directly from EQ.

[TwinGirls19]

FICO.. I'm so sorry for doubting you honey lol jk. but im not gonna lie they almost had me convinced. Thats really shady of Equifax to even allow their associates to do such a thing but hey i guess thats what you call marketing

[pizzadude]

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TwinGirls19 wrote:

FICO.. I'm so sorry for doubting you honey lol jk. but im not gonna lie they almost had me convinced. Thats really shady of Equifax to even allow their associates to do such a thing but hey i guess thats what you call marketing

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That's exactly what they are doing, they are trying to sell their own FAKO credit score.   Sometimes they'll say FICO is a "third party" score, or other nonsense like that.