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Inaccurate scores from Lender vs. Experian.com

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julieray419
Established Member

Inaccurate scores from Lender vs. Experian.com

I recently took out a small loan at my credit union and was pleased to see that I finally had a 600+ on my equifax. However, I signed up with Experian.com free trial, got charged after 7 days so I paid for scores for all 3 bureaus. When I received the two scores it was within 1 week and I do not see how this new loan can take my Equifax score from a 612 to a 563.

 

Should I not rely on other bureaus who offer combo reports to get each others scores? I am floored at the difference and dont want to pay any more than I have to.

Message 1 of 4
3 REPLIES 3
guiness56
Epic Contributor

Re: Inaccurate scores from Lender vs. Experian.com

The scores you get from the CRAs are not FICO scores,  EQ does have one but it is hard to find and it would specifically state it was a FICO score.

 

What you got should say for educational purposes only.

 

If your lender said your EQ FICO was 600+, do you know what version/model they used?  Did they give a score range?  The one from here is Beacon 5 and the one most lenders use.  If it is Beacon 5 then you can rest assured your EQ score is 600+.   There is a Beacon 9 but not widely used.

Message 2 of 4
DaBears
Senior Contributor

Re: Inaccurate scores from Lender vs. Experian.com

Hi julieray419, the score you received from experian's website are FAKO scores. The lender would pull a version of a Fico Score. I would ask what version they pull. I refer to fakos as educational scoring models and that's it.

Message 3 of 4
julieray419
Established Member

Re: Inaccurate scores from Lender vs. Experian.com

Ok thanks so much! Feels like I wasted money but none the less I appreciate yoour help!

Message 4 of 4
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