TransUnion MyFico score

[marcopullover]

I just got my FICO reports from MyFICO and found that my TransUnion score was 601 whereas my Equifax score is 645. Now I know that this can be caused by some items being reported in one that are not reported in the other, so I looked at the details. To my suprise the details in all areas are nearly identical. Is it possible that something is showing up in the TransUnion report used in the FICO score that is not being shown in the details? Are both of the scores calculated the same way? Any suggestions on how to find the baddie that might be holding down my TransUnion score?

[guiness56]

You can have identical reports and your scores will not be the same because of the models used across the 3 CRAs.

[marcopullover]

So are you saying that they use the FICO score differently? I know that they can use their own model(Fako), but If I get the true FICO from MyFICO for both, isn't the model the same? Maybe I am misunderstanding how this works.

[guiness56]

There are many different models of FICO.

The TU on myFICO is TU98.  There are some lenders/creditors who use it but most use TU04.  Unfortunately, the consumer cannot purchase that score.  You can only get it from lenders/creditors.

EQ on myFICO is the Beacon 5.0 which is the one most lenders and creditors use.  There is a newer model, Beacon 9.0 but it isn't used that much.

So, yes, each CRA has a different model of FICO score that it used.

[marcopullover]

Ahhhh... I think I get it now. After re-reading "Your Guide to Credit Scoring", this line jumped out at me.  "Also keep in mind that there is a different FICO formula for each credit reporting agency." That would explain it. 

Thanks for your help

[GetTheFico]

@ guiness

Do you know if there is any correlation between TU98 and TU04? Is one usually higher or lower than the other? Or is there no consistent pattern you've seen?

[guiness56]

YMMV.  For some TU04 is higher others TU98 is higher.

[DaBears]

TU04 is higher in scoring atleast with me.

[guiness56]

OOPS.