Understanding FICO® Scoring

[dealingbob1]

Ok, so, I am signed up for IdentityGuard which gives me a 3 - 1 credit report a month, plus daily monitoring of all 3 agencies.

Now the scores listed on this report are much higher than what myFico.com says my FICO score is?

So, do these "monintoring servcies" provide a monthly FICO score, or is it some other type of score?

If it is not a true FICO score, then I feel I am wasting my money on monintoring my score, since the one provded is not used by any lenders.  It is just a number that might make me feel better, but doesn't have any application in the lending world !!!

Is that corrrect?   If so, does any know a "value" price servcie to check my TRUE FICO score?

THanks

[jaguls66]

The scores are FAKOs.

There is an advantage to the 3-in-1 scores tho'. Many of the people here, myself included use a 3-in-1 such as TrueCredit to pull frequent reports to check for disputed items, and such. The scores provided are not acurate, but can indicate when your true FICO score may be on the move.

It all depends on what your needs are at this time for monitoring your credit. I am in Rebuilding mode, so have a great need for frequent reports.

Dave

[Noah_Bodie]

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=5457

[MidnightVoice]

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dealingbob1 wrote:

Ok, so, I am signed up for IdentityGuard which gives me a 3 - 1 credit report a month, plus daily monitoring of all 3 agencies.

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Is that the new vantage or the old TU FAKO?

[dealingbob1]

~~is that the new vantage or the old TU FAKO It must be the TU FAKO, there is no mention of it being the new Vantage. Does any one know of any lenders that are using the Vantage score yet? Thanks for the repsones.

[Tuscani]

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dealingbob1 wrote:
~~is that the new vantage or the old TU FAKO It must be the TU FAKO, there is no mention of it being the new Vantage. Does any one know of any lenders that are using the Vantage score yet? Thanks for the repsones.

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EQ has reported (no pun intended) that some lenders are. Can't confirm or deny that though.

[SoulSmilen]

Yes, there are lenders using the Vantage score - some alone, some with the FICO scores. One off the top of my head is a rising lender, Prosper.

I think it's crap that the people responsible for reporting the information are making money on the score model itself. It should be an independent firm.

My .02

[Chris123nTx]

I have just pulled everything I can score wise and got widely varying numbers from all.

From the 3-1 Transunion I show
TU = 639
EX = 522
EQ = 679

On top of that I got the Fico Score from myfico Eq
it shows
EQ = 627

EX also reports their "plus" score as 590. so 522 vs 590 with them.

So I vary by more than 150 points in the 3 score deal
and
Equifax has me 52 points different in the number I got in the 3-1 and the number I got from myfico.

Leaves me shaking my head in wonder. Although there are small differences in the reports none are significantly different from each other. My biggest problems are collections from medical crap over the past few years. Most all have been paid through the original creditors, but getting the collection agencies to change things is glacially slow.

I also have a $270 judgment against me that has been paid - it was a dispute with my homeowners association over wheelchair access to the pool and clubhouse. Sucks I get hurt so much by it - was a legitimate fight in my mind.

Message Edited by Chris123nTx on 07-04-2007 11:26 AM

[VLGaffEsq]

From my experience, the true and correct scores that most lenders will look at to determine an interest rate to charge towards lending you money or financing your purchase will utililize the scoes from MyFico.com.  All the other companies are fine to keep you alerted of changes in your "scores" and make you feel like your numbers are higher than they really are, but to get a true picture of your legitimate credit scores, it is best to purchase them directly from MyFico.com.

[rbbyrbsn]

makes sense to me  whole Fico vs FAKO would boiles down to this. If anyone was able to calculate a FICO score Fair Issac wouldn't have business.Since they owns myfico, also make since they sell fico scores, and makes be belive that rest , are making guestamations base on pattren in history, and using the score break as best as they can

Message Edited by rbbyrbsn on 07-13-2007 02:19 PM