Well, I must admit that I do recognize that each CRA uses its own scoring model, all of which, I'm sure, was based on FICOs algorithm to some degree, since FI developed the model.
I must also admit, that while I knew "FICO" scores were different from the scores obtained directly from the CRAs, I "didn't" know the scoring of those models could be SO DIFFERENT. And while it's clear that many, if not most here, are HUGE FICO Advocates, I also acknowledge that being the first to develop something doesn't "necessarily" make yours the best. For the first car we hear of is the Ford Model T (or whatever) - while Ford does make some decent cars, that are ABSOLUTELY NOT the best auto manufacturer out there. Why "relatively new player" Hyundai smokes them in probably every category they both make cars in. Therefore, considering that you can get different "FICO" scores for the same person, on the same day, depending on who's pulling the credit doesn't, to me, make FICO the best, or even reliable. If you're telling me that two dealers can pull my credit the same day and get two different results, then I'm telling you, your product is flawed, (unless you got bit by the excessive inquiry bug - if that applies to FICO). For one to be signed up on this site and not be able to rely on getting the score you're shown here defeats the purpose of being here. If you're trying to tell me FICO has several different algorithms or scores, then that too tells (me) the model is flawed. If you're trying to say each different model adjusts for the type of inquiry, or whatever, the science still sucks because it can't compensate for factors beyond the control of the individual and who says the proper algorithm then, got applied to the scenario. (Of course, that could be good or bad).
Contrarily, if you monitor your credit and scores directly at the CRA, your data is going to be consistent, regardless of who pulls it, until you reach the point that you're impacting your score by having the various number of inquiries as mentioned before. The problem with that though, (as I learned this weekend), is that though folks obtain their credit reports from the CRAs, the scoring model might not be the CRAs, but FICO's instead. I'm not saying this is a bad thing. It is what it is, but your guess is as good as anybody else's as to what you're going to get and all FICO personnel and advocates will admit that to you.
Having originated and processed mortgage loans for quite a few years, along with monitoring my own credit, I must also admit that I've NEVER seen a situation where the scores one shows at the CRAs isn't what they get when their credit is pulled for a mortgage. I don't know; perhaps FICO scores are generally lower as its model may be more conservative and lenders would rather see the bigger numbers to fund more loans because 40 to 50 point swings are HUGE and make a BIG DIFFERENCE in interest rates, amount financed and monthly payments, if you qualify at all.
So, to answer the original question then, the "best accurate credit score" is determined by knowing which scoring model the entity you plan to seek credit from, uses to obtain their score. If it's the model used by the CRA, then theirs is the Best Accurate Credit Score. If it's the FICO model, then FICO provides the best accurate credit score, (even though you have NO WAY OF KNOWING WHAT YOU'LL GET WITH THEM and they ADMIT, that with their various scores, what you see here is most likely NOT what your lender is going to get). To find out what your intended creditor uses, you simply call and ask them. You ask what bureau or bureas they pull credit from and what the name of the scoring model is they use for the particular purchase you plan to make. If they use the CRA's model, then your FICO score is worthless, and vise versa.
Thus, the bottom line still comes down to paying your bills on time and providing a reliable payment history/track record. Use your credit wisely, and when you're ready to make a major purchase, get the balances down on those existing accounts so your debt-to-income ratio is minimized- (you can run them back up later if you have to once you've obtained what you needed the credit for - being sure you stay within your budget so you can maintain that positive credit/payment history).
Thanks to all of you who responded to my original post. Your comments were insightful as it pertains to understanding "FICO" scores and FICO scoring better. And thanks to my credit union for the curve ball! You all increased my knowledge and understanding. I'm a wiser consumer for it.
Regards,
dec33162
