11-12-2012 02:39 PM
I have a question about why do I have three different credit scores issued by the same credit agaency.
Just signed up for myFICO score, it's says Equifax FICO score is 724.
My Equifax account at equifax.com says score is 691.
Then my credit monitor through bank by Experian says my Equifax score is 763.
So who is giving me the most accurate credit score that a lender will pull?
11-12-2012 04:47 PM
The score from myFICO.com is a FICO. Specifically it is a Beacon 5.0 EQ FICO and used by almost all mortgage lenders out there.
The score purchased from Equifax.com is not a FICO score. It is a non-FICO (we call them FAKOs) score called an "Equifax Credit Score". There are no lenders anywhere that use this score.
And the score purchased from your Experian-based service is not a FICO score. It's a FAKO likely called a PLUS score. No lenders use it.
The scores are different because the score ranges are different and they factor in different stuff.
11-12-2012 04:50 PM
Welcome to myFICO,
This bit is kinda confusing but here we go.
The scores you get from the three CRAs (TU, EQ, EX) are what we call FAKOS, not your FICO scores that most lenders use.
Even with FICO there are many variants of scoring models FICO 2, Beacon 5, TU 98 (myfico) TU 04 (what most lenders use) TU 08 (what you get from walmart), etc....
There are also many other places you can get your credit scores, CS, CK, Credit Inform, credit.com...etc but these are FAKOs, myFICO is one of very few places you can buy your real TU and EQ FICO scores... EX FICOs are not available for purchase since 2009 even though a few CUs will offer a monthly EX FICO..
Hope this helps...
11-12-2012 05:25 PM
Hello, the explanation's above pretty much sum it up. There are many different scores available to you, some are used by lenders, some not. Some say they are for educational purposes only and may not be the same as those pulled by lenders. As said, we call those FAKOS. The general rule is a FAKO is +/- 200 points of your actual FICO.
11-12-2012 06:48 PM
In trying to account for the difference what type of loan was it the lender pull your credit report for? Auto, home credit card etc.