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Contributor
hersheykisses
Posts: 114
Registered: ‎05-10-2010

Equifax How Many?

I realize TU has a few different systems they use but what about equifax?  My credit monitoring that i suscribe to through them shows my credit score at 638 however recently pulled report from NFCU showed equifax 695?????  How is that possible?

Valued Member
jobber123rd
Posts: 37
Registered: ‎10-13-2010

Re: Equifax How Many?

[ Edited ]

 

Are you subscribed to Equifax Complete?  The EQ score you get from that is generated from a proprietary scoring system developed by Equifax themselves.  It is not a FICO score.

 


 

† The Equifax Credit Score is a proprietary credit model designed by Equifax. It may be calculated using the information contained in your Equifax, Experian and Transunion Credit Files. The score is intended solely for your educational use. There are numerous credit scores and models available in the marketplace and lenders are likely to use a different score when evaluating your creditworthiness.


 

The only products from equifax.com that give you EQ FICO scores are Score Power and Credit Score Watch.  All of their other products with scores (such as the "Complete" montoring plans, Complete Report, and Equifax Credit Watch Gold & Scores) give you EQ's proprietary "FAKO" score(s).


Starting Score: 461 (EQ 10/2012)
Current Score: EQ 622
Goal Score: 660


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Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012

Re: Equifax How Many?

[ Edited ]

If you look carefully on Equifax site, you can buy their FICO scoer (same one that is found here in myFICO), but, it's rather buried.  It's not any cheaper than what you can buy here.

 

One that they push upfront on Equifax site is not FICO.  CR's have to pay a fee (royalty) to FICO for using the algorithm.  It's only understandable that they want to try to sell their FAKO.  What's a little shady (from my perspective) is that they don't make it obvious that you are buying a FAKO ( a score a lender would never use...)


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Contributor
hersheykisses
Posts: 114
Registered: ‎05-10-2010

Re: Equifax How Many?

So let me try to understand the monthly "monitoring" that equifax offers that allows you to "check your score any time you want" is not the true FICO score?  It is saying low 600's but when i recieved NFCU application it said they pulled equifax and it was 695??  Im so confused.  I just want to know my true FICO score that creditors see not some fake stuff. 

Contributor
hersheykisses
Posts: 114
Registered: ‎05-10-2010

Re: Equifax How Many?

yes its equifax complete premier or whatever its 19.99 per month

Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012

Re: Equifax How Many?

[ Edited ]

kerbear1969 wrote:

So let me try to understand the monthly "monitoring" that equifax offers that allows you to "check your score any time you want" is not the true FICO score?  It is saying low 600's but when i recieved NFCU application it said they pulled equifax and it was 695??  Im so confused.  I just want to know my true FICO score that creditors see not some fake stuff. 


Sorry, I probably was not clear enough on my last post.  

Equifax and other CRA are interested in maximizing profit by selling their own scores (algorithms)  If they you provide you official FICO score, they have to paid FICO (as in Fair Issac COrporation) for the use  of FICO's algorithm.   CRAs (equifax, trransunion, experian) are in the business of collecting cosumer and business credit information.  FICO is a company that came up with risk managment algorithms based on the credit information to come up with risk profiles (aka scores).   While each beareau has little bit of customization they apply to the FICO algorithm, they do not own the algorithm.

 

So when lenders pull credit reports and scores from CRA's Fair Issac Corp gets a cut for using their proprietary algorithms.

 

...  Now, for consumer pulled credit scores...  When CRA sell reports to consumers along with scores, they don't have the same pressure from the lenders who demand FICO algorithm is used.  Mostly, because consumes are ignorant and think all the credit scores are the same.  So, CRAs peddle their own algorithms to consumers which we effectionately call FAKOs.   The problem is the these FAKO algorithms are different enough that what your FAKO score is has little correlation to what your FICO socre (which is what matter when youare trying get a mortgage, car loan, credit card approval) is.

 

wow that was long winded.  I hope i cleared up your confusion.

 

[EDIT]  I'm a bit tipsy and had to make major grammar and content corrections.  I think it's all good now... :smileyhappy:


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Contributor
hersheykisses
Posts: 114
Registered: ‎05-10-2010

Re: Equifax How Many?

Wow yes that helps, so basically im wasting 19.99 per month through equifax complete premier, i should just buy the fico score every once in awhile to see the true score.  On transunion 08 my score is different too it says 703 what a pain


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