Understanding FICO® Scoring

[ilovepizza]

MyFICO sells credit scores for all 3 credit agencies. Equifax only sells the FICO score for Equifax. You might have a score for Experian or Transunion from MyFICO. Check to see if you bought all 3 or just Equifax.

Equifax and MyFico use the same exact FICO formula both provided from Fair Isaacs the owner of the formula software. Scores should be exactly the same. ScoreWatch is slightly different, but scores are the same.

[Neblett]

The scores that I am looking at are both Equifax.

And yes, the information from EQ on both reports is exactly the same. In fact, the EQ FICO report looks even better than the one from MyFICO - but MyFICO is still 50 points higher.

And, yes, I agree the scores SHOULD be exactly the same. But they're not. I SHOULD be able to qualify for a credit card with a couple of my scores, but I can't. I SHOULD already be in a car, but I'm not.

Message Edited by Neblett on 06-28-2007 10:12 PM

[ilovepizza]

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Neblett wrote:
The scores that I am looking at are both Equifax.

And yes, the information from EQ on both reports is exactly the same. In fact, the EQ FICO report looks even better than the one from MyFICO - but MyFICO is still 50 points higher.

And, yes, I agree the scores SHOULD be exactly the same. But they're not. I SHOULD be able to qualify for a credit card with a couple of my scores, but I can't. I SHOULD already be in a car, but I'm not.

Message Edited by Neblett on 06-28-2007 10:12 PM

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Contact both MyFICO and Equifax and tell them what happened. They can help or ask them to pull your scores over again. They should match this time. Something had to change. Sometimes it is hard to see. It skips past me all the time. You should be able to get them to pull a new score..

Actually repull the one you did FIRST!. Maybe it will match the other one since something had to have change.

[Revike]

Perhaps the mismatch is related to the problem reported here:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=17405

[fused]

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dog wrote:

can you post a link to this?

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Neblett wrote:
Equifax is claiming it's selling FICO Scores on its website....

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No, its EX!  But maybe the other two are doing the same.

[Neblett]

No, it is not Experian.

It is Equifax.

[MidnightVoice]

It is possible that it is slow updating on MyFICO.  For example, I have a new cc that I have run up a big bill on (deliberately) the first month.  It has reported the balance to all 3, and as I expected, my TC FAKO for EQ has taken a hit because if utilization % going up (from about 5 to about 26%).  (and yes everyone, it will be Piffed to hit the magic number  ).  So far, scorewatch has not hit me with a decrease.  I am really expecting one soon.

[Neblett]

Yep, slow updating on MyFICO.

MyFICO reported my score the same as the EQ FICO today.