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Please help, I have been rebuilding my credit over the past few years and I monitor my Equifax score since it seems to be the lowest always. I pulled my score on Equifax.com today and it came up as a 687, so I decided to check my FICO on their site and it pulled at a 699. My question is are the FICO scores given on the Equifax.com site 100 percent accurate or are they still off, as so many of the FAKO sites out there? I am also trying to purchase a car and my CU uses Experian to qualify for a loan so I decided to donate $7.95 to Experian to pull my Vantage Score which is 724, my second question is the Experian website accurate or is it just a FAKO too?
Please help!
Any non-FICO score is called a FAKO. Equifax.com offers two scores: an EQ FICO and a FAKO called "Equifax Credit Score". The scores they push and the scores offered with their monitoring products are all FAKOs. If it doesn't say FICO next to the score then it isn't.
VantageScore is a FAKO. A tiny minority of lenders use it and your lender is apt to use a FICO. Some lenders also use an auto-enhanced FICO too.
@sarkell wrote:
I'm pretty sure that will be changing vantage score is going to be used by 7/10 lenders soon.
I know that 70% figure came from a presser by VantageScore. I'd call that into question. I've been on these forums for a while and have yet to see any verified post in Mortgage Loans saying their lender pulled Vantage. Or check in Auto Loans or CCs and you'll be hard pressed to find one that mentions Vantage. In fact, I can only recall one in CCs that had pull Vantage, but not any more (Kohls IIRC). And I'm certainly not saying lenders don't pull Vantage. I recall a webinar with FICO and lenders and one lender said they used Vantage. If there's one out there, there might be more.
The scores will always be different from on CRA to the next. This based on the score ranges of each company. Not many creditors look at all agency's as a whole. What ever region you live in will most likely be the score that most of your creditors will use. Expect a 5-10 point difference between all CRA's. TransUnion covering the east coast, Equifax covering the west coast and some midwest regions, and Experian covering southern markets. I hope this helps You'll have a lower score with TransUnion because the have a higher top score than the other two. FICO is your best bet for accuracy of your overall score.
Thank you everybody you have been most helpful, I purchased the car and got an APR of 3.99% so I am pretty happy!