@Anonymous wrote:
I have always wondered when you purchase your credit scores from T/U, EQI, EXP, how often or ever do creditors from CC Banks Mortgages Auto Lenders use the FAKO Scores. Previously I noticed from all of the CRA except EQI there scores were much higher than my actual FICO scores. If the majority of lenders do not use those scores then what is really the need to purchase them.
As far as I know, no one uses FAKO's. Some lenders are taking a look at the Vantage score, but they also pull FICO's, probably to compare. And oh yes, Prospect.com uses a tweaked version of the EX PLUS score (still not the one that you buy.)
There is no need to purchase FAKO's, other than to make the sellers happy.
Credit, I don't know of any lender that uses the FAKOs. Over 90% of lenders will use the FICO score in one form or another.
The reason why they are sold, is b/c capitalism is alive and well. There is a market for "credit scores." Think about all of the commercials that are out there about credit scores these days. "I'm thinking of a number...", "I was shopping for a car and what'll it be...a cool convertible or SUV?" People are more credit conscious than ever before, so the market for them is high. What they are bargaining on is that the majority of the public is uninformed as to credit scores vs. FICO scores...and they are right.
CMS's are great to monitor your credit, but ignore the FAKO scores always and the advice that they give usually.
Read credit scoring 101 (at least the first post).
The reason why they are sold, is b/c capitalism is alive and well. There is a market for "credit scores." Think about all of the commercials that are out there about credit scores these days. "I'm thinking of a number...", "I was shopping for a car and what'll it be...a cool convertible or SUV?" People are more credit conscious than ever before, so the market for them is high. What they are bargaining on is that the majority of the public is uninformed as to credit scores vs. FICO scores...and they are right.
CMS's are great to monitor your credit, but ignore the FAKO scores always and the advice that they give usually.
Read credit scoring 101 (at least the first post).
Starting Score: 469
"...so instead of looking fly and rolling phat, my legs are sticking to the vinyl and my posse's getting laughed at. F-R-E-E that spells free..."
That is really good stuff. LOL
That is really good stuff. LOL
Ahh, teamwork. It's a beautiful thing.