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MrGoat
Posts: 158
Registered: ‎06-04-2011
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Fako scores....NOW I understand why...

[ Edited ]

I had pulled my credit scores thru the AMEX site and got the numbers in my signature.

Today I pulled them thru my Citibank account and got WAY different numbers.

The Experian was only off by 10 pts compared to the scores AMEX generated, and the transunion was 780, so a bit different (13pts), but the Equifax is 747 from the AMEX pull and 690 with the Citibanks. That is a HUGE difference.

The Citibanks numbers make more sense to me since Ive noticed that anyone who runs an EQ check typically gives me less credit or even denies it.

I had an old state tax lien for $170 or so from the 90s thats been paid for over a decade (dated May 2000) but somehow it worked its way back onto my EQ report (currently disputing it yet AGAIN after it was removed before from all three reports) and its easy enough to see that if thats on my EQ report and not the others then that report SHOULD be showing a lower number than the others.

 

What this makes me think is that these scores are generated by AMEX and CITI, not the bureaus themselves, otherwise how could my EQ score be 690 thru Citi today and 747 thru AMEX today (I ran a new report just a few moments ago just to be sure it hadnt changed).

This seems to indicate that at least one set of these numbers (suspect AMEX) are being generated by the CC company itself.

 

Thoughts?

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Fako scores....NOW I understand why...

AND...if you pull your three FICO scores today, those FICO scores will not match the FAKO scores from Citi and the FAKO scores from Amex.

New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
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Re: Fako scores....NOW I understand why...

But....If i pull my FICO scores from each bureau will they even match or come close?

 

I realize the tax lien will affect my EQ till that damned thing is removed yet again....but supposing it wasnt there...will there be a huge difference in my 3 FICO scores assuming there isnt a lot of difference between my 3 reports?

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Fako scores....NOW I understand why...


MrGoat wrote:

But....If i pull my FICO scores from each bureau will they even match or come close?

 

I realize the tax lien will affect my EQ till that damned thing is removed yet again....but supposing it wasnt there...will there be a huge difference in my 3 FICO scores assuming there isnt a lot of difference between my 3 reports?


Your actual FICO scores could easily be higher or lower. There's no way to correlate. Pulling on the exact same day for both my FICO and FAKO of a given CRA, my scores have been as close to matching all the way to 200 points off. Sometimes my FAKO is higher and sometimes it is lower. And sometimes if a FICO goes up, your FAKO can go down or vice-versa. I remember losing a CA once. My FICO gained 58 and my FAKO for the same CRA pulled on the same day dropped 8 points. It's like looking at an apple and counting 8 seeds and making the assumption that an orange will have just as many.

 

Also know that there's a very finite number of places to get your FICO scores. You can only get your EQ FICO from myFICO, your lender or from any of three products offered by Equifax via www.equifax.com/myfico-products. You can only get your TU FICO from myFICO or from your lender. And as of a couple years ago you can no longer buy your EX FICO, but you can get it from your lender or from a CU in PA called PSECU for free. Any other score from any other source is likely a FAKO. TU and EX never sold FICO scores on their website. Remember, if the word "FICO" isn't next to the score, it isn't a FICO, but a FAKO.

 

Per the lien, who knows?! I guess it depends on how recent FICO sees that lien. I'd definitely contact your state's comptroller or tax division and see about getting it removed. Sometimes old records merge together when updating systems and that can cause old stuff to report erroneously.

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MrGoat
Posts: 158
Registered: ‎06-04-2011
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Re: Fako scores....NOW I understand why...

"And as of a couple years ago you can no longer buy your EX FICO,"

================

Which makes me wonder if what I read 2 years ago or so was correct about the credit bureaus trying to phase out the FICO entirely and replace it with their own scores (seems that it was a money issue so they didnt have to pay for using Fair Isaacs rating system anymore).

If thats the case then it would seem that the FICO may be on its last legs anyway ?

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

Re: Fako scores....NOW I understand why...

"Per the lien, who knows?! I guess it depends on how recent FICO sees that lien. I'd definitely contact your state's comptroller or tax division and see about getting it removed. Sometimes old records merge together when updating systems and that can cause old stuff to report erroneously.

================

 

Ive got the court papers showing it was paid in full/released.

It was taken off all 3 reports like 3 years ago but somehow it managed to find its way back onto the Equifax report.

I filed another dispute, but even when they take it off again now Im going to be paranoid about it showing back up again somehow.

 

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Fako scores....NOW I understand why...


MrGoat wrote:

"And as of a couple years ago you can no longer buy your EX FICO,"

================

Which makes me wonder if what I read 2 years ago or so was correct about the credit bureaus trying to phase out the FICO entirely and replace it with their own scores (seems that it was a money issue so they didnt have to pay for using Fair Isaacs rating system anymore).

If thats the case then it would seem that the FICO may be on its last legs anyway ?



It's a little more than that. Whenever you pull your FICO score from here, myFICO forks out some of that as a fee to the CRAs for using their data. I don't think EX was taking a hit to pull their own report, and conversely, they were making a gob of money off of us (me especially). EX set their sights a bit higher. They spent $$$$$$ with the other CRAs, to develop their own scores like their PLUS FAKO, and the collaberation with the other CRAs on VantageScore. They did this to 1) compete with FICO with respect to lending, and 2) to create a consumer score for marketing purposes.

 

With regards to marketing consumers are bombarded with ads with singing pirates or Ben Stein promos and they think that these scores are FICO scores and pull them on that assumption. However these aren't FICOs and lenders don't touch them. They are nothing more than gimmicks and have seen many a post in here where the poster pulled X and their lender pulled Y and they wonder why the scores differ by 20-50-100+ points. With regards to competing with Vantage, it is probably the next thing in line to compete with FICO. There have been documented cases of lenders using it, but certainly not in here AFAIK.. It is still not at predictible of risk as FICO is and I don't think it'll put a dent in the market. I'd guess that 99% of lenders out there use FICO because it is accurate in terms of risk. As long as lenders use it, I'm with FICO and certainly won't post on myVantageScore.com (if there was such a site). But there's no doubt that EX would gain so much more if lenders used Vantage exclusively over FICO.

 

 

New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

Re: Fako scores....NOW I understand why...

It just seems to me that if the Credit Bureaus themselves are trying to get away from using FICO that sooner or later, since they ARE the credit reporting agencies themselves, that at some point whatever scoring system they are pushing is going to win out over FICO.

It certainly doesnt seem like it would happen overnite, but if the 'fako' scores are adequately able to predict creditworthiness then there would be no reason why, over time, lenders would come to trust the PLUS score, for example, when determining whether to loan or not.

 

Frankly I dont personally have any preference for the model used. I just want to know where my credit stands. Call it FICO or FAKO and it doesnt really matter to me as long as my credit information is accurate and in good standing.

Maybe a few years of seeing "PLUS" next to the numbers and lenders will get used to it and be more willing to use it as a gauge ?

 

 

EQ FICO 735 as of June 17, 2011
EX FAKO 767 as of April 3rd, 2012
Citibank($10,000@10.74%) Discover($5000) CapitolOne($4500)
USBank($3000) AMEX($2000) BOA($2000) NRAVISA($4000)
ChaseVisa($500)
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Re: Fako scores....NOW I understand why...

[ Edited ]

There are several different FICO scores other than the Beacon v5.0 that is offered here, even though that is the most common one.

 

There are MANY different FAKO scores. I don't think ANY LENDER uses the Plus score for ANYTHING except to sell to consumers.

 

The three CRAs seem to be pushing the Vantage score as an alternative to FICO. At least one of them is claiming that Vantage is used by 6% of lenders.

 

ETA: I also don't have any big preference. I would absolutely love it if they used the Plus score because I have a 776 with $137K in revolving debt!

New Visitor
UltimateWarrior91
Posts: 1
Registered: ‎03-19-2014
0

Re: Fako scores....NOW I understand why...

If only lenders can provide your Experian FICO score, then what are you getting on this site?  Is the Experian FICO score you're getting on this site even accurate??  I do know that some credit card companies provide your free Experian score (i.e. Credit One) but I'm not sure if it's FAKO or FICO.  

 

I do have to believe most lenders are still using FICO scores.  When I requested a CLI from Capital One and the letter they sent me with my EQ score matched exactly what was on this site (FICO score).  I do find that the FAKO scores are all over the place especially with Experian.  Their quote on quote "Plus" score on EXP's site is the lowest out of all my other scores (TU FICO & EQ FICO) but otherwise my EXP is the highest out of the 3 bureaus, even on myfico and through other sites such as Credit Sesame.  


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