How do you know what is accurate regarding your score

[Anonymous]

I pull my Fico scores directly from each of the credit reporting bureau in regards to see how my scores stand for a home loan.  I then applied for a home loan and the bank reports my scores were actually alot lower than what I pulled from the agency's.  How do you know where you stand if you can't get an honest answer?  Confused and bewildered.

[llecs]

Welcome to the forums!

Regretfully, the scores sold by EX and TU are not FICO scores. Those CRAs created their own scoring system to try to compete with FICO. Unfortunately, their scores, as you experienced, are so off-base, that lenders don't even touch them.

The only place you can get your EQ and TU FICO scores together, other than from a lender, is via myFICO.com. You can get your EQ FICO score also from Equifax.com (that score you pulled should match your lender's if pulled on the same day). You can get your TU FICO also from transunioncs.com (note the -cs). Regretfully as of February, EX no longer allows consumers to pull their own FICO score. The only place you can get that score is through your lender.

[RobertEG]

Even if you have a true FICO score from myFICO, this may NOT be the score that a lendor will use. It is a generic consumer score.

FICO markets many different scoring algorithms, some of which are industry specifric,such as mortgage and auto loan scoring.  These scores are not available in advance to the consumer.

[AndySoCal]

 FYI

You can get your FICO score from Trans Union directly I have done so.  Use google to find the web site. Also the MYFICO Trans Union FICO score most likely will differ from what the lender gets. Most Lenders will  get Trans Union FICO risk socre 2004 and my MYFICO will deliver the 98 model. The scores my match most likely you see some difference depending on your credit history.

Message Edited by AndySoCal on 06-20-2009 08:28 PM

[MattH]

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@AndySoCal wrote:

 FYI

You can get your FICO score from Trans Union directly I have done so.  Use google to find the web site. Also the MYFICO Trans Union FICO score most likely will differ from what the lender gets. Most Lenders will  get Trans Union FICO risk socre 2004 and my MYFICO will deliver the 98 model. The scores my match most likely you see some difference depending on your credit history.

Message Edited by AndySoCal on 06-20-2009 08:28 PM

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The stated policy of MyFico is to provide whichever version is used by the majority of lenders.  I gather the percentage of lenders using the TU04 version, which had been gradually increasing, has only recently exceeded the percentage of lenders using the TU98 version. Therefore MyFico will make the switch to TU04 in the near future now that the majority of lenders are using it.

[RobertEG]

A lendor can use whatever score they choose to use, FICO/FAKO, or even theiir own scoring algorithns,  or base their decision on other factors.

While credit reportiung is highly regulated under the FCRA, credit scoring is virtually unreglated, as is it what any lendor may choose to rely upon.

There is simply no such thing as an "accurate" credit score.   It is just what a vendor chooses to market, and what the creditor chooses to use.