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Some time back I applied for an Auto loan from a credit union. They pulled my credit report/score from Experian and Equifax. The credit score they pulled was around 40 to 50 points less then what I see in my credit reports pulled from Experian and Equifax. I asked them why this difference. They told me they pulled a "industry based" credit score and what I see is a "consumer based" credit score. The industry based credit score is always less than consumer based credit score.
Now I'm not sure what is industry based credit score and where to get it from. Please shed some light on this "industry based" credit score.
@Anonymous wrote:Some time back I applied for an Auto loan from a credit union. They pulled my credit report/score from Experian and Equifax. The credit score they pulled was around 40 to 50 points less then what I see in my credit reports pulled from Experian and Equifax. I asked them why this difference. They told me they pulled a "industry based" credit score and what I see is a "consumer based" credit score. The industry based credit score is always less than consumer based credit score.
Now I'm not sure what is industry based credit score and where to get it from. Please shed some light on this "industry based" credit score.
Perhaps they were talking about the Auto-enhanced FICO score, which is pretty similar to what we can buy here except it places greater weight on previous automotive loan history. We cannot purchase this score, but I gather it can be higher or lower than what we pull here depending whether any automotive loan history is better or worse than the rest of a person's history.
usanj wrote:
freecreditreport.com
Ah ha....that's why I asked. The scores from FCR.com are not FICO scores. They are fake scores we affectionably call "FAKOs". Specifically, that FAKO score was created by Experian and is called a PLUS score. I don't know of any lenders that even use or touch that score.
Try pulling your FICO scores (EQ and TU only available) and compare that way. It may be in line. There are industry specific FICO scores out there, including an auto-enhanced score. Your lender was probably referring to that. There's also others out there like CC-enhanced (PFICO) and a mortgage-enhanced score offered through EQ.
There is no such thing as an Equifax, Experian, or TU credit score.
There are only credit scores based on your EQ, EX, or TU credit reports.
There are literally hundreds of credit scores generated from those CRs.
The CRAs offer Vantage scores (so-called FAKOs) under their own scoring algorithms.
Even if you get a true FICO score, Fair Isaac markets dozens of different algorithms that produce different scores. They market a different basic consumer scoring algorith to each CRA. They market industry-specific algorithms for use by such lendors as auto loan credtiors and mortgage lendors.
You cant get industry-based scores from anyone other than the creditor who has purchased them from Fair Isaac. They are not available to the public.
Thanks for all the posts.
So in a nut shell, which score is most common for dealing with Auto/Mortgage loan rates? I'm basically trying to lower my auto loan interest rate and am wondering on what basis should I negotiate. My credit report has improved since I got auto loan a year back.
If I pull out FICO score then the bank will again tell me my industry based score! So there is no telling if I and bank are looking at the same score. I guess there is simply no single yard stick to measure a credit score. Thats absurd. Whats the point in wasting money on something which is not uniform across different institutions.