Reply
New Visitor
SC_Pam
Posts: 2
Registered: ‎07-19-2013
0

MYFICO is not providing actual FICO scores for Experian and Trans Union

I have been monitoring my FICO scores closely over the past two months getting ready to apply for a mortgage.  I finally got my scores where they needed to be for all three reporting bureaus (at least according to MYFICO) so I applied for pre-approval.  I was approved but at a rate lower than expected.  I inquired from the lender my FICO scores and they sent me the report they generated.  I was dismayed to see that my Experian score was 24 points lower than that the Experian score reported by myfico and 10 points lower for Trans Union than that the Trans Union score reported by myfico.  The Equifax score was the exact same. 

 

I wrote customer service and they wrote me an email about how scores differ between bureaus and that fako scores are not FICO scores.  Duh.

 

I really think myfico advertising is misleading.  They advertise that their FICO scores are the exact same ones used by lenders.  That is just not true for two of the reporting bureaus.  I've spent a lot of money monitoring my reports and feel betrayed by myfico.  Just wanted others to know that ONLY EQUIFAX is the FICO score used by lenders.  The others are no different than FAKO scores.

 

I googled this issue and there are hundreds of others who have encountered the same problem.  I think myfico should either clean up their advertising or better yet get the actual FICO models used by Experian and Trans Union.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union


SC_Pam wrote:

I have been monitoring my FICO scores closely over the past two months getting ready to apply for a mortgage.  I finally got my scores where they needed to be for all three reporting bureaus (at least according to MYFICO) so I applied for pre-approval.  I was approved but at a rate lower than expected.  I inquired from the lender my FICO scores and they sent me the report they generated.  I was dismayed to see that my Experian score was 24 points lower than that the Experian score reported by myfico and 10 points lower for Trans Union than that the Trans Union score reported by myfico.  The Equifax score was the exact same. 

 

I wrote customer service and they wrote me an email about how scores differ between bureaus and that fako scores are not FICO scores.  Duh.

 

I really think myfico advertising is misleading.  They advertise that their FICO scores are the exact same ones used by lenders.  That is just not true for two of the reporting bureaus.  I've spent a lot of money monitoring my reports and feel betrayed by myfico.  Just wanted others to know that ONLY EQUIFAX is the FICO score used by lenders.  The others are no different than FAKO scores.

 

I googled this issue and there are hundreds of others who have encountered the same problem.  I think myfico should either clean up their advertising or better yet get the actual FICO models used by Experian and Trans Union.


The EQ that was pulled was the Beacon 5.0 which is what the majority of mortgage lenders use.  Your TU was a TU98 model, most lenders use the TU04 for mortgages.  The EX you pulled was the 08 version which is a newer version of what most lenders use.

 

I agree with the above, but there are many different lenders and they pull different models.  I do wish we were able to pull the model we were applying for credit, but there are some restrictions that the CRAs themselves put in that limit this.

 

Congrats on your new home.  :smileyhappy:


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Visitor
SC_Pam
Posts: 2
Registered: ‎07-19-2013
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union

Thank you Shogun.  I could not understand the rate I was getting at the fist lender so I ended up applying to two others and the same thing happened.  

 

At the end of the day ALL three lenders had scores for Experian and Trans Union that were lower than the scores I pulled from myfico.  I just think myfico should be honest up front and let people know the scores lenders use may be different from the ones myfico reports.

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union

It would make it so much better for us, but I think that's the point of it.  Too much knowledge gives you too much leverage.  Lenders really don't want you to know what's going on.

 

myFICO does try to give the customers more accurate scores.  The models they supply are used by lenders.  I know the EX that they supply is used by AMEX, but other lenders use different models.  So if you pulled the score for your for your mortgage and then applied for AMEX, it would be different.

 

I know it works in reverse also.  I've pulled my score here to check it and then applied for credit only to find my score higher.  Go figure.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union


Shogun wrote:

SC_Pam wrote:

I have been monitoring my FICO scores closely over the past two months getting ready to apply for a mortgage.  I finally got my scores where they needed to be for all three reporting bureaus (at least according to MYFICO) so I applied for pre-approval.  I was approved but at a rate lower than expected.  I inquired from the lender my FICO scores and they sent me the report they generated.  I was dismayed to see that my Experian score was 24 points lower than that the Experian score reported by myfico and 10 points lower for Trans Union than that the Trans Union score reported by myfico.  The Equifax score was the exact same. 

 

I wrote customer service and they wrote me an email about how scores differ between bureaus and that fako scores are not FICO scores.  Duh.

 

I really think myfico advertising is misleading.  They advertise that their FICO scores are the exact same ones used by lenders.  That is just not true for two of the reporting bureaus.  I've spent a lot of money monitoring my reports and feel betrayed by myfico.  Just wanted others to know that ONLY EQUIFAX is the FICO score used by lenders.  The others are no different than FAKO scores.

 

I googled this issue and there are hundreds of others who have encountered the same problem.  I think myfico should either clean up their advertising or better yet get the actual FICO models used by Experian and Trans Union.


The EQ that was pulled was the Beacon 5.0 which is what the majority of mortgage lenders use.  Your TU was a TU98 model, most lenders use the TU04 for mortgages.  The EX you pulled was the 08 version which is a newer version of what most lenders use.

 

I agree with the above, but there are many different lenders and they pull different models.  I do wish we were able to pull the model we were applying for credit, but there are some restrictions that the CRAs themselves put in that limit this.

 

Congrats on your new home.  :smileyhappy:


+1 to this excellent response!

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169

 

This sticky thread may give you a bit more insight as well. 

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Super Contributor
longtimelurker
Posts: 6,098
Registered: ‎04-22-2013
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union


Shogun wrote:

It would make it so much better for us, but I think that's the point of it.  Too much knowledge gives you too much leverage.  Lenders really don't want you to know what's going on.

 

myFICO does try to give the customers more accurate scores.  The models they supply are used by lenders.  I know the EX that they supply is used by AMEX, but other lenders use different models.  So if you pulled the score for your for your mortgage and then applied for AMEX, it would be different.

 

I know it works in reverse also.  I've pulled my score here to check it and then applied for credit only to find my score higher.  Go figure.


I think the OP is complaining more about the way myfico advertizes the scores.  So, "The Score that Matters [unless the lender is pulling a different version]"!  I'm pretty sure that the fine print covers this legally, but it is a shock to find that you have paid real money for the TU score that is really no more reliable for many lenders than you can get for free on Credit Karma.

Most active cards: Amex BC ($50K), Cap One QS ($33K) Fidelity Amex ($20K)
Others: CSP, Freedom, Chase Amazon, Cap One QS, Penfed Plat Rewards (x2), Citi TY Preferred, Citi Dividend, Citi AA Plat Select, Citi Forward, Amex BCE, Amalgamated Bank, Sallie Mae, Cash Plus
Scores May 14: EQ 848, EX 833, TU 841 (Jul)
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union

     And I agree with you, especially on the TU98 version that's offered here.  It was once the version to get, but has been surpassed, most use the TU04 as of now.  There are still some lenders that use the TU98, so it still has some use, but it has dwindled.

 

     As far as EX, this is a recent addition to the products.  As you may now, EX had excluded FICO from selling its scores for a few years.  The one offered here is the 08 version, however the EX v2 is still the more popular, but the 08 is gaining ground.

 

     There is a difference between the scores offered here and ones offered by Credit Karma.  I've never seen anyone receive or be denied credit based on a CK score.  And I'm thankful for that.  Just to give you an idea of why.  CK only scores AAoA and payment info for open accounts.  I'm paying off a 15 year mortgage next month on some property I bought.  15 years of perfect payment history.  As soon as I pay it and it shows closed, I lose 15 years of AAoA on the loan.  Does that sound right?

 

     Just an FYI, you're preaching to the choir.  I want the same thing as you do.  The mods and CLs here are volunteers.  No compensation for what they do.  If we want our scores, we pay for them same as you.  So you can see we're in the same boat.  Hopefully an agreement can be made to change the TU score offered to a more suitable one, we can only hope so.  But in FICOs defense, they can only sell the ones they are allowed.

 

     I hope this helps some.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union

It seems as if the FICO scres here are rather far behind the times as regards which model is being used.  If the models are years out of date, maybe the scores here are drifting slowly towards the "FICO but effectively FAKO" terrirtory

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Frequent Contributor
sghosh5
Posts: 469
Registered: ‎02-28-2013
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union

BofA, AMEX pulled scores on the same day i got scores from MyFICO and they all matched. Major lenders are using EX 08 model.


Starting Score: EQ: 499 (02/2013)
Current Score: EX: 680, EQ: 654, TU: 697
Goal Score: 750

CHASE Freedom: 1K, CHASE Sapphire: 5K, Barclay Arrival+: 5K, CapOne: 3K,CapOne: $3K, AMEX BCE: 3.9K, AMEX BCE: 1K, AMEX Green, AMEX PRG, Discover: 5.7K, DISCOVER IT: 2K, CITI Diamond:2.8K, Southwest Premier: 2K, Express:900, Paypal: 2.8K, Amazon: 2.1K, Macys: 7.6K, Walmart: 950
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: MYFICO is not providing actual FICO scores for Experian and Trans Union


sghosh5 wrote:

BofA, AMEX pulled scores on the same day i got scores from MyFICO and they all matched. Major lenders are using EX 08 model.


I knew AMEX was, didn't know BofA was yet.  But like I said, it's gaining ground.

 

The TU98 really needs updated though.  I'm sure they're aware of this, hopefully they're working on it.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+