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guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: MyFico Accurate Score

[ Edited ]

Those other 46 flavors include TU and EX also, not just EQ.

 

I read the link you posted and am confused as to why you said it is misleading.

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jobber123rd
Posts: 37
Registered: ‎10-13-2010
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Re: MyFico Accurate Score


guiness56 wrote:

Those other 46 flavors include TU and EX also, not just EQ.

 

I read the link you posted and am confused as to why you said it is misleading.


I read it, too...

 


Before getting a loan for a major purchase, such as a home, you should check all three of your FICO scores. Most lenders will look at all three FICO scores – one from each major credit bureau – when evaluating your loan application. At that point, don't try to save a few dollars by buying the cheapest credit score you can find. Knowing your FICO scores can help you estimate what your monthly mortgage payments will look like and help you determine if you can truly afford a home.


 

The use of "all" implies that there are only three FICO scores.  The sentence would have been much better without it, especially coming from the "myFICO Team."  It's not limited to that one page -- check out the Q&A on "Why are my scores different for the 3 credit bureaus"....

 


In general, when people talk about "your score," they're talking about your FICO® score. But in fact, there are three different FICO scores developed by Fair Isaac – one for each of the three credit bureaus – Experian, TransUnion and Equifax. Fair Isaac makes the scores as consistent as possible between the three credit bureaus, but even if your information was exactly identical across all three, your scores might still slightly differ because the models for the three bureaus were developed separately. However, in this case, all three scores would be within a few points of each other.



It's an easy way to explain things, but when someone runs into an issue of differing FICO models (such as TU04 vs. TU98) or enhanced scores, it falls flat.

 


Starting Score: 461 (EQ 10/2012)
Current Score: EQ 622
Goal Score: 660


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ChrisinKC
Posts: 26
Registered: ‎07-30-2007
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Re: MyFico Accurate Score

You're right. Credit scoring is a scam that only benefits the lenders. Call your state representative and DEMAND transparency and change.

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.

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