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guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Question on Experian FICO score discrepancy


Lechte wrote:

If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price.  I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions).   If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither.  "90% of lenders" is false advertisement and they should be called out on it..  Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models.  Quit lying to us.


They aren't lying to you.  They are FICO scores, which 90% of lenders do use, no matter what the model/version is.  It is not a false statement.

 

The EQ score from here is what mortgage lenders use, the EX08 CCC use.  There are those that use the TU 98 also.

 

For the record, myFICO has no say in what scores they are allowed to sell here.  That is up to the CRAs.

Frequent Contributor
Lechte
Posts: 465
Registered: ‎10-11-2013
0

Re: Question on Experian FICO score discrepancy


guiness56 wrote:

Lechte wrote:

If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price.  I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions).   If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither.  "90% of lenders" is false advertisement and they should be called out on it..  Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models.  Quit lying to us.


They aren't lying to you.  They are FICO scores, which 90% of lenders do use, no matter what the model/version is.  It is not a false statement.

 

The EQ score from here is what mortgage lenders use, the EX08 CCC use.  There are those that use the TU 98 also.

 

For the record, myFICO has no say in what scores they are allowed to sell here.  That is up to the CRAs.


Guiness, quit tryin to pull my leg.   The only accurate part of 90% is the EQ Fico.   A very small percentage of CCC's use EX08, and I doubt even a percent use TU98.  Misleading someone is called lying.

 

Yes, they are FICO scores, but they're outdated so they are not accurate.  Nobody wants to pay a large buck for something lenders don't even use.

(EX08 - 654) --- (TU08 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


Frequent Contributor
Lechte
Posts: 465
Registered: ‎10-11-2013
0

Re: Question on Experian FICO score discrepancy


guiness56 wrote:

Lechte wrote:

If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price.  I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions).   If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither.  "90% of lenders" is false advertisement and they should be called out on it..  Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models.  Quit lying to us.


They aren't lying to you.  They are FICO scores, which 90% of lenders do use, no matter what the model/version is.  It is not a false statement.

 

The EQ score from here is what mortgage lenders use, the EX08 CCC use.  There are those that use the TU 98 also.

 

For the record, myFICO has no say in what scores they are allowed to sell here.  That is up to the CRAs.


They have a say in what they advertise.

(EX08 - 654) --- (TU08 - 643) --- (EQ08 - 667) --- (EQ04 - 676)


Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
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Re: Question on Experian FICO score discrepancy

[ Edited ]

Lechte wrote:

guiness56 wrote:

Lechte wrote:

If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price.  I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions).   If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither.  "90% of lenders" is false advertisement and they should be called out on it..  Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models.  Quit lying to us.


They aren't lying to you.  They are FICO scores, which 90% of lenders do use, no matter what the model/version is.  It is not a false statement.

 

The EQ score from here is what mortgage lenders use, the EX08 CCC use.  There are those that use the TU 98 also.

 

For the record, myFICO has no say in what scores they are allowed to sell here.  That is up to the CRAs.


Guiness, quit tryin to pull my leg.   The only accurate part of 90% is the EQ Fico.   A very small percentage of CCC's use EX08, and I doubt even a percent use TU98.  Misleading someone is called lying.

 

Yes, they are FICO scores, but they're outdated so they are not accurate.  Nobody wants to pay a large buck for something  ml'eInders don't even use.


I am not certain what's going on here but nobody is pulling anyone's leg.

 

Yes, EQ '04 = mortgage score.  Outside of that, it's used by some credit unions that I'm aware of for underwriting all sorts of things,

 

I'm not certain I call Amex a small percentage of CC's; Chase/Discover as well AFAIK.  For whatever it's worth, I couldn't care less about any non-major national lender as far as their underwriting goes, the vast majority of consumers have cards from the standard ones as we're the outliers here.  I suspect most are actually on a '08 / '08 Bankcard-enhanced pull at this point: post Great Recession and mortgage meltdown, think they've realized recent history is a better predictor towards future profits.

 

I do think the whole industry needs more transparency, the number of scores which abound are absurd (from a consumer's perspective, disclaimer: having worked in financial institutions I completely understand the rationale for many different scores), and auto lending for example is Schroedinger's Box unfortunately: consumer vis a vis kitty in an unknown state.  My personal opinion is we should be able to do better, but it's likely going to be a while and require federal mandate to do so unfortunately. 

 

I think it'd go a long way if every tri-merge mortgage and major auto-industry score were available.  I find credit card terms (limit/APR) to be so w/e anyway personally, and they're nowhere close to the big ticket purchases homes / cars are.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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