TRUE CREDIT Vs MY FICO

[Anonymous]

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@smallfry wrote:
CS is Creditsecure. It's a 3 reports in 1 offered by AMEX. You can open up all three of your credit reports every day without the limitations of the Truecredit 24 hours plus one minute deal. Pretty good service from what I can understand. I think there is a free 30 day trial available on the website. Check it out.

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I don't think it was answered if you need to be an AMEX member to use this service.

[Anonymous]

yes, you have to be an american express customer in order to access securecredit. i just checked it out on the website. also, there is no securecredit.com website. you have to access securecredit through the american express website.

[smallfry]

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@Anonymous wrote:

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@smallfry wrote:
CS is Creditsecure. It's a 3 reports in 1 offered by AMEX. You can open up all three of your credit reports every day without the limitations of the Truecredit 24 hours plus one minute deal. Pretty good service from what I can understand. I think there is a free 30 day trial available on the website. Check it out.

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I don't think it was answered if you need to be an AMEX member to use this service.

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Poster is a member.

[Bruiser]

Here's my TrueCredit vs MyFico scores as of 6/18/07. Both of them updated on the same day.

TrueCredit

TransUnion 595

Experian 609

Equifax 664

MyFico

TransUnion 557

Experian 642

Equifax 653

Even though MyFico has a lower TransUnion and Equifax score, it has a better middle score. For my upcoming home loan, they will use the middle score for myfico. Which is Experian 642.

[MrSpock]

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Brammy wrote:

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Des1302 wrote:

Brammy is this some kind of marketing trick or is this really true about the credit bureau giving out fake scores?

So My FICO is the only place I can get my true Credit score?

How could I find out what the lender uses to get their scores from?

I know one lender uses CBA...where do they get those scores from?

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 The True credit score that is sold to the comsumer is not the same one that lenders use.  Lenders use FICO and the only to places to get a FICO score is either Equifax or here at MYFIO.  That being said, regardless of where the creditor gets the score it is some version of the FICO score. 

Even though you can get a FICO score at Equi fax, it is the mortgage or auto model not the credit card model.  WaMu/Providian offer the bankcard enchanced FICO on their site.  But each lender can have the score modeled depending on their needs from my understanding.

Lenders will use one of 3 bureaus to get your credit score no matter what thrid party they pay to obtain it.  It will also be a FIOCO score.

TransU and Experian are touting heir scores as the scores for the future but they are not yet in use by anyone I know of.  That's why it called hte FAKO it is based on no particular credit score any lender would use. Many people make the mistake of walking into a puchase assured that they know their scores only to be shot down as the scores can be miles from the real thing.  It it doesn't carry the seal below, it is ot a true FICO score, the industry standard

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How do you know that the score from Equifax is the mortgage / auto model?

[Anonymous]

Why doesn't Myfico have a competitive score watch thingy where I could view My true FICO score daily? If you look at True Credit you can get that for as low as 11 bucks..while My FICO is 3 times as much. Is it that much of cost to allow consumer to see as yall say the true credit score or does the charge just help offset the cost of branding "FICO" as the true score..

[Bruiser]

I don't mind paying the extra for myfico, but I agree that it would be nice to view your score and update it daily. Why can't we pay monthly and then do all the updating within that month at no cost?

[Anonymous]

If myFICO really wanted to make $ off of us they would get scorewatch running better.

I have been pulling FICO almost every month. TC daily.

[Anonymous]

Smallfry, Do you happen to have the link from walmart for TC. I went into walmart & it said that it is $14.95.  Hope I didn't miss a special.

[Anonymous]

Interesting thread...here we are, studying this stuff daily, and there is still confusion.  I myself am beginning to understand the diff between fako's & fico's, who offers what, etc etc....but it seems like just when you think you got it you hear something new - auto enhanced?  card enhanced?  Vantage Score that goes to 950??

The lenders are mainly the ones using the scores to base their decisions, but it is the consumer (you and me) who depends on those scores immensely...

I don't need the formulas, but I DEMAND CONSISTENCY

(a lot of good that'll do)

Live Long & Prosper,

ctRob