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New Member
Des1302
Posts: 9
Registered: ‎04-10-2007
0

TRUE CREDIT Vs MY FICO

I have a true credit account where I can see my credit scores every 24 hours for a certain amount per month, are the True Credit scores the same as the FICO scores?
 
Also, How do I know where the lenders get their scores from whether it be from MY FICO or from the TRUE Credit scores.
 
Also does MYFICO  have a feature where I could see my credit score each day for one payment per month?
 
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
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FICO -vs- FAKO



Des1302 wrote:
I have a true credit account where I can see my credit scores every 24 hours for a certain amount per month, are the True Credit scores the same as the FICO scores?
 
Also, How do I know where the lenders get their scores from whether it be from MY FICO or from the TRUE Credit scores.
 
Also does MYFICO  have a feature where I could see my credit score each day for one payment per month?
 


 
TureCredit does not issue FICO scores, they are affectionately called FAKO score becaus they mean virtually nothing except to give you an idea which direction you are going.  Lenders use one of several different FICO model, the only one for consumer use are the mortgage score
 
HTH

New Member
Des1302
Posts: 9
Registered: ‎04-10-2007
0

Brammy is this some kind of marketing trick or is this re...

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?
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
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The True credit score that is sold to the comsumer is not...



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?



 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
 
Valued Member
twnkltoz
Posts: 54
Registered: ‎03-15-2007
0

WTH...so, even though I PAID Experian to give me my score...

WTH...so, even though I PAID Experian to give me my score, the score they gave me is incorrect??  *(^&(*&^^*!!!!!!  How is a consumer supposed to be able to get their scores???  Do I have to pay $15.95 EACH to myfico for TU and EX  to get them and know they're correct??  Or will they be?
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

You actually got what you paid for.



twnkltoz wrote:
WTH...so, even though I PAID Experian to give me my score, the score they gave me is incorrect??  *(^&(*&^^*!!!!!!  How is a consumer supposed to be able to get their scores???  Do I have to pay $15.95 EACH to myfico for TU and EX  to get them and know they're correct??  Or will they be?


 
Nope, you PAID Experian to give you the Experian plus score and that's what they gave you.  They are trying to take market share away from FICO but so far haven't had much luck.  I know several companies pull an Experian Amex etc.  Don't know that they are opulling info from experian but using the FICO model or using the vantage score.
 
It may be catching on,  I have noticed that some of my card who used to report to Equifax first are now reporting to Experian first.

Valued Member
twnkltoz
Posts: 54
Registered: ‎03-15-2007
0

Well, that pisses me off.  I thought if I went straight t...

Well, that pisses me off.  I thought if I went straight to the CRA I'd get the correct score.  I didn't realize they were selling me a knock-off. :smileymad:
New Member
Des1302
Posts: 9
Registered: ‎04-10-2007
0

I find this extremly frustrating because if I ask Experia...

I find this extremly frustrating because if I ask Experian they'll say FICO is the knock off.  Why can't consumers just get the truth the whole truth and nothing but the truth. It's bad enough we get judge by a 3 digit number, they can at the very least judge us equally by those numbers. They need to all merge and have one Credit Bureau with the true scores and correct info and let consumer see there scores for a mininum price.  :smileymad:
 
 Thanks for all of your help Brammy.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
0

The fact is that FICO has been around forever and a day....

[ Edited ]
The fact is that FICO has been around forever and a day.  The other bureaus no longer wanted to pay Fair Issac for using their scoring models so TU and Experian got together to offer something called the Vantage score something they on't have to pay to use.  It is not yet widely used and has only been 'out there' for a few years.. 
 
Here's and example of a diffierence, when I pull my experian using TUs three and one at one point it said my Exp was 606:smileymad:  Pulling the same bureau Exp using the Fico the score if 682 now this IS closer to the score sold by Experian (696) but where in the world TUs 3-n-1 got that score is anyone's guess. 
 
When I pulled my score on TU for TU it gives 664 but that same score on FICO is 702 and bankcard enhanced FICO is more like 729.  More than likely your lenders are using some version of the FICO which can be higher or lowerthan those other scores.




Message Edited by Brammy on 04-10-2007 05:38 PM
New Member
credit12
Posts: 9
Registered: ‎04-08-2007
0

Equifax offers score watch for $6.95/ month for fico equi...

Equifax offers score watch for $6.95/ month for fico equifax, my fico has both one for TU and score watch for Equifax.
Susan orman knows her stuff but not enough. If people knew how strong their credit is and  how it worked it would be good.

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