@EW800 wrote:The way I am looking at it, your scores (as well as the rest of us), has not changed at all. It is just a different models scores that are being reported to us. There are something like 49+ models available, so the odds of a lender seeing a different score (higher or lower) are very high. If anything, I have looked at this as a plus, as it allows us to see where we stand by another model. Additionally, it is my understanding that the 08 model that is now reporting is used more often than the older models, such as 98. This change does not effect at all what a lender sees. They will continue to pull the models that they always have.
I am sure others will be able to explain this better than I did.
To me its less about what scoring model you want to get upset about, Its more important about what is actually on your credit reports that needs some fixing.
Your score has not changed. You can refer to this discussion: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/What-the-score-quot-upgrade-quot-means-to...
@Quazar wrote:
Also misses the point. When lenders pull the score now they will see 652 and 697. That will cause be eithdr be denied or pay a higher interest rate.
Out of these 49 models you talk about...it really is just a few that are pulled over and over again. The model used for a mortgage appl or auto loan or major credit card....it has never been a possible 49 models they oull.from....they pull TU or EX or EQ...and 99% of the time it is the latest Fico model rhat EQ uses...which was for me a 697 yesterday and today a 652...which is Bull Crap.
Honestly, this isn't accurate: any lender that has wanted to pull FICO 8 has been using that for a while now, since 2009 to be precise. It's likely a majority, maybe even 90%, but not 99% on the score distribution: mortgages being the prime exception.
The change to Scorewatch is absolutely irrelevant to what any given lender has been doing for a while, and we've known several credit card issuers to be pulling FICO 8 from even 2 years ago.
I'm not certain how the impression that whatever Scorewatch or any other FICO or FAKO score was a reference for any lending benchmark, with the exception of the EQ Beacon 5.0 score and conventional and likely virtually all mortgages based on the way the mortgage industry is setup. I agree there's roughly 18 commonly pulled scores, but whatever we can see from here or anywhere else has no bearing on what a lender sees scorewise unfortunately: it is coincidence if they pick a score that we have access to.
A lawsuit would almost certainly be wasting your own money: I understand your anger, and as unhappy as I am as a consumer with the Scorewatch change, it's a service and all that has changed is the score they give us and that's their perogative to do so. FICO has an enormous legal arm, and they're consulted on virtually everything, and while I haven't gone through the T&C of SW explicitly, I'm pretty certain it's no different than any other service offered: you're within your rights to cancel anytime.
What scoring model Score Watch decided to use for their service has no bearing whatsoever on what scoring model lenders use.
If you want to know your 04 score, as some posters have said, you can purchase it from Equifax in their Score Power product.