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I just checked my scores on myfico.com, and Ex 679, EQ 629, and TU 644....so I'm viewing my reports and need to dispute an item. I called Experian, and purchased what I was later told is my VantageScore, and its 544, WTW...so now I'm confused, which score is the most accurate, the one that a potential lender would use or see?
HELP!!!!
TIA
I would ignore the Vantage score.
One score used in the mortgage business is the FICO EQ 04 one.
Thanks for your quick response, really working hard at building a better credit file
All credit scores are accurate.
While VantageScore is used by some lenders, it is not widely used by lenders. It's usefullness is limited. VantageScore can be obtained for free from some websites.
Most lenders used FICO scores. There are many different FICO scoring models. Different creditors use different FICO scores. Which FICO score is most usefull depends on which FICO score is being used by a particular lender.
@oilcan12 wrote:All credit scores are accurate.
While VantageScore is used by some lenders, it is not widely used by lenders. It's usefullness is limited. VantageScore can be obtained for free from some websites.
Most lenders used FICO scores. There are many different FICO scoring models. Different creditors use different FICO scores. Which FICO score is most usefull depends on which FICO score is being used by a particular lender.
FAKOs are not accurate as they are used for educational purposes only. Sites like CK, CS etc are good to monitor your reports for inq's but not for CS
Depending on the type of loan, lender and bureau pulled you might see 49 variations of FICO scores.
This thread may provide more answers for you:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Difference-in-Scores/td-p/2384297
I distinction needs to be made in this thread between how the score is calculated and how and where the score is used. The FICO score and the Vantage score are calculated idfferently hence why you are getting different scores. We need to be careful in saying scores in calculated incorrectly they are not. Here is an article on wikipedia on how the vantage score is calculated.
http://en.wikipedia.org/wiki/VantageScore
Here is the same basic information on the FICO score
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
You can see the differences in how the score is calculated. The Vantage score is not just an educational score their is this article and a thread on the forum which would indicate differently.
http://money.msn.com/credit-rating/new-credit-score-could-change-lives
All that said if I were going to pay attention to just a score I would use the FICO score because of its wider use. The focus should not be on the score but on the data that is used to make up the score. If the data that used is 100% correct that is generated from the credit data will be correct. One last difference between the FICO score and other scores is that the FICO score is a predictive score and others are not.
AndySoCal wrote:
I distinction needs to be made in this thread between how the score is calculated and how and where the score is used. The FICO score and the Vantage score are calculated idfferently hence why you are getting different scores. We need to be careful in saying scores in calculated incorrectly they are not. Here is an article on wikipedia on how the vantage score is calculated.
http://en.wikipedia.org/wiki/VantageScore
Here is the same basic information on the FICO score
http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx
You can see the differences in how the score is calculated. The Vantage score is not just an educational score their is this article and a thread on the forum which would indicate differently.
http://money.msn.com/credit-rating/new-credit-score-could-change-lives
All that said if I were going to pay attention to just a score I would use the FICO score because of its wider use. The focus should not be on the score but on the data that is used to make up the score. If the data that used is 100% correct that is generated from the credit data will be correct. One last difference between the FICO score and other scores is that the FICO score is a predictive score and others are not.
To be clear, I said FAKOs are educational as it pertained to the statement that all scores are accurate'.
I would agree with that statement and the Experian Plus score but not all FAKO scores are educational.
@AndySoCal wrote:I would agree with that statement and the Experian Plus score but not all FAKO scores are educational.
+1; Vantage score is or has been used in some instances (Chase credit card underwriting being one known example on some customers). There are educational-only scores, but there's also a dizzying array of products that the CRA's are selling as well which aren't underpinned by a FICO designed algorithm which may or may not be in use by banks, or other entities.
It's frankly impossible to keep track and I'm cynically of the belief the confusion is absolutely intentional as clarity would likely reduce profits for everyone involved that gets a vote.