TransUNion FICO Scores- Are there different versions?

[Anonymous]

 I ran my FICO credit score from TransUnion on 8/3/09 and got a 704. I then went to a lender who also ran my 3 credit scores- with TransUnion coming up 678 on 8/5/09. Their report said it was a “Classic 04” FICO score. I noticed on their credit report which they shared with me, two collections not on my version from 8/3. I assumed these collections caused the lower score since I could see nothing else new. The very next day- 8/6/09- I got a new TransUnion FICO credit score & report and it was still 704. I called MyFICO.com & asked why the report was different from the lender’s version on 8/5/09. They could not explain why, but only said they got what TransUnion sent them. They suggested the lender might have a different “version”, but would not say what “version” they got from TransUnion.  So, I called TransUnion who looked on my report & could not see the two collections and said there was only one “version”. Help me out here- does TransUnion have different “versions” of FICO credit reports? Is the Classic 04 type that the lender got possibly a different “version” than TransUnion sends to MyFICO.com to give to me, the consumer? Even if there are 2 “versions”, I find it difficult to believe the “version” I got from MyFICO.com would not have the same basic collection info as the one the lender got. I guess I understand that within TransUnion, there may be two different departments posting collections to two different versions, but that seems sloppy procedurally. Can you shed any light on this? I’m miffed that I get one score & the lender uses another, both FICO scores. Thanks. Jim

[Anonymous]

The TU credit reports from different sources should contain the same data if pulled at the same time.

There are two TU Fico scoring models in widespread use - TU'98 (sold by MyFico and transunioncs.com) and TU'04. Some lenders use TU'98, more lenders use TU'04. The same data processed by both scoring models can produce scores differing by as much as 60 points, although 10-30 point differences are most common. Generally (but not always), the TU'04 score is lower than the TU'98 score, using data pulled from the same report ...

Message Edited by Revike on 08-13-2009 06:19 PM

[RobertEG]

Also be aware that what YOU get, even if a true FICO score based on your TU credit report, may not even be the same as what a creditor gets.You only get your generic consumer score.

FICO also vends separate scoring algorithms to different creditors, such as auto, and mortgage based algorithms. 

There is no such thing as a single TU credit score, even if bearing the FICO copyright and moniker.

[Anonymous]

Revike- Thanks for the info. Now I understand that MyFico uses the TU98 version and my mortgage lender uses TU04. There is a 26 point difference between the two, with the TU 04 lower, just as you said was the norm.

Turns out neither report had the two collections, so the data was similar.

However, I'm pissed that MyFICO leads customers to believe thee score they get is the score used by mortgage lenders. They don'y tell yo that the lenders use a different version up front. They wouldn't confirm that when I called them nor would they tell me which version I received from them. On the MyFICO version of the TransUnion report it lists mortgage rates consumers should expect to receive with the FICO Score they give you, but don't say that's not the score the lender uses.

All in all, I find it clearly misleading, and I don't see how they can get away with  representing the score they sell as the one used by lenders when it's clearly not. 

There's some dangerous trends going on by credit reporting agencies, including Experian not allowing consumers to buy their FICO score and the above where TransUnion sells two score versions, and MyFICO misleads the consumer into thinking he/she has the score used by the lender.

What remedies are available for all this other than complaining to MyFICO or my congressman? 

[RobertEG]

I understand your complaints, and sympathize totally.

But the FCRA is directed at credit reporting, NOT credit scoring of the data in your CR.

Congress has not passed any substantive legislation that governs how credit scores are generated or marketed, and it is a pipe dream to expect them to take on private industry is such a manner.

The primary reason is that all who generate credit scoring algorithms, and thus credit scores, are protected by trade secret laws that permit them to retain their business methods as proprietary trade secrets.

For Congress to mandate that a business must disclose its trade secrets would be tantamount to requiring Coca-Cola to divulge its proprietary formula.  It is against two hundred years of intellectual property law.

[marty56]

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@Anonymous wrote:

Revike- Thanks for the info. Now I understand that MyFico uses the TU98 version and my mortgage lender uses TU04. There is a 26 point difference between the two, with the TU 04 lower, just as you said was the norm.

Turns out neither report had the two collections, so the data was similar.

However, I'm pissed that MyFICO leads customers to believe thee score they get is the score used by mortgage lenders. They don'y tell yo that the lenders use a different version up front. They wouldn't confirm that when I called them nor would they tell me which version I received from them. On the MyFICO version of the TransUnion report it lists mortgage rates consumers should expect to receive with the FICO Score they give you, but don't say that's not the score the lender uses.

All in all, I find it clearly misleading, and I don't see how they can get away with  representing the score they sell as the one used by lenders when it's clearly not. 

There's some dangerous trends going on by credit reporting agencies, including Experian not allowing consumers to buy their FICO score and the above where TransUnion sells two score versions, and MyFICO misleads the consumer into thinking he/she has the score used by the lender.

What remedies are available for all this other than complaining to MyFICO or my congressman? 

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Learn in these forums how to improve and maintain your credit and the scores will take care of themselves.

Seeing how congresss has done such a great job with the budget so far, I really want them getting invoilved in my credit life.  Cant wait for the FICO score points tax.

[Anonymous]

Jimbo,

The TU 98 vs. 04 gets talked about a lot on here and the site at some point does plan to switch to selling the 04 version.

It is true that 04 is now the score MORE COMMONLY sold to lenders, but TU 98 is also still sold to and purchased by a large number of lenders. It would be great if you could get both scores on here (though our wallets would be more sore). .

Keep writing or calling MYFICO.....your Congressman has likely caused enough trouble already - mine has.

[Anonymous]

Hi just wanted to say that On Myfico my scores are equifax:579 TU: 597 when the Lender pulled are reports, which i was very scared about cause these scores are very low.  She pulled them higher I was very surprised.  They use diff. scoring she said.  Everyone told me that my Equifax will not change or be lower by 10-30 points.  Mine went up 25 points and with TU it went up almost 40 points.  Experian went up about 17 points.  Experian is still by far my lowest.

So why did my scores go up so much when it seems like everyone's are going down with the new scoring system? 

Myfico:

equifax: 579

TU:       597

 Lender: equifax: 603

             TU:       640

[AndySoCal]

Some of the difference can possibly be attributed to the difference in the models.  The possible bigger impact could the lack of the two collection accounts on your credit report from MYFICO. Two questions when were the two collection accounts last reported to Trans Union? Was there any difference in how the lender pulled your credit report as far as name and address as compared to what you used when you pulled your Trans Union credit report?

Some lenders use the 04 version of the score (the older score model) and some use the newer version (04).

Message Edited by AndySoCal on 09-22-2009 07:51 PM

[AndySoCal]

Beth99,

The differences in the two versions of the FICO model will affect consumers differently. Everyone's credit history is different (to state the obvious). That said depending on credit history of the consumer some will be helped others will see a decrease and some will see little or no change in their score. This has been true everytime FICO updates/ changes the score model.