Reply
Moderator Emeritus
MarineVietVet
Posts: 14,238
Registered: ‎07-14-2009
0

Re: Trying to understand Fico scoring

 


fico64 wrote:

Another question:

 

Equifax score 669 Rating Good   Trans Union score 683 Rating Good   Experian score 694 Rating Fair.

 

I don't get it. The highest score is rated Fair, the lower scores are rated Good. ??? You might say they have different scoring models, but that is not right.

 

Also, why is the consumer not allowed to see their Fico Experian score? We are told that creditors only look at Fico. Lenders have told me they only look at Fico. What good is a Experian non fico score to consumers when creditors only look at Fico? Is this right? The consumer SHOULD BE ALLOWED to see their Experian Fico score.


I agree. Only Experian knows why they stopped selling their score to consumers and they are not talking.

 

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Trying to understand Fico scoring


fico64 wrote:

Equifax score 669 Rating Good   Trans Union score 683 Rating Good   Experian score 694 Rating Fair.

 

I don't get it. The highest score is rated Fair, the lower scores are rated Good. ??? You might say they have different scoring models, but that is not right.


And remember, FAKOs use a different scale than FICO. For example, a 680 score from TC, using a 501-990 scale, isn't a very good score.

New Contributor
fico64
Posts: 61
Registered: ‎09-19-2010
0

Re: Trying to understand Fico scoring

llecs:

 

My Experian score is a Plus score, 330-830 not the Vantage which is 501-990.  That 's why I say ???

 

 

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Trying to understand Fico scoring


fico64 wrote:

llecs:

 

My Experian score is a Plus score, 330-830 not the Vantage which is 501-990.  That 's why I say ???


That's why lenders don't use it.

New Contributor
fico64
Posts: 61
Registered: ‎09-19-2010
0

Re: Trying to understand Fico scoring

I don't get it. The highest score is rated Fair, the lower scores are rated Good. ??? You might say they have different scoring models, but that is not right.

 

Also, why is the consumer not allowed to see their Fico Experian score? We are told that creditors only look at Fico. Lenders have told me they only look at Fico. What good is a Experian non fico score to consumers when creditors only look at Fico? Is this right? The consumer SHOULD BE ALLOWED to see their Experian Fico score. "

 

Above from previous post

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: Trying to understand Fico scoring


fico64 wrote:

Also, why is the consumer not allowed to see their Fico Experian score? We are told that creditors only look at Fico. Lenders have told me they only look at Fico. What good is a Experian non fico score to consumers when creditors only look at Fico? Is this right? The consumer SHOULD BE ALLOWED to see their Experian Fico score. "


At one point, you could get your EX FICO from myFICO. However, EX makes quite a bit off their own products (e.g. creditchecktotal, freecreditreport.com and their annoying jingles, freecreditscore, Triple Advantage, and so on). As part of their marketing strategy, they also sell scores they created, despite being way-off base to a FICO score (e.g. your comments above on Fair vs. Good). They created these to market their service but to also compete. In addition to the above, they sank $$$$ into Vantage Score which some lenders actually use. Each time you or I purchased an EX FICO, Experian lost money. Not necessarily on the transaction but we are reliant on a FICO (because we want to know what lenders use) and they lose market share on their FAKOs. Why pay money to freecreditreport.com when you can get the real deal via myFICO.com, right?

 

It's my understanding that EX ended the relationship so as to focus more attention to their own scores as opposed to FICO with hopes that we flock over to them to use their services. It's a biz decision on EX's part to capture market share away from FICO. So far it hasn't worked. Lenders aren't exactly going over to the dark side. Should EX be mandated to allow myFICO to use their data to provide us a FICO? IMO, no, just like I don't want lenders to be told they have to use a FAKO instead of a FICO. Though I do believe there is a law in the books (embedded into the FCRA...someone correct me if wrong) that requires lenders to disclose any score (FICO or otherwise) that was used in the consideration of a loan, credit product, etc. In other words, if you apply for a mortgage, they'll give you your EX FICO.

 

I wouldn't bother trying to find a FAKO that correlates to a FICO. The formulas are totally different. Your FAKO can go up and FICO down for the exact same event. When comparing both on the same date, and depending on the FAKO, my scores have been 100+ points off. There have been times where I added an inquiry and my FAKO dropped and FICO did nothing. There was a time I dropped a CA and my FICO went up 58 points and my FAKO dropped 8. There have been times I added a TL and lost FICO points but my FAKOs did nothing. I clearly remember adding a CA and by FICO dropped 104 points. My FAKO dropped only 20. In other words, ignore a FAKO and the advice that goes with it.

 

You can get your EX FICO from your lender or if you live in PA, from PSECU if you happen to have their checking account. There are other lenders that will disclose it to you when you apply and they use EX and a FICO.

 

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}