Reply
Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012

What's the difference between Fico score and the bureaus scores?

I recently ordered "CreditCheck Monitoring" through my bank (USAA), and within the same two week time frame I decided to order Equafax 3-in-1 report with score (because I'm not satisfied with CreditCheck). One thing I noticed is that the scores are significantly different.

 

Scores via CreditCheck Monitoring (as of 2/28/2012):

Experian = 640

Equafax = 589

Trans Union = 589

 

My Fico score (as of 3/10/2012): 678

 

Well, I'm pleasently surprised by my Fico score, but I can't help wonder why such a difference?

 

I also noticed that CreditCheck Monitoring has my auto-loan listed on all three bureaus, but my Equafax 3-in-1 report only Experian does not have the installment account (my auto loan) listed. I have not been late for the payment, neither is it payed off. Could this be why? I point this out, because my debt-to-credit ratio shown on my Equafax 3-in-1 report (for my installment account) is listed 0% for Experian, but 39% for Equafax & Trans Union.

 

The only other errors I can find are my employment history; although all the companies listed (current and previouse employment) are places I have worked, they are always in some kind of wrong order.

Blogger
FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: What's the difference between Fico score and the bureaus scores?

Because those scores aren't FICO.

 

You can't get your Experian FICO anymore by just requesting it.

Definitely go with your FICO score that you did get.

 

You can still get your TU and EQ FICO's from THIS site. I know EQ has the FICO's on their site as well, but it's very well-hidden in a dark little corner. They just prominently display an Equifax Credit Score which is totally NOT the same thing as a EQ Fico Score.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Valued Contributor
Mustanglvr2006
Posts: 1,971
Registered: ‎02-06-2011

Re: What's the difference between Fico score and the bureaus scores?


Volpes wrote:

I recently ordered "CreditCheck Monitoring" through my bank (USAA), and within the same two week time frame I decided to order Equafax 3-in-1 report with score (because I'm not satisfied with CreditCheck). One thing I noticed is that the scores are significantly different.

 

Scores via CreditCheck Monitoring (as of 2/28/2012):

Experian = 640

Equafax = 589

Trans Union = 589

 

My Fico score (as of 3/10/2012): 678

 

Well, I'm pleasently surprised by my Fico score, but I can't help wonder why such a difference?

 

I also noticed that CreditCheck Monitoring has my auto-loan listed on all three bureaus, but my Equafax 3-in-1 report only Experian does not have the installment account (my auto loan) listed. I have not been late for the payment, neither is it payed off. Could this be why? I point this out, because my debt-to-credit ratio shown on my Equafax 3-in-1 report (for my installment account) is listed 0% for Experian, but 39% for Equafax & Trans Union.

 

The only other errors I can find are my employment history; although all the companies listed (current and previouse employment) are places I have worked, they are always in some kind of wrong order.


First I will answer your question in the subject line......

 

The reson the scores you purchased from CreditCheck are different from the score you purchased here at myFICO is simple......the scores you purchased from CreditCheck are what we call FAKO scores, the scores from CreditCheck are one of the many different scoring models used by a CMS (Credit Monitoring Service) ie a Plus score, Vantage score, Transrisk score, and the list goes on, I personally do not know which one of the FAKO scores that CreditCheck uses, but they are not FICO's.

 

That being said, a FICO scoring range is from 300-850 and FAKO scoring ranges vary widely, some FAKO scoring ranges such as the Vantage score, range from 501-990 if I remember correctly, and so on, not only are the scoring ranges different, but the algorithms used to calculate the FAKO scores are not the same as the algorithms used to calculate FICO scores.

 

No matter what the scoring ranges are with FAKO scores, the algorithms used to calculate those scores are not the same as the FICO scoring algorithms, in some cases, a member will pull a FAKO score and it could be only 15-20 points higher or lower than their actual FICO scores, but as in your case, the difference in the FAKO scores you pulled were nearly 100 points off your real FICO (you did not specify which score you pulled here, EQ or TU) I'm assuming you pulled your EQ FICO here at myFICO, and that's 89 points higher than the FAKO you pulled from CreditCheck, that's a huge difference.

 

And also you pulled your scores on different dates, you pulled the FAKO's 2/28/12 and you pulled your FICO 3/10/12, there may have been some differences on your reports, such as one or more of your creditors could have updated your accounts, your util could have changed and other changes may have occurred as well, either way, it all boils down to FAKO vs. FICO, and there's no substitution for your real FICO score/s.

 

It's great to use CMS's to monitor your reports, but the scores you get with the CMS are useless, pay no attention to them, the reports you get from CMS's are usually spot on, since they are pulled directly from the CRA, but as you have mentioned in your 3 in 1 report you pulled, you said your auto loan does not list on EX but it lists in the 3 in 1 report pulled via CreditCheck, that's odd to me and I have no answer for that, if it lists on the 3 in 1 report you pulled from EQ, it should also list on the 3 in 1 report from CreditCheck. (We will have to wait for one of our Forum experts to chime in and see if they can offer an opinion on that).

 

As far as the errors you see on your reports (employment history) you said your current employer and previous employers are listed, but seem to be in the wrong order, I would be most concerned about your current employer, is it listed correctly? If the current employer listed on your reports is incorrect you want to have that fixed, you can either call each CRA or file a dispute online to have that corrected, it's very important that your current employer is listed correctly, and also your current address is listed correctly, because if they are not, and you want to apply for some type of credit and when you fill out an application and you put your current employer and current address on the app, when the creditor pulls your report/s and if that info does not match up, it will cause delays in processing your application, so if those two things are not listed on your report/s correctly, you would want to have those fixed ASAP.

 

Bottom line is, using CMS's to monitor your reports is a great idea, but the scores you get with those reports are NOT used by lenders making them worthless, so if you want to know your real TU and EQ FICO's, I recommend pulling them here at myFICO, unfortunately no one can pull their EX FICO anywhere, Feb of 2009 EX stopped selling their FICO's to consumers and the only way to get an EX FICO is by applying for credit from a lender who pulls EX, and if you're not approved for credit, or if you are not given their best terms, by law (the Dodd-Frank ACT) that lender is required to send you a letter providing the reasons you were declined or why you were not given the best terms, and in that letter, by law they must provide a credit score, not necessarily a FICO, but generally if it is a FICO it will say in the letter "FICO" somewhere.

 

There are a few CU's out there such as PSECU that provides an EX FICO in your monthly statement, but you have to be a member of that CU, there are other CU's that do this as well, but you would have to be a member with them as well.

 

I hope this has helped you some, and I hope all the information I have provided is correct and comprehensive, as always I'm human and may have left something out, but if I have, I'm sure one of our Forum experts will chime in and correct me and provide any information I may have left out.

 

I'm Wishing you the Best, and BTW, Welcome to the Forums Volpes, I hope you stick around and take advantage of all the knowledge that's available here at myFICO.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Moderator
LIGHTNIN
Posts: 4,045
Registered: ‎03-24-2008

Re: What's the difference between Fico score and the bureaus scores?

Mustanglvr2006,

 

Very nice post!  :smileyhappy:

 

Also I see your 2 points away from your goal, of 800 across the board. It won't be long now, you'll be in the 800 club with all 3! ! !

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Senior Contributor
MattH
Posts: 3,245
Registered: ‎04-03-2008

Re: What's the difference between Fico score and the bureaus scores?

As others have noted, there is a lot of deceptive marketing in the world of credit scores and one must read the fine print with very close attention when buying any credit score. Even when with genuine FICO scores purchased here, there may be differences from what a lender uses. There are three credit reporting agencies, each of which has its own version of the FICO scoring model. There are newer and older versions of the FICO algorithm; a lender might be using a newer or older version than what you pull here. And there are industry-specific versions of the FICO model, such as one designed for car dealers and auto loan companies (that one obviously gives greater weight to you car loan history). What you pull here should be very close to what a home loan mortgage company pulls, but even with home loans there can be differences. One poster on these forums recently pulled scores from MyFico using a laptop in the mortgage company office while the loan officer was pulling a tri-merge report on a desktop computer, and the scores from one CRA differed by something like fifty points -- probably due to that lender using a newer or older version than what is sold here.

A recent change in the law does require many lenders to provide applicants with information about the actual score they used to make their decision, which has given millions of people access to thid information. FICO encourages lenders to say exactly which version of the scoring model was used, but they don't all say which model was used. The law only requires them to say something like "for your credit score of XXX, which is in the XX percentile of applicants, we offer an interest rate of XX.XX percent APR; our lowest-risk customers get XX.XX percent…"

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012

Re: What's the difference between Fico score and the bureaus scores?

This forum software is hard to work with, at least once you try quote.

 

It clearly says "Plus Credit Score" on my CreditCheck Monitoring page; the "Fico" score I gave is from Equafax 3-in-1 report with score. Equafax seems very secritive about the score, so I don't know if its the "true" Fico score. I feel stupid for paying $40 for the Equafax + score... next year I will just pull my free reports and get my score here? :smileyvery-happy:

I guess I just don't understand why such a huge difference.

 

Thanks for the knowledgeable replies, and Mustang, thanks for the welcome.

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: What's the difference between Fico score and the bureaus scores?

The 3-in-1 from Equifax.com offers a non-FICO score called an "Equifax Credit Score".

 

 

Regular Contributor
Volpes
Posts: 158
Registered: ‎03-10-2012

Re: What's the difference between Fico score and the bureaus scores?


llecs wrote:

The 3-in-1 from Equifax.com offers a non-FICO score called an "Equifax Credit Score".

 

 



I should mention that I have the "Score Power" product (discounted $10 with the 3-in-1 report). Its Equifax's FICO score.

 

I will even post a snapshot :smileylol:

 

 

 

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: What's the difference between Fico score and the bureaus scores?

Ah...got it. I thought you had the Credit Complete product.

Valued Contributor
Mustanglvr2006
Posts: 1,971
Registered: ‎02-06-2011

Re: What's the difference between Fico score and the bureaus scores?


LIGHTNIN wrote:

Mustanglvr2006,

 

Very nice post!  :smileyhappy:

 

Also I see your 2 points away from your goal, of 800 across the board. It won't be long now, you'll be in the 800 club with all 3! ! !


Thank you LIGHTNIN:smileyhappy:

 

The last time I was given my EX FICO was 11/2011 by BoA, I'm wondering if my EX has possibly crossed the 800 mark by now, it stinks that I have no way of finding out.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge



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
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+