What the scoring model used

[Anonymous]

When I check my score at experian web site it is (749 746 699 Exp -TU- Eqifax) but when the lender check it (he use exquifax mortgage service) it come as (649 638 696) the model was  Exp - Fair Isaac,  TU - FICO classic 98,  Eqifax- Beacon 5.0)

What was the model used by experian web site (pulled from mycreditkeeper.

Is their any lender use the upper scoring model ...

thanks

[llecs]

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noblehorse wrote:

When I check my score at experian web site it is (749 746 699 Exp -TU- Eqifax) but when the lender check it (he use exquifax mortgage service) it come as (649 638 696) the model was  Exp - Fair Isaac,  TU - FICO classic 98,  Eqifax- Beacon 5.0)

What was the model used by experian web site (pulled from mycreditkeeper.

Is their any lender use the upper scoring model ...

thanks

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Unfortunately, EX doesn't use FICO scores on their website. Theiy try to compete w/ FICO and created their own formula which nowhere mimics FICO. We call these fake scores FAKOs. IMO, it is nothing more than a marketing ploy to get you and I to spend more money at their website. Regretfully, no lenders use these scores (as an FYI, EX scores from EX are called EX Plus scores). Outside of EX, all the scores sold by TU are also FAKO scores. EQ also sells some FAKO scores w/in their 3-in-1 product.

The only place to get your FICO score for all three reports is via myFICO. You can also get your TU FICO score through transunioncs.com (note the cs). You can get you EQ FICO also from EQ as they have partnered w/ Fair Isaac. And aside from myFICO, you can get your EX FICO from PA Employees Federal Credit Union (if a member) and possibly from other participating CUs.

For more info, check out Credit Scoring 101.

[maestro]

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@llecs wrote:

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@Anonymous wrote:

When I check my score at experian web site it is (749 746 699 Exp -TU- Eqifax) but when the lender check it (he use exquifax mortgage service) it come as (649 638 696) the model was  Exp - Fair Isaac,  TU - FICO classic 98,  Eqifax- Beacon 5.0)

What was the model used by experian web site (pulled from mycreditkeeper.

Is their any lender use the upper scoring model ...

thanks

---

Unfortunately, EX doesn't use FICO scores on their website. Theiy try to compete w/ FICO and created their own formula which nowhere mimics FICO. We call these fake scores FAKOs. IMO, it is nothing more than a marketing ploy to get you and I to spend more money at their website. Regretfully, no lenders use these scores (as an FYI, EX scores from EX are called EX Plus scores). Outside of EX, all the scores sold by TU are also FAKO scores. EQ also sells some FAKO scores w/in their 3-in-1 product.

The only place to get your FICO score for all three reports is via myFICO. You can also get your TU FICO score through transunioncs.com (note the cs). You can get you EQ FICO also from EQ as they have partnered w/ Fair Isaac. And aside from myFICO, you can get your EX FICO from PA Employees Federal Credit Union (if a member) and possibly from other participating CUs.

For more info, check out Credit Scoring 101.

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Competition is not such a bad thing.

FICO dominance gives them pricing power and allows them to continue to charge the fees they do for scores.

[cobaltnv]

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@maestro wrote:

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Competition is not such a bad thing.

FICO dominance gives them pricing power and allows them to continue to charge the fees they do for scores.

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I agree with you that competition is a good thing (and that the cost of FICO scores is too high). However, if the products are not comparable then no competition exists. In this case one of the products is basically worthless:  no lenders use FAKO scores, and they track FICO scores in no reliable way. 

[llecs]

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cobaltnv wrote:

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@maestro wrote:

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Competition is not such a bad thing.

FICO dominance gives them pricing power and allows them to continue to charge the fees they do for scores.

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I agree with you that competition is a good thing (and that the cost of FICO scores is too high). However, if the products are not comparable then no competition exists. In this case one of the products is basically worthless:  no lenders use FAKO scores, and they track FICO scores in no reliable way. 

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Ditto to colbalt.

I'm all for competition and the free market. They are more than open, in my opinion, to have their own version of a credit score. Heck, for $10, I'll give anyone reading this a FAKO score.

But as mentioned, lenders don't use the EX PLUS score. It is so inaccurate and off base that creditors won't touch them.

[maestro]

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@llecs wrote:

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@cobaltnv wrote:

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@maestro wrote:

---

Competition is not such a bad thing.

FICO dominance gives them pricing power and allows them to continue to charge the fees they do for scores.

---

I agree with you that competition is a good thing (and that the cost of FICO scores is too high). However, if the products are not comparable then no competition exists. In this case one of the products is basically worthless:  no lenders use FAKO scores, and they track FICO scores in no reliable way. 

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Ditto to colbalt.

I'm all for competition and the free market. They are more than open, in my opinion, to have their own version of a credit score. Heck, for $10, I'll give anyone reading this a FAKO score.

But as mentioned, lenders don't use the EX PLUS score. It is so inaccurate and off base that creditors won't touch them.

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I don't know if you can necessarily call them inaccurate. FAKO/FICO scores both attempt to assess risk. 

If you use the FAKO score as the comparison, you can then say FICO is inaccurate.

What makes one better than the other is ultimately going to be judged by the market place and currently FICO is way ahead on this front.

I am not trying to be argumentative, just rooting for more competition to bring down prices for us consumers. 

[cobaltnv]

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maestro wrote: 

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I don't know if you can necessarily call them inaccurate. FAKO/FICO scores both attempt to assess risk. 

If you use the FAKO score as the comparison, you can then say FICO is inaccurate.

What makes one better than the other is ultimately going to be judged by the market place and currently FICO is way ahead on this front.

I am not trying to be argumentative, just rooting for more competition to bring down prices for us consumers. 

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 There are a couple of potential problems with increased competition in this area: 1) We already have 3 different credit scores that are used by various lenders.  How many more do we need/want? The second problem is a larger issue. FICO has convinced lenders that their risk assessment system works and is based on years of statistical data. It is my understanding that FAKO scores have been developed in an attempt to model FICO scoring not in attempt to model risk. FAKO scores are sold only to consumers not to lenders--until that changes (unlikely) they will remain worthless for those who want to know how they are viewed by lenders.

[Anonymous]

Until a FAKO becomes an industry standard alternative to qualify for a major loan, I consider them scams. They seem to be marketed more to ignorant consumers than to businesses for risk assessment purposes. That said, if FICO scores were half the price they are now, I wouldn't complain to Barry

[noblehorse1]

Thanks all,

So where can figure what is my TU FICO classic 04 score and Experian Fair Isaac ver 2 ?

   

[Anonymous]

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@noblehorse1 wrote:

Thanks all,

So where can figure what is my TU FICO classic 04 score and Experian Fair Isaac ver 2 ?

   

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It is my understanding that both Transunion and MyFico sell the 98 score so there is no place for us to buy the 04 score.  Not sure what version of Experian we have available here.  (And for a limited time, only a few more days to buy it.)