myFICO is Fako too if score not the same, EXACT as the 3 Credit Bureaus

[Anonymous]

I signed up with myFICO.com because l have seen the advertising as the REAL SCORE and what LENDERS USING.  But  they called others score Fako, however, l have a big disappointing so far with the fact that there has been a change on my report and my Equifax score went a bit up here, but l went to check my score and report directly from Equifax. Com, but the score went down instead of up... What the different between here and the other sites called Fiko?   I thought FICO score means "The score is exact score shows on each Credit Bureau".

[Anonymous]

myfico uses fico 08 Equifax uses fico 04 thats the diffrence  the diffrent score models look at your info differently and thus score you credit report diffrent if you are looking for a mortage then you need fico 04 if you are looking for more credit cards then use  myficco 08. HTH

[IamB2]

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@Anonymous wrote:

I signed up with myFICO.com because l have seen the advertising as the REAL SCORE and what LENDERS USING.  But  they called others score Fako, however, l have a big disappointing so far with the fact that there has been a change on my report and my Equifax score went a bit up here, but l went to check my score and report directly from Equifax. Com, but the score went down instead of up... What the different between here and the other sites called Fiko?   I thought FICO score means "The score is exact score shows on each Credit Bureau".

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You are confusing the Credit Bureau score with the FICO score. Remember, a score is a number derived by assigning weights and values to the data on your credit report. The reports may even not be the same across all three Credit Bureaus. 

Also, there are many different algorithms that can be applied to the data contained on your report. FICO is just ONE of the algorithms which provides you with the FICO score. Equifax also has their own model or alogrithm and they aren't the same when compared to FICO algorithm; so does TransUnion and Experian. Here is a link that describes that:

https://help.equifax.com/app/answers/detail/a_id/244/~/equifax-credit-score%E2%84%A2-vs-fico%C2%AE-score

Now, with that information, one can wonder which model is a better risk predictor. The answer may not be as simple as you may think - depending on who you ask. However, there is a reason why about 90% of the lenders use FICO Model and the other 10% consists of many other models. Here is a link that describes how 90/100 of the largest lenders still rely on FICO as the model of choice to predict risk...

http://www.bankrate.com/finance/credit/fico-the-credit-score.aspx

So, your FICO score will most likely be used when you are applying for credit. 

Also, as with any trustworthy product, it has to go through changes and updates from time to time to ensure that it remains current and gets improved based on how the world around us is changing. FICO is no different, so it underwent major changes in 2004 and 2008 (I think) hence FICO 04 and FICO 8. FICO 04 is used mostly by home lenders while others use FICO 8 or even a much older version of FICO 98. Why would they use an older version? well, I can't answer that for sure, but I would think that the longer something proves to be reliable, the more trustworthy it becomes. It is like an operating system: a lot of people don't want to upgrade right away until some security bugs or issues have been worked out. 

Hope that helps clear some confusion.