myFICO score vs Privacy Matters 1-2-3

[Anonymous]

Hi again guys,

So my boyfriend is also signed up with myFICO.com - and here's what I don't get:  myFICO says his Equifax score is 648...  We signed him up for Privacy Matters 1-2-3 because we could get all three reports and scores for free, and, well, Privacy Matters says his Equifax score is 588!  What is up with the drastic difference in scoring here?  Privacy Matters gave us all his scores from the 3 bureaus - I'd only assume they are FICO scores - because otherwise, what good are they, what meaning would they have?  So does this mean if we signed up for a whole bunch of these sites we'd get a whole bunch of different scores?  How in the world can anyone truly monitor their credit score then? 

Message Edited by eringuru on 05-16-2008 03:48 PM

[marty56]

I think he got a FAKO score.  Best to be ignored.  FICO scores (gotten here) are whats counts.

[smallfry]

Use the resellers to monitor inquiries and ID theft. Forget the scores. Sometimes the rest is wrong too but you can't pull Fico every day so its the best you can do.

[haulingthescoreup]

The 3-in-1 credit report monitoring services like Privacy Matters and TrueCredit are best for monitoring your reports, not your scores. They seem to think that they ought to provide a score, so they have their own completely unknown formulas that generate these scores. Since lenders generally don't use these scores, they are frequently called FAKO (vs FICO) scores.

Once you spend some time hanging around here and learning what affects scores, you can look at changes on your score reports and make educated guesses as to when the real FICOs have changed, and decide whether to pay for a FICO score pull at that point.

[Junejer]

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@Anonymous wrote:

Hi again guys,

So my boyfriend is also signed up with myFICO.com - and here's what I don't get: myFICO says his Equifax score is 648... We signed him up for Privacy Matters 1-2-3 because we could get all three reports and scores for free, and, well, Privacy Matters says his Equifax score is 588! What is up with the drastic difference in scoring here? Privacy Matters gave us all his scores from the 3 bureaus - I'd only assume they are FICO scores - because otherwise, what good are they, what meaning would they have? So does this mean if we signed up for a whole bunch of these sites we'd get a whole bunch of different scores? How in the world can anyone truly monitor their credit score then?

Message Edited by eringuru on 05-16-2008 03:48 PM

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Hi eringuru. What good are the scores you ask? Some use them to line bird-cages or to housebreak puppies. There is even one member here to claim to use them as toilet paper. This is a capitalist society (thank God for that) and the resellers see an opportunity to capitalize on something that is hot (credit scores). Notice they have to say credit scores, not FICO scores. Monitor your credit and ignore the scores always and the advice that they give usually. GL.