myFico score is 717 , score thru Equifax 784 on the same day

[llecs]

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@tommyz1052 wrote:

FAKO score is used to refer to any credit score that's not a FICO score. If you purchased your credit score from anywhere but myfico.com, then it's a FAKO score.? right?

FAKO to the average person reading would seem to mean somehow its fake or illegitimate. The more I think about this, if companies use different scores including FAKO's why are FAKOS not a representative number? 

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Right. We affectionately call all non-FICO scores "FAKOs".

Here are the only places youcan get your FICO score:

-The only places you can buy your TU FICO is either from your lender or myFICO.com.

-The only places you can buy your EQ FICO is from your lender, myFICO.com or from Equifax via these products in www.equifax.com/myfico-products.

-Unfortunately for your EX FICO, you can only buy it from your lender.

Now there are a some CUs and banks that offer your FICO as part of a service. For example PSECU in PA offers a free EX FICO. Digital CU offers a free EQ FICO. Sears/HSBC offers a free TU FICO flavor. My bank, M&T Bank, offers a monthly EQ FICO service. And other CUs and banks offer free reviews of your FICO as a benefit.

Remember, if it does NOT say "FICO" next to the score, then it isn't a FICO.

Other places sell credit scores like Equifax.com, freescore.com, freecreditreport.com, truecredit, creditkarma, Quizzle, and dozens of others sell scores but they are not FICO scores.

FAKOs are not representative because they don't have access to the FICO formula. They only guess what it could be. Unfortunately, these scores are often so off base that lenders won't ever touch them. In fact, a couple of these FAKO sites outright say that the score is not a representation of FICO and they are "for educational purposes only". My FICO compared with some FAKOs on the same day have been as much as 200 points off. Also, FAKOs, due to patent laws, cannot have have same score range as FICO. Some go from 150-950. Vantage, for example, goes from 501-990. So, the scores would be way off base anyway.

[tommyz1052]

llecs thanks for your reply.

The discrepancy is in the mfico score using scorewatch and  the EQ score i bought from the "products link on the equifax site" as per Consumereports article on this topic.

so my dilemna is I almsot didnt make a financial decision on Scorewatch, I went with my gut and my gut and the Fako's were right.

it maybe a minutia point but is Scorewatch updates with scores that display on the graph real FICO's or just some simulation? Because in my case there is a 67 point different in Equifax.

 717 ( myfico) vs 784 Equifax, you have to ask yourself what is wrong here.

The lender told my car dealer the Equifax fico was over 760 , but no more detail.  But my car dealer said to just shut up and not press the point as I got the best 0% interest rate.

Ultimately this whole discrepancy has a silver lining, I have more understanding what scores are. And It seems that the word "FICO" is like a BAND-AID to Bandage..

Of course all bandages are not bandaids. 

[haulingthescoreup]

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@tommyz1052 wrote:

llecs thanks for your reply.

The discrepancy is in the mfico score using scorewatch and  the EQ score i bought from the "products link on the equifax site" as per Consumereports article on this topic.

so my dilemna is I almsot didnt make a financial decision on Scorewatch, I went with my gut and my gut and the Fako's were right.

it maybe a minutia point but is Scorewatch updates with scores that display on the graph real FICO's or just some simulation? Because in my case there is a 67 point different in Equifax.

 717 ( myfico) vs 784 Equifax, you have to ask yourself what is wrong here.

The lender told my car dealer the Equifax fico was over 760 , but no more detail.  But my car dealer said to just shut up and not press the point as I got the best 0% interest rate.

Ultimately this whole discrepancy has a silver lining, I have more understanding what scores are. And It seems that the word "FICO" is like a BAND-AID to Bandage..

Of course all bandages are not bandaids. 

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They are different scores, although both based on your Equifax credit report.

They result from different score formulas.

They are probably on a different score range; i.e., different high and low numbers.

You can't compare them to one another, any more than you can compare an apple to an orange, other than that they're both fruits.

Saying that there must be something wrong because the 717 doesn't match the 784 is like saying that there's something wrong because your apple doesn't taste like your orange.

Congrats on the 0% interest rate.

[tommyz1052]

the Equifax is on the same range, as myfico. 

I will state again my debt has gone down by 1/3, in 18 months and is about 11% usage. and my Myfico score has gone down via scorewatch.

Really Apples to Oranges? are you saying the report that the dealer used is a orange when that is what they used. If no one is using the score  i am supposed to "watch" what is it good for?

[MarineVietVet]

Several months ago Equifax began selling their own proprietary "Equifax Credit Score" but this is NOT an Equifax FICO score. This could be what you bought. The version of Equifax (Beacon 5.0) is exactly the same if bought here at myFICO or from Equifax IF you bought the right product. If what you got from EQ did not say "FICO" somewhere on the score/report then you don't have a true EQ FICO. I just don't see how the same version of EQ could be different by so many points.

You can go here and look at the FICO product offered from EQ: www.equifax.com/web-myfico-products/  Is this what you bought?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[llecs]

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@tommyz1052 wrote:

I will state again my debt has gone down by 1/3, in 18 months and is about 11% usage. and my Myfico score has gone down via scorewatch.

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The score discrepency has been touched already (different scores....based on the pull from myFICO and EQ the same day), but if your scores inside of ScoreWatch dropped, then you'd want to address that and figure out why. Just make sure ALL of your score comparisons came from EQ's version of ScoreWatch (or here) and not from any other products within Equifax.com, because you would be comparing apples to oranges.

If your 7-point score drop came from within ScoreWatch and myFICO, then consider the reasons why. First off, congrats on the debt paydown! What did you pay off? Were any of the items that you paid off CCs, and if so, were any of them closed or inactive? Were any accounts added to EQ? Anything else happen that could have offset the potential gains from the debt paydown?

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@tommyz1052 wrote:

Really Apples to Oranges? are you saying the report that the dealer used is a orange when that is what they used. If no one is using the score  i am supposed to "watch" what is it good for?

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I love analogies. In comparing a FAKO to a FICO, it is like finding 8 seeds in your orange and then assuming there will be 8 seeds in your apple. If using "dealer" for the CRAs, you can't take away that the dealer offers FICO scores. There are zero FICO scores offered anywhere on Experian and TransUnion's website. You can't get it anywhere from them. They don't sell it because I think they have to pay a small fee back to FICO for our pulls and if they sell their own made up score, then they can charge the exact same fee and pay $0 back to FICO. They are capitalizing on the assumption that nobody knows what they sell and are hinging on your Band-aid and bandage analogy (or Xerox or copy machine or Kleenex and tissue).

[tommyz1052]

  "

Saying "small fee back to FICO for our pulls " implys some sort of ownership or employment ?

I was under the assumption this was a consumer board.

[llecs]

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@tommyz1052 wrote:

Saying "small fee back to FICO for our pulls " implys some sort of ownership or employment ?

I was under the assumption this was a consumer board.

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I hope I didn't confuse things....if TU and EX decided to sell FICO scores on their website tomorrow (aside from us rejoicing), I believe that the CRAs would have to pay some of the money you give to them as a fee for the score back to FICO as a royalty for use of and access to the formula.

This is a consumer board...we all want full access to our FICOs (and at a cheaper rate). ETA...and we also want the practice to stop of the CRAs and other websites from selling non-FICOs and passing them off as if they were a FICO score. Though I'm more of a free-market person and wouldn't want any regs stopping other companies from creating a competing score.

[geronimo2008]

You seem to be comparing apples and oranges.  each comparison takes reports from differnt agencies and asks why theya re not simialr.

[kjm79]

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@tommyz1052 wrote:

The lender told my car dealer the Equifax fico was over 760 , but no more detail.  But my car dealer said to just shut up and not press the point as I got the best 0% interest rate.

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Not to throw another wrench into the mess here but not only does each CRA sell their own "version" of a credit scroe (not a FICO score, but he FAKO as already discussed here), even within FICO scores you have other versions.  You have auto-enhanced scores, which I bet is what you got from your lender.  Yout have mortgage enchanced scores, and credit card scores.  The ONLY way to know what score you are looking at is to ask your lender.  Any score you buy fron third-party sites or even directly from the CRA, if it doesn't say FICO with the registered isignia, then you are not getting your FICO scores.