Established Contributor
InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
Re: Accuracy of MyFico Scores?
[ Edited ]

I was told that the credit bureaus use the FICO score but now I am hearing that they don't?

 

Correct. All three bureaus sell scores, but sometimes they are not FICO scores.

Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

No. You are, in fact, preaching to the choir. I'm waving at you from the exact same boat.

So what you're saying is that when a lender pulls my credit bureau reports, they are not even getting a real credit score?

No, lenders pay a subscription fee to get an actual FICO score. (Most of the time. Certain lenders do not use FICO, but that is a small minority.) Lenders who pay for that subscription get the good stuff. Consumers who purchase their own scores? Not so much.

We went to refinance our property and when the lender pulled our credit report, it showed my FICO at almost 60-100 points LOWER than what this sites supposed "score" is.

What did your lender pull? Which bureau did they use? Because to complicate an already frustrating situation, there are multiple versions of FICO scores. Someone pulling a TU score could be getting TU98 or TU08 - both use the FICO algorithms, but could result in disparate scores.

How can a consumer really monitor their credit when there are so many different 'versions' of that credit?

 

Yep. A commonly expressed frustration on these very boards. This is not a consumer-driven setup.

So which score is right? You say your website score is right.

I did not say that. I said this site is where you can purchase a FICO score, but there's no one "right" score. If you are looking for a single number, one set of three digits To Rule Them All - you're chasing a phantom. A phantom that changes every month, no less! What you can do is to make sure your reports are as free from errors and negatives as possible. I see many, many people who get really tied up in the credit score and get frustrated. Focus on your overall financial health, because trying to chase a number is not always helpful.

 

I am in no way trying to mislead anyone. But the current system is what it is. I might as well get peeved at the tide going in & out - it happens whether I like it or not. So I control what I can, and leave it at that.