Re: Credit Bureaus Score Models
05-07-2013 05:10 PM
When you purchase your myFico report, it's automatically your EQ score. Your report will be current. At least mine is. From what I have learned, the Beacon 5 is what myFico uses for the EQ score. The TU I think is the TU04 version. There is a TU98 version. EX is not on here. They don't play nice from what I have read.
I signed up for this because the FICO term is trusted and the Beacon 5 (which is used here) is used by my mortgage broker and most lenders of mortgages. Not sure what a Credit Union uses. I would call them and ask exactly what model they use. Plus when they deny you, they have to show you the report and the on that report should be what they use. I would simply call them.
Transunion is usually the higher of the 3 scores and I'm not sure why lenders would even use that in the first place. All 3 use different scoring models to come up with their score. It's just a matter of what lender uses one based on their policies and underwriting rules. So, EQ's score will usually be different than the TU score and same with the EX.