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Contributor
jeremyd82
Posts: 88
Registered: ‎08-17-2012
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myfico scorewatch vs Equifax monitoring

my score watch is show my score at 607 my equifax product is showing my score at 561 why such a difference if its the same company? Im curious because im going to stop using one of the two products im just curious for my decision making?

8/2012 485 FICO
2/2013 611 FICO
6/2013 602 FICO

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: myfico scorewatch vs Equifax monitoring

Equifax.com offers two types of scores: a FICO (same as on here) and their FAKO called an "Equifax Credit Score". Their products push the FAKO and lenders don't use it. It factors in stuff that FICO does not, and vice-versa. Ignore the score and their advice, however the report info is good. I've subscribed to both at the same time before. EQ will give you full report info not found elsewhere.

 

 

Contributor
jeremyd82
Posts: 88
Registered: ‎08-17-2012
0

Re: myfico scorewatch vs Equifax monitoring

Thanks for your reply I guess for the short term it will be a good idea to use the EQ for my report and the scorewatch for my score. Thanks its a total of 22$ a month so I gues I will hold of on canceling one or the other

8/2012 485 FICO
2/2013 611 FICO
6/2013 602 FICO

Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: myfico scorewatch vs Equifax monitoring

Equifax monitoring is more sensitive to balance changes and will report much quicker. The score is useless (in terms of judging creditworthiness) but it definitely reports changes more quickly than ScoreWatch.

 

Every service I use to monitor changes works faster than SW. I use CK, USAA, SW, and Equifax monitoring. The other services always report changes more quickly than SW. It's not that I feel SW is a total waste of money, simply that $14.95/month is too much for how spotty it's been performing.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: myfico scorewatch vs Equifax monitoring

[ Edited ]

jeremyd82 wrote:

Thanks for your reply I guess for the short term it will be a good idea to use the EQ for my report and the scorewatch for my score. Thanks its a total of 22$ a month so I gues I will hold of on canceling one or the other


And that's EQ only. You've still have the other two! :smileysurprised:

 

It can be expensive keeping tabs while monitoring credit, especially in the rebuilding/repair phase. I remember in the day spending $200-$300/mo on reports from various sources and FICO scores from here. It was well worth it when we accomplished our goal of a new home and I don't think I spend now but $100/year tops (if even that). What helped for me to cut costs when winding down was to subscribe to a CMS that pulled all 3. As I saw major changes to my credit reports I came back here and purchased the corresponding FICO report if I wanted to know my score change. I had subscriptions to SW and TUQM just for the sole reason to get 30% and 20% off discounts respectively to save $$$.

 

 

ETA...I'm a slow typer. drkaje beat me.

Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: myfico scorewatch vs Equifax monitoring

@ Ilecs,

 

Can't help feeling I'm wasting money at this point.

 

Nolonger in rebuilding phase but it's impossible to let go of the paranoia, LOL!


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: myfico scorewatch vs Equifax monitoring


drkaje wrote:

@ Ilecs,

 

Can't help feeling I'm wasting money at this point.

 

Nolonger in rebuilding phase but it's impossible to let go of the paranoia, LOL!


Everyone is doing it, drkaje. Just one more alert. Just one more pull.

Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: myfico scorewatch vs Equifax monitoring


llecs wrote:

drkaje wrote:

@ Ilecs,

 

Can't help feeling I'm wasting money at this point.

 

Nolonger in rebuilding phase but it's impossible to let go of the paranoia, LOL!


Everyone is doing it, drkaje. Just one more alert. Just one more pull.


Chasing the dragon, Ilecs.

 

Chasing the dragon. :smileyhappy:

 


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Senior Contributor
drkaje
Posts: 3,492
Registered: ‎07-25-2008
0

Re: myfico crosshatch vs Equifax monitoring

@ Ilecs,

 

I'm curious enough to burn a power report.

 

What discrepancy is worth calling to cancel?

 

It could be dead accurate or many points off. What is a reasonable expectation?


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: myfico crosshatch vs Equifax monitoring


drkaje wrote:

@ Ilecs,

 

I'm curious enough to burn a power report.

 

What discrepancy is worth calling to cancel?

 

It could be dead accurate or many points off. What is a reasonable expectation?


Your call. I tend to approach things logically. I make the assumption that the product is flawless, and therefore the onus on me is to prove otherwise. Part of that is to debunct any reason as to why the score changed (assuming you discover one) and to prove that the score changes were due to changes on the report that should have resulted in a SW alert. Absent credit alerts, I then have to prove that score changes were due to something that SW doesn't alert for (e.g. dropped accts, dropped balances, dropped lates, etc.) and that those changes were OUTSIDE of the 7-10 day EQ FICO monitoring period as described on the SW Guide. 

 

For example, let's say I pull today and it's a 30 point difference, either way. I would want to know why there wasn't an alert. I would look at credit alerts first and rule those out since that's the easiest. I'd look for balance increases, new TLs, new baddies, new inquiries, etc. I know from experience that my credit alerts for these items came within the same day up to a day later, or even two on rare occassions. If I didn't get an e-mail then I would look within the alerts themselves just in case an e-mail got lost somewhere. If a change occurred yesterday, for example, then I know an alert could be forthcoming. I also wouldn't make the assumption that if EX or TU changed, then EQ would too. There are a lot of complaint posts on here citing that, but in fact EQ didn't change at all in examples I've seen.

 

Credit alerts aside, I would move on to score alerts. I know that score alerts come within 7-10 days of the change. What are these changes? These are changes to the report or score that aren't triggered by a credit change (e.g. a baddie ages, a new TL ages, AAoA hits a b-day and score increases, a TL drops, etc.). There are a lot of reasons behind score alerts. So, if I pulled and using the 30 pt change, I would then examine the reports to figure out why, and more importantly, when. If the change occurred 5 days ago, then SW would alert you within 2-5 following that. I would also make sure I always reset my target to exactly match my known score. Figuring the source of a score alert is difficult especially since SW doesn't say why, other than guesses. 

 

If I was really looking for a flaw in SW, I would do it mid-month. IME, most of my score changes occurred on the first of the month as TLs age and TLs drop. Everything turns a month older on the first and a lot can happen to the score. So, if you pull today, certainly account that the score change could have occurred yesterday with a scheduled score alert by the 7th to the 10th when the score is monitored next. In an example like this, SW is working as advertised. And this is of course the target was set right.

 

I made this too wordy. I'll leave it up without revising it. Need coffee. I used to subscribe to SW for the 30% discounts on future reports. I would pull several times monthly and the savings cancelled out the monthly fee to the service and made it worth it, whether it worked or not. In the nearly 6 years of subscribing to it, I can only recall a couple of times where it did not work as advertised, but Barry had alerted us before I knew what was happening/didn't happen. It's definitely not perfect and it can use an overhaul (BTW, Sarah indicated there are some changes forthcoming...don't know what they are though). I guess now I'm out of the credit loop, I would consider cancelling if I didn't get obvious credit alerts (e.g. balance increases, new TLs) or if I went weeks without any score alert and I knew in my heart that EQ FICO should have changed.


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