topic Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power? in Understanding FICO® Scoring

Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

Anonymous — Mon, 14 Jan 2019 02:35:39 GMT

I've read that Equifax Score Power is the gold standard for mortgages. I have access to my Equifax FICO 8, but not score power. Should they be fairly close in score (I know it is a different algorithm so not expecting the same)? If my FICO 8 is around 700, should my Score power be roughly the same (maybe within the 680-720 range?)? Thanks.

Re: Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

Anonymous — Mon, 14 Jan 2019 03:57:59 GMT

What is score power? Is that the model that EQ provides a score through when you have an account with them? If so, I don't believe that score has anything to do with mortgage lending.

Re: Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

iv — Mon, 14 Jan 2019 04:52:32 GMT

Equifax Score Power was the name of a previous Equifax CMS product that did actually supply a real Equifax BEACON 5.0 aka FICO Score 5, which is one of the three "mortgage" scores.

A similar product is still available from Equifax - Score Watch: https://www.equifax.com/personal/products/credit/score-watch-and-monitoring/ - which supplies two EQ reports+scores per year, and provides monitoring of EQ5 for $14.95/month. This is actually a real Equifax FICO 5 "mortgage" score.

You can also get EX2 (one of the other real FICO "mortgage" scores) directly from Experian, in some of their paid products.

Or you get pull all three from MyFICO (although MyFICO does not currently offer monitoring of EQ5/TU4/EX2, just FICO 8).

I'm not aware of any generally-available source for TU4 other than MyFICO or a mortage lender. There may be some small CUs that offer it to members.

There is no direct relationship between specfic changes in FICO 8 scores and older models - while there are many things that are generally speaking positive or negative on both, there is no simple mapping possible between them. Different score models, different rules, different results. If you want to know how your mortgage scores are doing, you'll just have to use a source that actually provides them.

Re: Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

FireMedic1 — Mon, 14 Jan 2019 09:45:50 GMT

MyFICO 3B does report mortgage Score 5,4 &2 every month.

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Re: Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

iv — Mon, 14 Jan 2019 14:52:00 GMT

@FireMedic1 wrote:
MyFICO 3B does report mortgage Score 5,4 &2 every month.

Yes... or quarterly depending on your plan.

But monthly/quarterly updates are not monitoring - MyFICO only offers monitoring on FICO 8, all the other scores ONLY update on a new report pull, not on alerts.

The Equifax Score Watch product actually offers monitoring of EQ5.

It would be nice for mortgage planning if MyFICO started including (and/or offering as a separate product) 3-B mortgage score monitoring...

Re: Is there any relationship (that you can see) between Equifax FICO 8 and Equifax Score Power?

Anonymous — Mon, 14 Jan 2019 15:27:16 GMT

@Anonymous wrote:
I've read that Equifax Score Power is the gold standard for mortgages. I have access to my Equifax FICO 8, but not score power. Should they be fairly close in score (I know it is a different algorithm so not expecting the same)? If my FICO 8 is around 700, should my Score power be roughly the same (maybe within the 680-720 range?)? Thanks.

You are likely asking this because you have a practical need to prepare for a home purchase. If so, when do you guess you will buy? Next month? Three months from now? A year? Depending on your timeline, we can suggest the right score tools and general prep strategy.