topic Re: TransUnion Score on myFICO in Understanding FICO® Scoring

TransUnion Score on myFICO

Anonymous — Thu, 04 Jun 2009 22:47:38 GMT

Why is my TransUnion score I purchase on this site (not FAKO) 607 and when my mortgage broker checked it less than 24 hours later, she got 587, which 587 is exactly the same TU score from 1 month ago???

Re: TransUnion Score on myFICO

haulingthescoreup — Thu, 04 Jun 2009 22:57:18 GMT

Your lender probably pulled TU 04, as in 2004, instead of TU 98, which is what is available here. (I think they're waiting on TU to update.) The formulas are slightly different, and some people do better with 04, and others do better with 98. I think there's a thread somewhere discussing the differences between the two --I can never remember.

The fact that your earlier score from here matched the new lender pull is (or should be) coincidental.

Re: TransUnion Score on myFICO

Anonymous — Thu, 04 Jun 2009 23:04:20 GMT

Actually the scores to not match and I just noticed they were pull the same exact day, not 24 hours later as I had said. I got 607 here. She got 587 the same day. 587 is the same score from a month ago and I just don't believe that my score with TU didn't change at all. Could it be that I'm disputing with TU? Do they freeze your score while disputing?

Re: TransUnion Score on myFICO

haulingthescoreup — Thu, 04 Jun 2009 23:23:31 GMT

mom23boys wrote:
Actually the scores to not match and I just noticed they were pull the same exact day, not 24 hours later as I had said. I got 607 here. She got 587 the same day. 587 is the same score from a month ago and I just don't believe that my score with TU didn't change at all. Could it be that I'm disputing with TU? Do they freeze your score while disputing?

Sorry, I wasn't clear. What I was trying to say was that when you pulled your 587 a month ago from myFICO, it was scored by the TU 98 formula. You pulled again and got a 607, again from the TU 98 formula.

Meanwhile, your lender pulled the same day, probably from the TU 04 formula, where you scored a 587. It's not that somehow that 587 has carried over. It's that you were scored by two different formulas, TU 98 and TU 04.

You might ask your lender for the exact name of the score formula that they used to confirm this, or possibly to confuse things all over again.

Now that over half the nation's lenders are using TU 04, myFICO is trying to make it available here. It appears to be a slow and tedious process.

Re: TransUnion Score on myFICO

Anonymous — Thu, 04 Jun 2009 23:35:37 GMT

The 587 score last month was also a lender pull. I've only pulled one on this site. Could the reason for no change be from the dispute with TU? Is there only this difference on TU or EQ too?

Re: TransUnion Score on myFICO

haulingthescoreup — Thu, 04 Jun 2009 23:41:55 GMT

OK, that explains it even better.

Your TU 04 score is 587. It didn't change from last month to this month, when your lender pulled again.

Your TU 98 score, pulled from myFICO, is 607. It is a different score from TU 04, even though it's also a legitimate FICO score. Unfortunately, your lender is using the newer version, under which you score lower.

Disputing sometimes changes a score --might be upwards, might be downwards. It depends on what is being disputed, how old it is, and so forth.

If you see the report that your lender pulled, what are the negative reasons on it? Pay particular attention to the first two --they're the ones that are hurting you the most. It's possible that you might be able to change some payment patterns and get your TU 04 (lender) score up to 600 or better.

Re: TransUnion Score on myFICO

ShanetheMortgageMan — Fri, 05 Jun 2009 20:35:23 GMT

Came here for this info and it's exactly what I wanted... but my main question is ... when is myFICO.com going to change to the TU 04 model? When I recommend people go here to buy their reports, and since only 2 scores can be rec'd right now, it is helpful to know that the score they will be pulling is the same as mine - which more and more mortgage lenders are only using TU 04.

Re: TransUnion Score on myFICO

llecs — Fri, 05 Jun 2009 20:37:28 GMT

Many of us have asked the same question. The operative answer is "soon".

Re: TransUnion Score on myFICO

Anonymous — Fri, 05 Jun 2009 20:57:32 GMT

However, after two years of asking, "soon" isn't cutting it as a real answer.

The situation is even more absurd this year, with the EX Fico being unavailable for consumers. Previously, if your EQ was 630 and your EX was 620, at least you knew you were OK to proceed with a 620-minimum loan regardless of which TU score your lender pulled.

Now, if your MyFico TU'98 is 640 and your EQ is 620, you have no idea of where you stand, because the lender could pull a TU'04 that is 610, and if your mystery EX score is also below 620, you're suddenly forced to do some emergency credit fixing, which may or may not be possible.

Fico and TransUnion need to get their collective act together. This paralysis is beyond ridiculous, and puts a serious dent in the usefulness of Fico scores as a mortgage loan preparation tool ...

Message Edited by Revike on 06-05-2009 01:57 PM

Re: TransUnion Score on myFICO

smallfry — Sat, 06 Jun 2009 01:55:31 GMT

So what's the deal? They have 04 but won't sell it here? And the point of that would be?

Re: TransUnion Score on myFICO

marty56 — Sat, 06 Jun 2009 13:29:25 GMT

I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it. That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week. The truth is your scores are what they are and its the content of our CRs that matter. Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.

Re: TransUnion Score on myFICO

Anonymous — Sat, 06 Jun 2009 14:38:50 GMT

@smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be?

The Fico score that TransUnion sells on transunioncs.com is also TU'98, not TU'04, which would seem to indicate that both Fico and TU are involved in preventing the availability of the newer model ...

Re: TransUnion Score on myFICO

haulingthescoreup — Sat, 06 Jun 2009 14:39:47 GMT

smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be?

Well, it takes two to tango.

I think of it this way: how long does it take to get a credit bureau to do anything?

Re: TransUnion Score on myFICO

smallfry — Sat, 06 Jun 2009 15:02:14 GMT

@haulingthescoreup wrote:
@smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be?

Well, it takes two to tango.

I think of it this way: how long does it take to get a credit bureau to do anything?

Well that depends. If we're talking about trashing your report EQ is pretty quick on the draw. LOL.

Re: TransUnion Score on myFICO

Anonymous — Sat, 06 Jun 2009 15:15:36 GMT

@marty56 wrote:
I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it. That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week. The truth is your scores are what they are and its the content of our CRs that matter. Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.

Fico has been offering the "more than half of the lenders" excuse for two years now, and it is just not believable.

It is 2009, and Fico has even rolled out several new mortgage scoring models based on Fico'08. The EQ and EX classic scores are based on models that are only about 4-5 years old, not 11. Mortgage lenders are even more concerned that scoring models be more accurate in quantifying risk. There is no way that 50% of the lenders/resellers are still utilizing an 11-year-old model.

The vast majority of mortgage applicants who have posted here and on other credit-related boards, and have seen the version name of the TU score pulled by their lender, have reported that it is TU'04. Also, in the majority of cases posted, the TU'04 score is lower than the TU'98 score.

The reality is that most people have no idea there are multiple versions of the TU Fico score, and Fico and TransUnion certainly don't help make them aware of that fact. The more organized applicants pay for their Fico scores ahead of time, and clean up their reports so the two available scores meet or exceed the minimum score that their lender tells them is needed for a particular loan package. Often, they pay for their scores more than once. They are confident that - at least score-wise - they have done their homework and are properly prepared. They are totally shocked when they find out that, thanks to the different versions, they need to make up 10 or 20 points to qualify because the tri-merge report pulled by their lender includes the TU'04 version. That point deficit could take weeks or months of further credit repair to make up. The delay could mean they lose the chance to buy the house they had chosen, or they need to settle for a loan package with a higher interest rate.

It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...

Re: TransUnion Score on myFICO

haulingthescoreup — Sat, 06 Jun 2009 15:36:52 GMT

Revike wrote:

...It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...

Or consider the possibility that one partner is less motivated than the other, and/or that partner doesn't feel any particular urgency.

Re: TransUnion Score on myFICO

smallfry — Sat, 06 Jun 2009 15:37:07 GMT

@Anonymous wrote:
@marty56 wrote:
I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it. That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week. The truth is your scores are what they are and its the content of our CRs that matter. Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.
Fico has been offering the "more than half of the lenders" excuse for two years now, and it is just not believable.

It is 2009, and Fico has even rolled out several new mortgage scoring models based on Fico'08. The EQ and EX classic scores are based on models that are only about 4-5 years old, not 11. Mortgage lenders are even more concerned that scoring models be more accurate in quantifying risk. There is no way that 50% of the lenders/resellers are still utilizing an 11-year-old model.

The vast majority of mortgage applicants who have posted here and on other credit-related boards, and have seen the version name of the TU score pulled by their lender, have reported that it is TU'04. Also, in the majority of cases posted, the TU'04 score is lower than the TU'98 score.

The reality is that most people have no idea there are multiple versions of the TU Fico score, and Fico and TransUnion certainly don't help make them aware of that fact. The more organized applicants pay for their Fico scores ahead of time, and clean up their reports so the two available scores meet or exceed the minimum score that their lender tells them is needed for a particular loan package. Often, they pay for their scores more than once. They are confident that - at least score-wise - they have done their homework and are properly prepared. They are totally shocked when they find out that, thanks to the different versions, they need to make up 10 or 20 points to qualify because the tri-merge report pulled by their lender includes the TU'04 version. That point deficit could take weeks or months of further credit repair to make up. The delay could mean they lose the chance to buy the house they had chosen, or they need to settle for a loan package with a higher interest rate.

It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...

Still what purpose does it serve to not make 04 available? Whoever is predisposed to pull FICO scores is going to pull anyway.

Re: TransUnion Score on myFICO

Anonymous — Sat, 06 Jun 2009 19:39:06 GMT

@haulingthescoreup wrote:
@Anonymous wrote:

...It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...
Or consider the possibility that one partner is less motivated than the other, and/or that partner doesn't feel any particular urgency.

My first guess is that TransUnion is the less motivated partner, based on the fact that TransUnion doesn't sell TU'04 on its transunioncs.com site either. But Fico may be affecting that decision somehow, so who knows. I agree with smallfry - I can't figure out what the reason would be for not updating the product to the TU'04 version.

And even if TU is reluctant, if Fico sweetened the pot sufficiently, you'd think TU would come around. Everyone has their price, especially in business.

Fico should be motivated to do whatever it takes. As consumers get more educated, and more mortgage applicants learn that they can only purchase one Fico score that is sure to match what their lender will pull, Fico's sales will be affected and their main sales pitch diminished.

Similarly, Fico should also be motivated to mend the wounds from their lawsuit and make every attempt to coax Experian to consider a new agreement for offering the EX Fico to the public again ...

Message Edited by Revike on 06-06-2009 12:39 PM

Re: TransUnion Score on myFICO

Anonymous — Sat, 06 Jun 2009 19:40:03 GMT

I'm glad I could get this out there for everyone to see. I'm a little disappointed that this site pushes the fact that they are the only "real" (not FAKO) scores. I spent several weeks testing the waters on other sites and chose this one, only to find out that only 1 of the scores here are "real". I'm also not getting nearly as many credit alerts (i.e. none) as I first was when I started the free trial. I thought it was because it was getting to the end of the free 30 days so I joined the monthly and still nothing. I'm still getting alerts from the 3 other sites that are currently still in the free trial period but none from this site. What's going on? I've seen other posters here complaining about the same thing.

Re: TransUnion Score on myFICO

ralbusta — Mon, 08 Jun 2009 03:53:02 GMT

@Anonymous wrote:
I'm glad I could get this out there for everyone to see. I'm a little disappointed that this site pushes the fact that they are the only "real" (not FAKO) scores. I spent several weeks testing the waters on other sites and chose this one, only to find out that only 1 of the scores here are "real". I'm also not getting nearly as many credit alerts (i.e. none) as I first was when I started the free trial. I thought it was because it was getting to the end of the free 30 days so I joined the monthly and still nothing. I'm still getting alerts from the 3 other sites that are currently still in the free trial period but none from this site. What's going on? I've seen other posters here complaining about the same thing.

The scores here are both real. In your case as well as many others unfortunately the TU score wasn't the model that was pulled by your lender. However it is still a real FICO score. I lucked out last week I was shopping rates for a mortgage and had my credit pulled twice and both times my scores on myFICO matched those that my lender pulled exactly.

I do feel your frustration though. I wish you luck.