topic The True credit score that is sold to the comsumer is not... in Understanding FICO® Scoring

TRUE CREDIT Vs MY FICO

Anonymous — Tue, 10 Apr 2007 18:13:14 GMT

I have a true credit account where I can see my credit scores every 24 hours for a certain amount per month, are the True Credit scores the same as the FICO scores?

Also, How do I know where the lenders get their scores from whether it be from MY FICO or from the TRUE Credit scores.

Also does MYFICO have a feature where I could see my credit score each day for one payment per month?

FICO -vs- FAKO

Anonymous — Tue, 10 Apr 2007 18:50:23 GMT

Des1302 wrote:
I have a true credit account where I can see my credit scores every 24 hours for a certain amount per month, are the True Credit scores the same as the FICO scores?

Also, How do I know where the lenders get their scores from whether it be from MY FICO or from the TRUE Credit scores.

Also does MYFICO have a feature where I could see my credit score each day for one payment per month?

TureCredit does not issue FICO scores, they are affectionately called FAKO score becaus they mean virtually nothing except to give you an idea which direction you are going. Lenders use one of several different FICO model, the only one for consumer use are the mortgage score

HTH

Brammy is this some kind of marketing trick or is this re...

Anonymous — Tue, 10 Apr 2007 19:07:53 GMT

Brammy is this some kind of marketing trick or is this really true about the credit bureau giving out fake scores?

So My FICO is the only place I can get my true Credit score?

How could I find out what the lender uses to get their scores from?

I know one lender uses CBA...where do they get those scores from?

The True credit score that is sold to the comsumer is not...

Anonymous — Tue, 10 Apr 2007 20:05:51 GMT

Des1302 wrote:
Brammy is this some kind of marketing trick or is this really true about the credit bureau giving out fake scores?

So My FICO is the only place I can get my true Credit score?

How could I find out what the lender uses to get their scores from?

I know one lender uses CBA...where do they get those scores from?

The True credit score that is sold to the comsumer is not the same one that lenders use. Lenders use FICO and the only to places to get a FICO score is either Equifax or here at MYFIO. That being said, regardless of where the creditor gets the score it is some version of the FICO score.

Even though you can get a FICO score at Equi fax, it is the mortgage or auto model not the credit card model. WaMu/Providian offer the bankcard enchanced FICO on their site. But each lender can have the score modeled depending on their needs from my understanding.

Lenders will use one of 3 bureaus to get your credit score no matter what thrid party they pay to obtain it. It will also be a FIOCO score.

TransU and Experian are touting heir scores as the scores for the future but they are not yet in use by anyone I know of. That's why it called hte FAKO it is based on no particular credit score any lender would use. Many people make the mistake of walking into a puchase assured that they know their scores only to be shot down as the scores can be miles from the real thing. It it doesn't carry the seal below, it is ot a true FICO score, the industry standard

WTH...so, even though I PAID Experian to give me my score...

Anonymous — Tue, 10 Apr 2007 20:38:28 GMT

WTH...so, even though I PAID Experian to give me my score, the score they gave me is incorrect?? *(^&(*&^^*!!!!!! How is a consumer supposed to be able to get their scores??? Do I have to pay $15.95 EACH to myfico for TU and EX to get them and know they're correct?? Or will they be?

You actually got what you paid for.

Anonymous — Tue, 10 Apr 2007 20:46:40 GMT

twnkltoz wrote:
WTH...so, even though I PAID Experian to give me my score, the score they gave me is incorrect?? *(^&(*&^^*!!!!!! How is a consumer supposed to be able to get their scores??? Do I have to pay $15.95 EACH to myfico for TU and EX to get them and know they're correct?? Or will they be?

Nope, you PAID Experian to give you the Experian plus score and that's what they gave you. They are trying to take market share away from FICO but so far haven't had much luck. I know several companies pull an Experian Amex etc. Don't know that they are opulling info from experian but using the FICO model or using the vantage score.

It may be catching on, I have noticed that some of my card who used to report to Equifax first are now reporting to Experian first.

Well, that pisses me off. I thought if I went straight t...

Anonymous — Tue, 10 Apr 2007 20:51:19 GMT

Well, that pisses me off. I thought if I went straight to the CRA I'd get the correct score. I didn't realize they were selling me a knock-off.

I find this extremly frustrating because if I ask Experia...

Anonymous — Tue, 10 Apr 2007 21:02:22 GMT

I find this extremly frustrating because if I ask Experian they'll say FICO is the knock off. Why can't consumers just get the truth the whole truth and nothing but the truth. It's bad enough we get judge by a 3 digit number, they can at the very least judge us equally by those numbers. They need to all merge and have one Credit Bureau with the true scores and correct info and let consumer see there scores for a mininum price.

Thanks for all of your help Brammy.

The fact is that FICO has been around forever and a day....

Anonymous — Tue, 10 Apr 2007 21:38:00 GMT

The fact is that FICO has been around forever and a day. The other bureaus no longer wanted to pay Fair Issac for using their scoring models so TU and Experian got together to offer something called the Vantage score something they on't have to pay to use. It is not yet widely used and has only been 'out there' for a few years..

Here's and example of a diffierence, when I pull my experian using TUs three and one at one point it said my Exp was 606 Pulling the same bureau Exp using the Fico the score if 682 now this IS closer to the score sold by Experian (696) but where in the world TUs 3-n-1 got that score is anyone's guess.

When I pulled my score on TU for TU it gives 664 but that same score on FICO is 702 and bankcard enhanced FICO is more like 729. More than likely your lenders are using some version of the FICO which can be higher or lowerthan those other scores.

Message Edited by Brammy on 04-10-2007 05:38 PM

Equifax offers score watch for $6.95/ month for fico equi...

credit12 — Wed, 11 Apr 2007 02:10:22 GMT

Equifax offers score watch for $6.95/ month for fico equifax, my fico has both one for TU and score watch for Equifax.

Susan orman knows her stuff but not enough. If people knew how strong their credit is and how it worked it would be good.

8.95

Anonymous — Wed, 11 Apr 2007 02:16:55 GMT

credit12 wrote:
Equifax offers score watch for $6.95/ month for fico equifax, my fico has both one for TU and score watch for Equifax.
Susan orman knows her stuff but not enough. If people knew how strong their credit is and how it worked it would be good.

Scorewatch on Equifax is now 8.95/mo. As far as the Suze Orman thing its the same thing you would get and explanations by pulling a scorewatch. It just seems to be personalized by adding her face and a few basic truths if you plan to get into major debt such as a car or home. The only difference is it will help you write a dispute letter and has step by step check points. Its a good product especially if your not sure how the system works but you are right it is very basic.

I pay $38.28/month for all three credit scores and report...

Drew — Wed, 11 Apr 2007 02:41:54 GMT

I pay $38.28/month for all three credit scores and reports on this site.

Was that a dumb move or is this commonly used?

I actually use True Credit to monitor on a regular basis...

Anonymous — Wed, 11 Apr 2007 02:45:18 GMT

Drew wrote:
I pay $38.28/month for all three credit scores and reports on this site.

Was that a dumb move or is this commonly used?

I actually use True Credit to monitor on a regular basis but when I expect a big change or actually want to apply for something I will pull a FICO. I guess that just makes me a cheapskate.

How much cheaper is True Credit? If by much, I might con...

Drew — Wed, 11 Apr 2007 02:46:49 GMT

How much cheaper is True Credit? If by much, I might consider it but I think you mentioned it not giving an accurate score.

Not FICO scores

Anonymous — Wed, 11 Apr 2007 02:53:25 GMT

Drew wrote:
How much cheaper is True Credit? If by much, I might consider it but I think you mentioned it not giving an accurate score.

True credit is 14.95/mo. When I need Fico scores I pull Fair Issac but since I can't afford 40/mo for scredit scores I do pull from TU. I does give you some idea of whther your scores are going up or down. I also use it to find out when my creditors report, whether they report the statement balance or the EOM blance. Thre area lot of things you can find out when you regularly monitor. But I still count on FICO for the real thng.

I believe Barry said they were working on something for people who wanted to monitor all three reports andscores. Hope they come up with something soon. I do have the added advantage of getting a real Bankcard industry FICO score on my banks website. So the only thing I'm mising between scorewatch and TU is the real Ex score.

I'm done with apply just got a new 0% for 12 with 2% cash back. I don't need anything new. I'll be using this until the 0% runs out but I haven't seen any pther cards offering cash back at a nuch lower interet rate unless you're uber-prime. Even Amex's mid interest rate is higher thanthis one and it only give 1% on the things I use the card for most.

It definitely sounds like something to consider because i...

Drew — Wed, 11 Apr 2007 02:57:22 GMT

It definitely sounds like something to consider because it can get expensive.

Does True Credit gives the same information as myFico as far as the credit report is concerned? If so, than the only difference would be the scoring system?

The reason I ask is because I need to monitor my credit reports very closely for the next six months and I need to know the best way to handle this. Any suggestions?

You get eveything but the soft inquiries. I use it so wh...

Anonymous — Wed, 11 Apr 2007 03:00:19 GMT

You get eveything but the soft inquiries. I use it so when I want to app for a neww card, I know exactly when my balances are at their lowest. If gives the same advice almost for improving your score. Right now I'm waiting until the 29th of this month to pull again before I request a CLI from my oldest card. At that point my utilixzation should be slim to none. I got into this prime card through a favor and my scores are just hitting good so I want to time it perfectly before asking for the CLI.

So you can't get updated reports on a daily basis?

Drew — Wed, 11 Apr 2007 03:02:37 GMT

So you can't get updated reports on a daily basis?

Of course

Anonymous — Wed, 11 Apr 2007 03:06:52 GMT

Drew wrote:
So you can't get updated reports on a daily basis?

You can pull a report every 24 hrs plus one minute. I did that for a while until I got what I needed accomplished. BUT beware of the file becoming too large I've heard tales of files splitting or old good accounts being bumped off the report for the sake of space. I did pull daily for a good long while

Re: The fact is that FICO has been around forever and a day....

Anonymous — Fri, 13 Apr 2007 15:23:11 GMT

So, is it safe to say that if we pull our credit scores (all 3) from My FICO we will get something closer to what creditors will see because My FICO gives us all three scores using some sort of FICO formula? Oh man, I thought I almost had this credit thing down.

Also, is there a certain place/site we should go to see what a Mortgage Lender will see? Or a Auto Lender?