topic Re: Accuracy of MyFico Scores? in Understanding FICO® Scoring

Accuracy of MyFico Scores?

jones2929 — Fri, 12 Apr 2013 16:42:53 GMT

This has been a great resource to use. I was wondering if anyone knew how accurate the scores on this site are. I have a 698 for TransUnion and Equifax. If I apply for a refinancing, they have told me that I need to get to 700. I think I can do that in a month or so by paying down another credit card fairly significantly. However, I don't want the bank to pull my scores until I am pretty sure that they are at 700. How confident can I be a 700 on this site will equal a 700 on something pulled by a lender? I have 710, 716. 724, and 742 on other sites, but I know those are FAKOs and I really don't have any faith in them (although they are fun to look at and review).

Thanks in advance.

Re: Accuracy of MyFico Scores?

Anonymous — Fri, 12 Apr 2013 16:56:30 GMT

The EQ score from here is the same one used by lenders. It is a Beacon 5.0. There is a newer version Beacon 9.0 but few use it.

TU is TU98 and some still use it but not many. Most lender use TU04 and you can only get that from a lender. As with any version, there can be differencs in the scores. I can't say with any certainy if your TU98 would be higher or lower.

Re: Accuracy of MyFico Scores?

dyneemo — Mon, 15 Apr 2013 20:25:17 GMT

I don't think this information is accurate. You say it is the same used by the lenders, but this is untrue. I monitor my credit through myFico.com and also through Equifax, Experien and TransUnion. On my 3-credit report from Equifax it shows that my FICO score with them is still a 580 though you show it as a 636. My Experien shows it as a 665 though on my 3-credit bureau report it says it is a 608

So what is the real score? How does someone actually 'monitor' their credit when they are given varying credit scores depending on where they look? I had disputed a lot of items in my credit report and when myFICO came back saying it raised my score by over 47 points I was thrilled. But then I went to Equifax and say they still have me as a 580 though you show me as a 636...

I just don't trust any of you

Re: Accuracy of MyFico Scores?

InvincibleSummer3 — Mon, 15 Apr 2013 21:18:06 GMT

Dyn, who are you talking to? We on the forums don't work for Fair Isaac. Are you looking at FICO scores or FAKO scores?

The score you're seeing for Experian has to be a FAKO, because consumers are not allowed to purchase the actual FICO scores direct from Experian anymore. Most credit monitoring services use non-FICO scores:

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/662549

The scores from a CMS are less useful, to my mind, than the ability to monitor changes to what is being reported. If you're careful to pay things on time, every time, and to handle collections properly, the score will take care of itself.

Re: Accuracy of MyFico Scores?

dyneemo — Mon, 15 Apr 2013 21:45:07 GMT

I was hoping to actually get to someone who runs this website and/or the scores and tell me where they get their numbers since it is so much different. I thought what I was looking at was my actual FICO score, but if this is just another fly-by-night-kind-of-almost-monitoring-your-credit site, I don't want to pay for the service if what they show me is, again, not accurate. I want a REAL score from a REAL agency. Not another random 'almost'

I mean, now we throw in the FAKO score with the FICO score and the PLUS score. I was told that the credit bureaus use the FICO score but now I am hearing that they don't? Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

So what you're saying is that when a lender pulls my credit bureau reports, they are not even getting a real credit score? We went to refinance our property and when the lender pulled our credit report, it showed my FICO at almost 60-100 points LOWER than what this sites supposed "score" is. Also, according to Equifax, TransUnion and Experien, they get my scores from a FICO..but if your score and their score are 50+ points different, how is that even accurate? And, the lender pulled the 3-credit bureau report which, supposedly, had my current FICO score. Something is not right with any of this. How can a consumer really monitor their credit when there are so many different 'versions' of that credit? Its very misleading to think that your credit is almost 100 points higher than what you find it is when you actually apply for credit and/or refinancing

I do understand that the creditscore.com bases their score off of a PLUS score which is essentially a worthless number that doesn't mean anymore than throwing away the $12.95 monthly fee for essentially getting nothing in return. But THIS website (myFICO.com) should give an accurate snapshot of my actual credit FICO score...but it doesn't...

So which score is right? You say your website score is right. But the 3-credit bureaus who say tha they get their info from a FICO score obviously are not looking at the same thing you are...

It's misleading. No matter how you put a spin on it

Re: Accuracy of MyFico Scores?

InvincibleSummer3 — Mon, 15 Apr 2013 22:43:11 GMT

I was told that the credit bureaus use the FICO score but now I am hearing that they don't?

Correct. All three bureaus sell scores, but sometimes they are not FICO scores.

Who the hell uses the right score to monitor our credit? If we're told that the lenders use FICO why are they using FAKO? Am I the only one who thinks this is ludicrous?

No. You are, in fact, preaching to the choir. I'm waving at you from the exact same boat.

So what you're saying is that when a lender pulls my credit bureau reports, they are not even getting a real credit score?

No, lenders pay a subscription fee to get an actual FICO score. (Most of the time. Certain lenders do not use FICO, but that is a small minority.) Lenders who pay for that subscription get the good stuff. Consumers who purchase their own scores? Not so much.

We went to refinance our property and when the lender pulled our credit report, it showed my FICO at almost 60-100 points LOWER than what this sites supposed "score" is.

What did your lender pull? Which bureau did they use? Because to complicate an already frustrating situation, there are multiple versions of FICO scores. Someone pulling a TU score could be getting TU98 or TU08 - both use the FICO algorithms, but could result in disparate scores.

How can a consumer really monitor their credit when there are so many different 'versions' of that credit?

Yep. A commonly expressed frustration on these very boards. This is not a consumer-driven setup.

So which score is right? You say your website score is right.

I did not say that. I said this site is where you can purchase a FICO score, but there's no one "right" score. If you are looking for a single number, one set of three digits To Rule Them All - you're chasing a phantom. A phantom that changes every month, no less! What you can do is to make sure your reports are as free from errors and negatives as possible. I see many, many people who get really tied up in the credit score and get frustrated. Focus on your overall financial health, because trying to chase a number is not always helpful.

I am in no way trying to mislead anyone. But the current system is what it is. I might as well get peeved at the tide going in & out - it happens whether I like it or not. So I control what I can, and leave it at that.

Re: Accuracy of MyFico Scores?

jobber123rd — Tue, 16 Apr 2013 12:02:36 GMT

The CRAs tend to use their own scoring algorithms (that is to say, not FICO) for the scores that they sell consumers. Many people don't know the difference, and it saves the CRAs in licensing fees that they would have had to pay to Fair Isaac.

For example, you bought a "3-credit report" from Equifax, either from their "Equifax Complete" line of credit monitoring products, or their Complete Report. If you go to the Scores & Reports Product Comparison Page and click on any of the "Experian", "Equifax", or "TransUnion" links under "Credit Score Features", you'll get this message (there is also a similar one at the bottom of the page):

The Equifax Credit Score is a proprietary credit scoring model developed by Equifax. It is a calculation of the information in your credit file, and is used to predict credit risk. It can be used to calculate a score for not only your Equifax credit file, but also your Experian and TransUnion credit files. This score ranges from 280 to 850, with higher scores representing lower credit risk. In other words, higher score are better scores. Each score comes with detailed explanation and tools. There are numerous credit scores and models available in the marketplace and lenders may use a different score when evaluating your creditworthiness.

The scores that you cite from your "3-credit report from Equifax" are not FICO scores. The only products from the Equifax site that give you a FICO score are Score Watch and Score Power. All other scores, including any scores derived from TU and Experian reports, are FAKO (a catch-all term used here for non-FICO scores (as in "fake FICO"), rather than a specific scoring product like PLUS).

Re: Accuracy of MyFico Scores?

TrueGeminiNC — Tue, 16 Apr 2013 14:35:29 GMT

I have the same question as well. I actually posted a similar question yesterday evening.

My FICO score via myFICO.com's Score Watch product shows an Equifax FICO score. However, I received the Discover It card in the mail yesterday. Included with the terms/conditions is a seperate page which provides my Equifax FICO score.

The FICO score provided by Discover is 30 points higher than what I see on the myFICO.com website.

I am really confused

Re: Accuracy of MyFico Scores?

Anonymous — Tue, 16 Apr 2013 15:17:42 GMT

There are different models and versions of FICO scores. The one from the CCC was probably a different version. Did it give you a score range in the letter?

Even though there are different versions and models, they are all still FICOs, just calculated differently.

Here is a thread you may like to read: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/m-p/1197861

Re: Accuracy of MyFico Scores?

TrueGeminiNC — Tue, 16 Apr 2013 15:30:38 GMT

The letter suggested that the score range was 300 - 850.

Re: Accuracy of MyFico Scores?

thom02099 — Tue, 16 Apr 2013 15:40:52 GMT

@jones2929 wrote:
This has been a great resource to use. I was wondering if anyone knew how accurate the scores on this site are. I have a 698 for TransUnion and Equifax. If I apply for a refinancing, they have told me that I need to get to 700. I think I can do that in a month or so by paying down another credit card fairly significantly. However, I don't want the bank to pull my scores until I am pretty sure that they are at 700. How confident can I be a 700 on this site will equal a 700 on something pulled by a lender? I have 710, 716. 724, and 742 on other sites, but I know those are FAKOs and I really don't have any faith in them (although they are fun to look at and review).

Thanks in advance.

To answer your original question, I think that your EQ score here is going to be a good approximation of what your lender will see. As previously pointed out, it's a Beacon 5.0 which most, but not all, lenders use. If by chance your lender uses Beacon 9.0, there's a 50/50 chance of it being higher/lower than the 5.0 version. My 9.0 score is higher than my 5.0 score, but with everything credit-wise YMMV! One thing you could try is to go to your bank and see if they will just do a soft pull on your report to see where you are. Keep in mind that a score is simply a snapshot of your credit AT THAT PARTICULAR MOMENT IN TIME, and can change from day to day...or not. If you pay down fairly significantly that credit card you mentioned, I think you'll see a score movement upward to get you where you want to be for that refi. Depending on your statement date for that card, it could show up right away, or it could be a month before it shows on your credit report.

Any of the CMS are good for monitoring TRENDS. They are NOT good for monitoring scores...for the reasons already articulated by others. Given that there are over 40 differerent FICO scores (credit card enhanced, auto enhanced, mortgage enhanced, etc ad nauseum), putting a lot of faith in the accuracy of any ONE of them is fallacy. They are simply a snapshot of time at that given moment and are so fluid that anything internal or external can affect them. Unless one is applying for a loan, worrying about where scores are all the time is an act of futility.

Re: Accuracy of MyFico Scores?

Anonymous — Tue, 16 Apr 2013 15:43:43 GMT

@dyneemo wrote:
I had disputed a lot of items in my credit report and when myFICO came back saying it raised my score by over 47 points I was thrilled. But then I went to Equifax and say they still have me as a 580 though you show me as a 636...

The myfico Equifax credit score you can purchase here is the exact same score you will get from mortgage lenders. I've pulled scores four times each for my wife and myself...so 8 total Equifax scores...and two different lenders pulled credit reports for us twice each. They always match. It's the same formula.

The equifax score you are purchasing is probably a FAKO.

As for the TU98 vs TU04 mentioned earlier in the thread...in my experience, buying those scores also 8 times for my wife and I, our lender pulled score TU04 was at least 15 points higher for us on every occasion. Most people do see a higher score in 04 than in 98 though obviously that's not always going to be the case for everyone.

Re: Accuracy of MyFico Scores?

Anonymous — Tue, 16 Apr 2013 15:52:25 GMT

@dyneemo wrote:
But THIS website (myFICO.com) should give an accurate snapshot of my actual credit FICO score...but it doesn't...

If your Equifax score pulled by the lender doesn't match the equifax score here, then your lender is using a version of Equifax that almost no other lender is using. in addition, if you say you disputed some things, then we really have no idea how those items are currently being reflected in your credit reports right now.

It's also worth mentioning that WHEN you pull your scores is very important in comparison. And just sa ying "Well, the lender pulled the scores 3 hours after i got them from myfico" isn't much help.

I got a scorewatch alert that my wife's equifax score had jumped 6 points at the end of February. But literally 2 minutes later, i bought an equifax credit report and score...and the score was now 652. So i bought a transunion credit report from here...and her score had not gone up. It seems i pulled the equifax credit report just after it was updated with a new credit card balance...but the transunion report had not been updated yet.

2 days later, i bought another transunion report...and the information had been updated and my wife's credit score jumped up 30 points. 2 weeks later, our mortgage lender pulled our credit scores, and our Equifax scores matched exactly.

Re: Accuracy of MyFico Scores?

jones2929 — Tue, 16 Apr 2013 16:26:18 GMT

Thanks thom02099, that was a very helpful response. I may go check with my bank to see if they will do a soft pull.

Re: Accuracy of MyFico Scores?

thom02099 — Tue, 16 Apr 2013 18:11:57 GMT

@jones2929 wrote:
Thanks thom02099, that was a very helpful response. I may go check with my bank to see if they will do a soft pull.

You're Welcome ! And Good Luck ! !

Re: Accuracy of MyFico Scores?

thom02099 — Tue, 16 Apr 2013 18:17:59 GMT

@dyneemo wrote:
But THIS website (myFICO.com) should give an accurate snapshot of my actual credit FICO score...but it doesn't...

Sorry to disagree, but YES it does. It gives an accurate snapshot of your credit at the time of the report. This is constantly changing as others have pointed out. A credit score is very fluid, it can change...or not. There's more than enough documentation from users here and at other forums that the EQ score one gets here is frequently a match of the EQ score that a lender pulls. To guarantee that a score is exactly the same between what a consumer pulls and what a lender pulls, they would have to be at exactly the same time/date, and from the same source. And even then, there IS NO guarantee that they are going to match exactly.

Re: Accuracy of MyFico Scores?

dyneemo — Tue, 16 Apr 2013 18:32:53 GMT

You have all been very helpful and I thank you. Still a really confusing situation and makes me wonder why we even use a credit score except that I know it keeps us all from plunging off the cliff and, I guess, helps us 'try' to stay in the center lane

From this point forward, though, I will be afraid to even look at my credit score...I'll keep checking through myFICO just to make sure I'm going in the right direction but other than none of it makes much sense or seems useable in anyway

Thank you all

Re: Accuracy of MyFico Scores?

InvincibleSummer3 — Tue, 16 Apr 2013 19:56:01 GMT

@dyneemo wrote:
You have all been very helpful and I thank you. Still a really confusing situation and makes me wonder why we even use a credit score except that I know it keeps us all from plunging off the cliff and, I guess, helps us 'try' to stay in the center lane

From this point forward, though, I will be afraid to even look at my credit score...I'll keep checking through myFICO just to make sure I'm going in the right direction but other than none of it makes much sense or seems useable in anyway

Thank you all

Unless you're about to have a "credit event", like apping for a new card/loan/mortgage, what have you, getting too tied up in scores can drive a person up the wall. Much easier to just focus on your reports and what information you have there. Over time, if there are less negatives and more positives, you'll be on the right track.

Good luck, and I wish you the best.

Re: Accuracy of MyFico Scores?

jones2929 — Tue, 16 Apr 2013 20:33:04 GMT

I totally agree with InvincibleSummer3's last comment. It's just nerve wracking when I'm in a situation where I need to act fairly quickly and don't want to pull my scores too quickly, because that action might decrease my present scores.

Re: Accuracy of MyFico Scores?

thom02099 — Tue, 16 Apr 2013 20:40:48 GMT

@jones2929 wrote:
I totally agree with InvincibleSummer3's last comment. It's just nerve wracking when I'm in a situation where I need to act fairly quickly and don't want to pull my scores too quickly, because that action might decrease my present scores.
Hey Jones, I think you're well more than halfway there in understanding how to play the game! And, to some extent, that's what it is...a huge numbers game! InvincibleSummer3 is 100% correct! Unless you've got a major credit event coming up, no need to sweat the small stuff of fluctuating score. Seeing the big picture of the CONTENT of the report is what's important.