topic Re: Question on Experian FICO score discrepancy in Understanding FICO® Scoring

Question on Experian FICO score discrepancy

MNSoxChief102 — Sat, 25 Jan 2014 16:01:45 GMT

New guy here trying to understand a discrepancy between what I pulled for a Experian FICO from this site several days ago and the Experian FICO I got when we talked with our mortgage gal at the bank yesterday.

I paid $19.95 this past week here at myfico.com to take a look at my Experian FICO and got back a 640. I pay every month to keep track of my Equifax FICO and it's been steady at 613 for a bit now. Didn't pull my TU FICO but I figured it might be a bit lower than those two. So when we got back a 613 as the median score yesterday in talking with the bank, I thought it was the TU score that pulled me down. I thought wrong.

Apparently, the Experian "FICO" I paid to pull from FICO itself was off by 54 points! A 586 instead of a 640 is a major discrepancy and not something that should have happened overnight I would think. Especially since the EQ score they pulled was spot on what I thought it would be at 613 and my TU score was actually higher than I thought at 626.

Can anyone give me an idea as to why this would be the case? Kinda pissed that I paid 20 bucks to be sure of my EX score going into the mortgage chat only to have it be so far off. I really can't imagine why it would be so much lower than what FICO itself would have sold me.

Thanks in advance to all who can offer some assistance in this. Looking forward to using some good info from here to keep building my scores back up.

Re: Question on Experian FICO score discrepancy

lt23 — Sat, 25 Jan 2014 16:09:26 GMT

I think the only score on myfico.com that mortgage lenders use/most accurate is EQ.

TU is most likely not used because it is older model.

EX is a new model, but it can vary depending on lender.

Re: Question on Experian FICO score discrepancy

MNSoxChief102 — Sat, 25 Jan 2014 16:13:44 GMT

Thanks. It seems I was mistaken in thinking that a FICO score I pulled (and paid for!!!) directly from FICO itself would actually be accurate.

Re: Question on Experian FICO score discrepancy

lt23 — Sat, 25 Jan 2014 16:17:13 GMT

Ya it is a little misleading. You can get the EQ score here. Get TU score with Discover/Walmart/Barclays. I am not sure where you can get the EX score -- probably best to get from lender which is what you did (found out the hard way!)

@MNSoxChief102 wrote:
Thanks. It seems I was mistaken in thinking that a FICO score I pulled (and paid for!!!) directly from FICO itself would actually be accurate.

Re: Question on Experian FICO score discrepancy

thom02099 — Sat, 25 Jan 2014 17:21:59 GMT

@MNSoxChief102 wrote:
Thanks. It seems I was mistaken in thinking that a FICO score I pulled (and paid for!!!) directly from FICO itself would actually be accurate.

It IS accurate, for what it is. The Experian 08 consumer version of your score. Ask your lender if the Experian pull was a mortgage enhanced version, and also which version of Experian. There is also an 04 version of Experian, the one that consumers could not get.

Re: Question on Experian FICO score discrepancy

MNSoxChief102 — Sat, 25 Jan 2014 21:00:04 GMT

From what my lender told me, it was a mortgage enhanced version of Experian that she pulled. Still don't see how the two numbers should be 54 points apart though. I can see them being 5-10 points different depending on how the mortgage version weights a particular item, but 54 points different is a bit much I think. Especially since my TU and EQ scores were spot on to what I pulled on my own.

It is what it is... just frustrated since I paid 20 bucks for essentially nothing. I wanted the Experian score going into the meet with my mortgage lender to be sure of how I stood. Instead I had no clue. I'll know not to put much stock in Experian next time I take a look, especially if I'm going in for a mortgage.

Re: Question on Experian FICO score discrepancy

thom02099 — Sat, 25 Jan 2014 23:45:29 GMT

@MNSoxChief102 wrote:
From what my lender told me, it was a mortgage enhanced version of Experian that she pulled. Still don't see how the two numbers should be 54 points apart though. I can see them being 5-10 points different depending on how the mortgage version weights a particular item, but 54 points different is a bit much I think. Especially since my TU and EQ scores were spot on to what I pulled on my own.

It is what it is... just frustrated since I paid 20 bucks for essentially nothing. I wanted the Experian score going into the meet with my mortgage lender to be sure of how I stood. Instead I had no clue. I'll know not to put much stock in Experian next time I take a look, especially if I'm going in for a mortgage.

I/We here understand your frustration! You're not alone in that.

Consumers should be able to know the same scores that lenders use in the real world. Being able, for example, to get a TU score which is the 98 model here versus the TU 04 model that most lenders use, and the TU 08 model that is provided through WalMart/Discover/et al is not all useful since practically no lenders use the TU98 model or the TU 08 model. Based on TU scores only, mine are approximately 30 points different, from the TU98 here to the TU08 I get from Discover.Granted, both are fine scores, but just not what a lender would use/provide if I were in the market for a mortgage. EQ seems to be the only real constant value that one can (currently) rely on, since the Beacon 5.0 model provided here is more readily available than the Beacon 9.0 version that some lenders use.

Scores really can only give one a basic idea of where one is in this credit journey at that particular moment in time, but one cannot rely on the figures here solely to make or anticipate major financial decisions. Until there is is some form of uniformity legislation on the national level, this will continue. As you said, it is what it is.

Re: Question on Experian FICO score discrepancy

Anonymous — Sun, 26 Jan 2014 00:52:24 GMT

There are at least two issues here -- possible different scoring models, and a possible lag of several days.

I don't know what's on your report, or how rapidly it's changing, but your scores can jump around based on that.

The TU score I get on my monthly Discover statement is calculated approximately a week earlier.

Re: Question on Experian FICO score discrepancy

Revelate — Wed, 29 Jan 2014 06:50:44 GMT

FWIW the EX score here identically matches Amex's for credit card approvals and some other lender products, but as others have stated, not for mortgages or any lender that I know about. I'd be wrapping my arms around that lender if I ever do find one for my own mortgage.

Depending on what loan type you applied for you're almost guarunteed to be EX '04: my '04 and '08 scores (pre-current snafu with the IRS) were similar to yours: off by around 50 points: reason is the '04 version of the model penalizes me a lot harder for prior derogatories that have aged than the '08 models do which are a lot more forgiving for old mistakes.

If you have a mixed file (some positive, some negative) like I do, I can easily see a substantial difference.

Very few if any lenders use a mortgage-enhanced industry option, for that matter, looking at the EX available scores the other day I don't even know if they even sell one.

Re: Question on Experian FICO score discrepancy

Lechte — Sat, 01 Feb 2014 07:24:52 GMT

If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price. I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions). If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither. "90% of lenders" is false advertisement and they should be called out on it.. Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models. Quit lying to us.

Re: Question on Experian FICO score discrepancy

Anonymous — Sat, 01 Feb 2014 18:01:59 GMT

@Lechte wrote:
If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price. I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions). If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither. "90% of lenders" is false advertisement and they should be called out on it.. Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models. Quit lying to us.

They aren't lying to you. They are FICO scores, which 90% of lenders do use, no matter what the model/version is. It is not a false statement.

The EQ score from here is what mortgage lenders use, the EX08 CCC use. There are those that use the TU 98 also.

For the record, myFICO has no say in what scores they are allowed to sell here. That is up to the CRAs.

Re: Question on Experian FICO score discrepancy

Lechte — Sat, 01 Feb 2014 22:10:47 GMT

@Anonymous wrote:
@Lechte wrote:
If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price. I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions). If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither. "90% of lenders" is false advertisement and they should be called out on it.. Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models. Quit lying to us.
They aren't lying to you. They are FICO scores, which 90% of lenders do use, no matter what the model/version is. It is not a false statement.

The EQ score from here is what mortgage lenders use, the EX08 CCC use. There are those that use the TU 98 also.

For the record, myFICO has no say in what scores they are allowed to sell here. That is up to the CRAs.

Guiness, quit tryin to pull my leg. The only accurate part of 90% is the EQ Fico. A very small percentage of CCC's use EX08, and I doubt even a percent use TU98. Misleading someone is called lying.

Yes, they are FICO scores, but they're outdated so they are not accurate. Nobody wants to pay a large buck for something lenders don't even use.

Re: Question on Experian FICO score discrepancy

Lechte — Sat, 01 Feb 2014 22:12:52 GMT

@Anonymous wrote:
@Lechte wrote:
If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price. I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions). If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither. "90% of lenders" is false advertisement and they should be called out on it.. Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models. Quit lying to us.
They aren't lying to you. They are FICO scores, which 90% of lenders do use, no matter what the model/version is. It is not a false statement.

The EQ score from here is what mortgage lenders use, the EX08 CCC use. There are those that use the TU 98 also.

For the record, myFICO has no say in what scores they are allowed to sell here. That is up to the CRAs.

They have a say in what they advertise.

Re: Question on Experian FICO score discrepancy

Revelate — Mon, 03 Feb 2014 04:55:43 GMT

@Lechte wrote:
@Anonymous wrote:
@Lechte wrote:
If myfico.com had any integrity and sense...they'd update these scoring models to what 90% of lenders actually use today and raise the price. I'd pay extra for my score if I knew that it was the same score the lenders were seeing...(minus the enhanced versions). If I need to, I can go pull a Credit Report for over half the price a report and score are here, and get my Fako score for free...a Fako is no different than the TU and EX Fico's here in the sense that, lenders use neither. "90% of lenders" is false advertisement and they should be called out on it.. Either change your slogan to "90% of lenders use EQ score", or update the dadblam scoring models. Quit lying to us.
They aren't lying to you. They are FICO scores, which 90% of lenders do use, no matter what the model/version is. It is not a false statement.

The EQ score from here is what mortgage lenders use, the EX08 CCC use. There are those that use the TU 98 also.

For the record, myFICO has no say in what scores they are allowed to sell here. That is up to the CRAs.
Guiness, quit tryin to pull my leg. The only accurate part of 90% is the EQ Fico. A very small percentage of CCC's use EX08, and I doubt even a percent use TU98. Misleading someone is called lying.

Yes, they are FICO scores, but they're outdated so they are not accurate. Nobody wants to pay a large buck for something ml'eInders don't even use.

I am not certain what's going on here but nobody is pulling anyone's leg.

Yes, EQ '04 = mortgage score. Outside of that, it's used by some credit unions that I'm aware of for underwriting all sorts of things,

I'm not certain I call Amex a small percentage of CC's; Chase/Discover as well AFAIK. For whatever it's worth, I couldn't care less about any non-major national lender as far as their underwriting goes, the vast majority of consumers have cards from the standard ones as we're the outliers here. I suspect most are actually on a '08 / '08 Bankcard-enhanced pull at this point: post Great Recession and mortgage meltdown, think they've realized recent history is a better predictor towards future profits.

I do think the whole industry needs more transparency, the number of scores which abound are absurd (from a consumer's perspective, disclaimer: having worked in financial institutions I completely understand the rationale for many different scores), and auto lending for example is Schroedinger's Box unfortunately: consumer vis a vis kitty in an unknown state. My personal opinion is we should be able to do better, but it's likely going to be a while and require federal mandate to do so unfortunately.

I think it'd go a long way if every tri-merge mortgage and major auto-industry score were available. I find credit card terms (limit/APR) to be so w/e anyway personally, and they're nowhere close to the big ticket purchases homes / cars are.