topic Re: complete difference on Experian and MyFico in Understanding FICO® Scoring

complete difference on Experian and MyFico

nycfico — Tue, 08 Jul 2014 21:47:26 GMT

I have both Myfico and Experian memberships. On MyFico, the last update/report I had was from June 25th, and my score for Experian was 603. Not great, but so much better than where I was a year ago.

On Experian, however, they list my score as 528 on the SAME DAY. How can this be possible? I'm pretty much freaking out right now! In recent days, my Equifax score was updated to 609. The other thing I notice is that if I go back for three months on Experian (back to April and look at April, May and June), the Experian score reads as 528 for EACH month. Is it possible it's an error? Seems to much of a coincidence that it would be the same score every day that they pull it each month...Anybody else ever dea lwith this?

Re: complete difference on Experian and MyFico

Anonymous — Tue, 08 Jul 2014 21:55:54 GMT

Probably different scoring models -- MyFico is EX 08, and the EX site is presumably a FAKO.

Re: complete difference on Experian and MyFico

nycfico — Tue, 08 Jul 2014 22:03:04 GMT

So...the Experian one is the score that mortgage lenders use??

My goal is a mortgage. I'm really starting to question why I even bother with the scores on MyFico.

Re: complete difference on Experian and MyFico

Anonymous — Tue, 08 Jul 2014 22:06:32 GMT

@nycfico wrote:
So...the Experian one is the score that mortgage lenders use??

My goal is a mortgage. I'm really starting to question why I even bother with the scores on MyFico.

To the best of my knowledge, the EX site scores are for educational purposes.

Three places where mortgage scores are available are DCU (EQ 04), PSECU (EX 04), and the Equifax site (Score Power FICO product EQ 04).

Re: complete difference on Experian and MyFico

Revelate — Wed, 09 Jul 2014 16:05:10 GMT

@Anonymous wrote:
@nycfico wrote:
So...the Experian one is the score that mortgage lenders use??

My goal is a mortgage. I'm really starting to question why I even bother with the scores on MyFico.
To the best of my knowledge, the EX site scores are for educational purposes.

Three places where mortgage scores are available are DCU (EQ 04), PSECU (EX 04), and the Equifax site (Score Power FICO product EQ 04).

Did PSECU update? Think they used to be on Risk Model v2 which is still the one used on the common tri-merge pull... and that was developed on the '98 algorithm as I understand it (currently, I may have promoted bad information before, bad Rev, no cookie!).

Re: complete difference on Experian and MyFico

DaveSignal — Wed, 09 Jul 2014 16:11:56 GMT

I get my EX score from PSECU. I believe it is the Experian/FICO Risk Model v2 which is commonly known as EX04. It is not the same as myFICO EX08, and I do not think it is a 98 model score.

Re: complete difference on Experian and MyFico

Revelate — Wed, 09 Jul 2014 16:13:54 GMT

@DaveSignal wrote:
I get my EX score from PSECU. I believe it is the Experian/FICO Risk Model v2 which is commonly known as EX04. It is not the same as myFICO EX08, and I do not think it is a 98 model score.

http://www.experian.com/assets/regulatory-compliance/consumer-information/brochures/risk-based-pricing-models-list.pdf

V2 was 1999, V3 was 2005, or '98 and '04 on FICO versions respectively.

Re: complete difference on Experian and MyFico

DaveSignal — Wed, 09 Jul 2014 16:23:48 GMT

Oh ok. Maybe it is 98 then. I was looking here:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617

Possibly that information should be updated?

Re: complete difference on Experian and MyFico

Revelate — Wed, 09 Jul 2014 16:50:47 GMT

@DaveSignal wrote:
Oh ok. Maybe it is 98 then. I was looking here:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-versions-and-variations/td-p/1197617
Possibly that information should be updated?

Yeah. Did. Thanks for pointing that out.