topic Re: Is Fico score and Credit Score different in General Credit Topics

Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 13:26:00 GMT

My husband's fico score is different from his credit bureaus reported scores. The fico score is actually lower than all 3 bureaus. Is this correct? is the fico score and credit score different?

Iiii yi yi kurumba...this credit repair stuff is a nightmare at the least...but I'm not sleeping through it.

Re: Is Fico score and Credit Score different

MidnightVoice — Wed, 20 Jun 2007 13:29:27 GMT

Have you read this?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 13:31:03 GMT

yes there are different. The Experian and TransUnion use there own formulas. While Equifax uses the FICO formula. The way it stands right now, over 90% of lenders use the FICO system, so those are the scores you should be worried about. Don't worry about the Experians and TransUnion separate scores unless something changes in the near future you should only concentrate on FICO'S scores.

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 14:40:59 GMT

For example too. If you pulled an Equifax report and score on Monday, and a MyFico score on Friday, they are the same model, but things change on credit reports all the time, score could be different weekly.

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 16:33:33 GMT

I understand you all replies but am still confused because he signed up for "myfico" on MOnday and today he received an updated credit report with all 3 agencies from Tranunuion (true credit) and his myfico score is lower than his Equifax reporting score. is this correct also?

Re: Is Fico score and Credit Score different

MidnightVoice — Wed, 20 Jun 2007 16:37:20 GMT

MyFICO is a real FICO. All 3 CRAs have slightly different FICO scores for an individual

Truecredit score are not accurate - they are fake

Most lenders use some combination of the 3 real FICO scores

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 16:48:19 GMT

Are you serious? TrueCredit scores are FAKE?!?!

Even if they're reporting from all 3 credit bureaus?

How do you know?

Who should I use to access my credit report/scores? Just myfico?

That's scary if the scores really are fake...

Re: Is Fico score and Credit Score different

MidnightVoice — Wed, 20 Jun 2007 16:59:08 GMT

bettercredit wrote:
Are you serious? TrueCredit scores are FAKE?!?!

Even if they're reporting from all 3 credit bureaus?

How do you know?

Who should I use to access my credit report/scores? Just myfico?

That's scary if the scores really are fake...

see this for more

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

and this

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=676

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 17:19:10 GMT

bettercredit wrote:
Are you serious? TrueCredit scores are FAKE?!?!

Even if they're reporting from all 3 credit bureaus?

How do you know?

Who should I use to access my credit report/scores? Just myfico?

That's scary if the scores really are fake...

This is it in a nutshell. The scores your receive from MYFIco for all three of your reports are the ones most lenders look. FICO will have a score for Experian, Equifax and TransUnion.

On Experian's webiste FreeCreditreport.com they use their own scoring model called The Plus score.

TransUnion on their webiste TrueCredit.com uses their own scoring model called Vantage Score.

The score you receive for all three of the CRA on MyFico are the ones you should be concerned about.

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 19:37:05 GMT

I just want to make sure I understand. When a lender uses the middle score, the score he will pull for TU is the one that I can see as my TU score on Truecredit? The score he will see from EQ is the one I will see on myfico? If you purchase all three scores through myfico, will they all be correct?

Re: Is Fico score and Credit Score different

MidnightVoice — Wed, 20 Jun 2007 19:39:57 GMT

daytona18 wrote:
I just want to make sure I understand. When a lender uses the middle score, the score he will pull for TU is the one that I can see as my TU score on Truecredit? The score he will see from EQ is the one I will see on myfico? If you purchase all three scores through myfico, will they all be correct?

The score you get on TU is NOT a true FICO and a lender will not see it.

A lender will use FICO scores (possibly modifies for CCs, or for auto's or for a mortgage).

You can get the Real FICO scores from MyFICO

Re: Is Fico score and Credit Score different

Anonymous — Wed, 20 Jun 2007 19:55:34 GMT

Why on earth would a site sposored by TU not give at least a correct TU score? That's silly. I know for a fact the EQ score they give is wrong. That score is much healthier when I look at myfico. I hope that is the case with all of them. I just don't want to pay the extra to find out. LOL.

Re: Is Fico score and Credit Score different

MidnightVoice — Wed, 20 Jun 2007 19:59:23 GMT

daytona18 wrote:
Why on earth would a site sposored by TU not give at least a correct TU score?

I asked them that and they were unable to answer