topic Re: BoA Fico Score (TransUnion) in General Credit Topics

BoA Fico Score (TransUnion)

SMikulski49 — Fri, 26 Feb 2016 16:05:24 GMT

BofA started showing me my TransUnion fico Score. I was just wondering how accurate is this score, is the the fico score I would get here at myfico.com website or is it some other score they generate?

Thanks in advance

Re: BoA Fico Score (TransUnion)

Anonymous — Fri, 26 Feb 2016 21:27:41 GMT

Sorry I can't help with your question, but I have been waiting to see my TU FICO from BOA. Where do you find it on the website?

TIA!

Re: BoA Fico Score (TransUnion)

Anonymous — Fri, 26 Feb 2016 21:50:06 GMT

Fico 08, same as Discover, Barclays, CCT, and here at MyFico.

Re: BoA Fico Score (TransUnion)

Anonymous — Sat, 27 Feb 2016 02:05:00 GMT

@Anonymous wrote:
Where do you find it on the website?

TIA!

Yes, where did you find it? I've looked everywhere on the BOA site.

Re: BoA Fico Score (TransUnion)

Anonymous — Sat, 27 Feb 2016 07:05:32 GMT

Does the OP (SMikulski49) live in Georgia or Pennsylvania? Those two states started receiving their score through BOA several weeks ahead of the other 48 states. The last I heard, the rest of the country was going to get it at the end of March.

Re: BoA Fico Score (TransUnion)

takeshi74 — Sat, 27 Feb 2016 14:17:25 GMT

I'm not with BofA but ran across this screenshot. Note the text in the bottom right "Your FICO Score 8 based on TransUnion data". A FICO 8 is a FICO 8 regardless of where you get it from. It's the same scoring model. As long as the data used each time to generate the score didn't change then the numbers generated will be the same.

@SMikulski49 wrote:
I was just wondering how accurate is this score

Stop relying on "accuracy" and instead think of relevance. There isn't just one scoring model used by creditors/products. Most use a FICO model. While FICO 8 is the most commonly used model it is not used by all creditors/products. Scores also don't all use the same CRA as a data source. Therefore you need to consider both the model & CRA whenever you reference a score and consider who and what it is relevant to.

If, for example, a creditor uses an EQ FICO 8 Bankcard then a TU FICO 8 (or any other model or CRA) won't be relevant. See also the Understanding FICO Scoring subforum and its stickies for more info on the various FICO models used by creditors. myFICO doesn't provide just one score either. The alerts/updates are FICO 8's but quarterly access is provided to additional models.

Any score is accurate but only for its own model. You cannot use a score generated by one model to determine a score generated by another model or decide on the "accuracy" of a model by comparing it to another. Different models use different algorithms that evaluate report data differently and can even have different score ranges. Don't assume that all models should produce the same numbers.

Re: BoA Fico Score (TransUnion)

SMikulski49 — Sun, 28 Feb 2016 00:22:26 GMT

I live in PA maybe that is why I am able to view it. When I log in into my account, I can see a little box to the right where it says check your score, you wont miss it if you can view it. I understand that different modles use different algoriths, I guess I worded my question wrong. I was wonderibg if its a true TransUnion score or some type of a score like creditcarma provides where no lender uses it. But I understand it more now thanks to your good explonation.

Re: BoA Fico Score (TransUnion)

Anonymous — Sun, 28 Feb 2016 01:07:26 GMT

Well that's the thing buddy. Even the TU score you get from Credit Karma is a true TransUnion score. It is a score that is really drawn on true TransUnion data.

The big idea is that there are these three silos or warehouses for your credit information: TransUnion, Experian, and Equifax. They just hold the information, and the information you have at one might well be a little different from than the information at either of the other two. These three warehouses are called credit bureaus and are also called consumer reporting agencies

Then there are people who make big fancy computer programs that take all that information and spit out a number (often a number between 300 and 850). That number is called a credit score and the computer program is called a computer scoring algorithm (or sometimes a credit scoring model). FICO is a company that makes a ton of these models (and therefore tons of different scores). There's also a company that was created by the three credit bureaus called Vantage and the score they make is called VantageScore. Each credit bureau also makes its own proprietary credit score. There are many other companies that make credit scores.

The big idea though is that a credit scoring algorithm (a computer program) takes data from a credit bureau (a big silo or warehouse) and then spits out a credit score (a number).

When you ask if a score is a true TransUnion score, the answer is that all the credit scores that are drawn on TU data are true TU scores.

But what you may have had in mind was this: is the score that I see at Bank of America one of the scores that FICO makes? And the answer is yes. BOA is using the FICO 8 Classic algorithm. Credit Karma (which you also mention) uses the Vantage Score algorithm. It has the same range as FICO 8 Classic (300-850) but it is made by a different company than FICO.

Hope that helps.

Re: BoA Fico Score (TransUnion)

Anonymous — Sun, 28 Feb 2016 02:41:11 GMT

Im in GA, but no fico yet on my account with the cashrewards card.

Re: BoA Fico Score (TransUnion)

Anonymous — Sun, 28 Feb 2016 04:16:07 GMT

I live in GA too and got mine in early January. I had to search for a while to find it. I encourage you to drill down all the different menus. Eventually you should find some link about credit. Or give BOA a call and they will walk you through how to find it.

Re: BoA Fico Score (TransUnion)

Anonymous — Thu, 07 Apr 2016 20:21:49 GMT

Riviving an old-ish thread. California resident here. Just checked, and BofA Free TU Fico 8 has been posted. Finally broke into the 800s with an 810! Nice to finally see this service offered for free.

Re: BoA Fico Score (TransUnion)

txbusted — Mon, 11 Apr 2016 19:01:31 GMT

TX here... and I can view mine. However, it is more than a month old (updated 3/4/16) and it says it updates once a month-maybe it will happen soon. I have gone up almost 50 points this last month... so I want to see those points

Re: BoA Fico Score (TransUnion)

Anonymous — Mon, 11 Apr 2016 19:11:39 GMT

Since you guys have revived the thread, here's a recent short piece at DoC that gives an easy way for BOA cardholders to signup for their FICO score:

http://www.doctorofcredit.com/public-enrollment-page-bank-america-free-fico-score/

Re: BoA Fico Score (TransUnion)

Revelate — Tue, 12 Apr 2016 01:27:04 GMT

Historical scores available too on the same once a month frequency. Better than Barclays, same as Wally, do wish it were something other than the proliferative TU 08 but hey it's a free FICO.

Re: BoA Fico Score (TransUnion)

Anonymous — Tue, 12 Apr 2016 08:01:37 GMT

I still have issues. Tried this direct enroll way, and when i logged in I got this message:

Im in europe now, but when i get back to the US, ill chat with BofA to see what the problem is...

I couldnt find any international address in my account anywhere, so i dont thint that is the problem.