topic Re: What the what?? in Rebuilding Your Credit

What the what??

chosen4th — Thu, 09 Jan 2014 12:30:37 GMT

So I subscribe to all 3 bureaus and free score, and my fico. My eq was 658 on eq site, 655 on my fico, my uti went from 50% to 20% and my score dropped 21 points on eq with no other alerts.. No change on my fico?? Should I be alarmed or just wait a couple days??

Re: What the what??

baller4life — Thu, 09 Jan 2014 12:34:02 GMT

The score on Eq site is fako. Score on myfico is fico. Myfico lags a day or so. It will send you an alert. I would hope your score goes UP with the decrease in util not down. Fakos are weird.

Re: What the what??

Anonymous — Thu, 09 Jan 2014 15:01:17 GMT

@baller4life wrote:
The score on Eq site is fako. Score on myfico is fico. Myfico lags a day or so. It will send you an alert. I would hope your score goes UP with the decrease in util not down. Fakos are weird.

Why do you say it's FAKO? One would think if you go directly to the CRA, you would get your actual 'real' score no? And if myfico is the correct one, what makes it correct?

Re: What the what??

baller4life — Thu, 09 Jan 2014 15:18:17 GMT

Sorry it's true. The scores sold from the bureaus are indeed fakos. Myfico sells fico scores for all three bureaus. Fico 04 for Equifax, 08 for Experian and TU 98. Makes no sense. I know.

Re: What the what??

Anonymous — Thu, 09 Jan 2014 15:25:18 GMT

@baller4life wrote:
Sorry it's true. The scores sold from the bureaus are indeed fakos. Myfico sells fico scores for all three bureaus. Fico 04 for Equifax, 08 for Experian and TU 98. Makes no sense. I know.

So I guess based on what your saying, the scoring models you listed above are the very same ones all lenders use as well? Because ultimately that's what matters...

Re: What the what??

baller4life — Thu, 09 Jan 2014 15:30:21 GMT

Except for Transunion. Most are using 08 which is what you get from Walmart, Barclays, etc. Not sure why myfico sells such an outdated model.

Re: What the what??

baller4life — Thu, 09 Jan 2014 15:36:33 GMT

This link explains it all:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Where-to-obtain-FREE-monthly-FICO-scores/td-p/2555469

Re: What the what??

Anonymous — Thu, 09 Jan 2014 15:43:48 GMT

The scores you get from the CRAs are based on what they deem important in a score and are not used by lenders. Their websites should have a blurb about being for educational purposes only. FICO is used by 90% of creditors.

There are 49 different versions/models of a FICO score. Some we know what lenders use, some we do not. For mortgage purposes, lenders use the FICO 04 model. The EQ score from myFICO is that same score.

The EX and TU scores are not. As mentioned, EX is the newest model 08, and several CCC companies use that score. TU is the oldest model and though still used by some, it is not as widely used as before. But, they are ALL still accurate scores for the model/version provided.

myFICO sells those scores because that is what the CRAs say they can sell. It is not up to myFICO.

Re: What the what??

ezdriver — Thu, 09 Jan 2014 15:44:02 GMT

@Anonymous wrote:
@baller4life wrote:
The score on Eq site is fako. Score on myfico is fico. Myfico lags a day or so. It will send you an alert. I would hope your score goes UP with the decrease in util not down. Fakos are weird.
Why do you say it's FAKO? One would think if you go directly to the CRA, you would get your actual 'real' score no? And if myfico is the correct one, what makes it correct?

The credit reporting agencies "massage" the base FICO scoring standard to reflect their own needs. Regardless of whether a score from one of the three major credit reporting agencies is a "true" FICO score or not, what matters is that lenders use the numers from the credit reporting agencies for underwriting, not those from myFICO.

Think of it as the gas mileage rating on your car. The manufacturer publishes their MPG rating for your car but YOU will publish YOUR OWN rating if asked right? Which of the two really matters?

Re: What the what??

Anonymous — Thu, 09 Jan 2014 15:56:17 GMT

@ezdriver wrote:
@Anonymous wrote:
@baller4life wrote:
The score on Eq site is fako. Score on myfico is fico. Myfico lags a day or so. It will send you an alert. I would hope your score goes UP with the decrease in util not down. Fakos are weird.
Why do you say it's FAKO? One would think if you go directly to the CRA, you would get your actual 'real' score no? And if myfico is the correct one, what makes it correct?
The credit reporting agencies "massage" the base FICO scoring standard to reflect their own needs. Regardless of whether a score from one of the three major credit reporting agencies is a "true" FICO score or not, what matters is that lenders use the numers from the credit reporting agencies for underwriting, not those from myFICO.

Think of it as the gas mileage rating on your car. The manufacturer publishes their MPG rating for your car but YOU will publish YOUR OWN rating if asked right? Which of the two really matters?

I guess that was my point, they use the numbers provided by the CRA's for their use and interpretation, not going by the 'actual' numbers the CRA's provided but putting their own meaning to it, correct?

Re: What the what??

ezdriver — Thu, 09 Jan 2014 15:59:53 GMT

@Anonymous wrote:
The scores you get from the CRAs are based on what they deem important in a score and are not used by lenders. Their websites should have a blurb about being for educational purposes only. FICO is used by 90% of creditors.

There are 49 different versions/models of a FICO score. Some we know what lenders use, some we do not. For mortgage purposes, lenders use the FICO 04 model. The EQ score from myFICO is that same score.

The EX and TU scores are not. As mentioned, EX is the newest model 08, and several CCC companies use that score. TU is the oldest model and though still used by some, it is not as widely used as before. But, they are ALL still accurate scores for the model/version provided.

myFICO sells those scores because that is what the CRAs say they can sell. It is not up to myFICO.

This is th best explanation that I have see so far. If I may for clarification, I'd like to expand/emphasize the highlighted sentence to replace the word YOU with CONSUMERS.

What confuses many consumers is the lack of realization that CREDITORS can/do see information from the credit reporting agencies that consumers do not see in consumer-requested credit reports.

For the above reason, I pay a mortgage loan officer [when I can't get it for free] to pull a trimerge credit report once per quarter so I can see what the mortgage lenders see.

Re: What the what??

Anonymous — Thu, 09 Jan 2014 16:00:15 GMT

What I'm saying is what the CRA's send to us is exactly what they send to lenders no?

Re: What the what??

Anonymous — Thu, 09 Jan 2014 16:02:22 GMT

Ok. I see

Re: What the what??

ezdriver — Thu, 09 Jan 2014 16:04:49 GMT

@Anonymous wrote:
What I'm saying is what the CRA's send to us is exactly what they send to lenders no?

NO. See my post that was made almost simultaneously with yours but it will explain your confusion.

Re: What the what??

tomfromrictmame — Thu, 09 Jan 2014 16:12:23 GMT

@ezdriver wrote:
@Anonymous wrote:
What I'm saying is what the CRA's send to us is exactly what they send to lenders no?
NO. See my post that was made almost simultaneously with yours but it will explain your confusion.

If I could chime in here...The Credit Reports you get directly from the CRA's are what lenders also get. The reason I say this is many people rely on the "credit reports" from this site as well as others. Those "credit reports" are more like summaries and often do not contain all of the information on your actual CRA credit reports.

As for the scores, this is correct. Ignore all scores that are not actual FICO scores (which can be obtained here).

Re: What the what??

Anonymous — Thu, 09 Jan 2014 16:13:03 GMT

@ezdriver wrote:
@Anonymous wrote:
What I'm saying is what the CRA's send to us is exactly what they send to lenders no?
NO. See my post that was made almost simultaneously with yours but it will explain your confusion.

Ok. gotcha.

now I'm really curious! Lol. like what kind of info can lenders see that I can't see right now through EQ? Just curious....

Re: What the what??

chosen4th — Thu, 09 Jan 2014 17:36:47 GMT

so the score from MYfico is more important than my score directly from Equifax?

thanks to everyone for the replies!!

Re: What the what??

Anonymous — Thu, 09 Jan 2014 20:28:50 GMT

@chosen4th wrote:
so the score from MYfico is more important than my score directly from Equifax?
thanks to everyone for the replies!!

Yes, if you are referring to the CRA derived score. Equifax does offer a FICO score at their website.