@Blackswizz750 wrote:
There are several large reporting services out here including Equifax, TransUnion, and Experian that offer monitoring services. I have been hearing they provide different fico scores that can be up to 50 points off. Why is that, if they provide a true fico score, why are they off.
Lenders have given me a lower fico than I retrieved from each bureau before and it angered me they will not consider that over the service they use. Anyone experience this before. Sorry for the length of item.
EQ, TU and EX are CRA's. They do offer monitoring services and scores but they are not the only sources out there. FICO isn't a product of the CRA's. The CRA's are the offical record keepers of your credit reports even though they also offer monitoring services, scores, etc. FICO scores are a product of the Fair Isaac Corporation. myFICO is a Fair Isaac site.
As stated above, FICO doesn't have just one model used by creditors. There are many different scoring models used by creditors. See also the Understanding FICO Scoring subforum and its stickies as well as this page:
http://www.myfico.com/crediteducation/fico-score-versions.aspx
You cannot rely on oversimplifcations such as true, acrruate, reliable, etc when it comes to scores. Any score is accurate but only for its own model. There are many "true" FICO scoring models that will produce different numbers even if supplied with the same report data. You always need to consider the specific scoring model and the CRA for a given score whether FICO or FAKO. Different scoring models evaluate report data differently and can even have different scoring ranges. The CRA's don't necessarily have the exact same information for you. Any scoring model uses the data in a report to generate a score. The model and the data both have an impact on the number generated and that's why you need to keep them in mind. You cannot assume that different models should produce the same number. You cannot assume that different CRA's (i.e. data) should produce the same number.
Additionally, while most creditors use a FICO model, not all do. Some use VantageScore. Some use their own proprietary score. There isn't just one model and CRA used for all creditors and products out there. You need to keep in mind the relevance of any model/CRA combo to a given creditor/product. If, for example a creditor/product uses a TU FICO 8 then only a TU FICO 8 will be relevant to the decision for that creditor/product. Scores based on EX or TU data will not be relevant. Scores generated by scoring models other than FICO 8 will not be relevant for that decision.
If you want to know what score a creditor will pull for you and use in its decision then you need to know the model & CRA and pull that specific score. You cannot use scores generated by other CRA's and/or models to determine that score. You should expect the different algorithms used to generate scores to produce different results. You should expect differences in report data to also have an impact on the number generated. It is possibile in some cases for different models/CRA's to produce similar or even the same number but that's coincidental and coincidental and causal are not the same thing. Also, keep in mind that not all scores are readily available to consumers.
Don't overlook existing discussions and the stickies as resources. Differences in scores is an extremely common topic
@Blackswizz750 wrote:
Lenders have given me a lower fico than I retrieved from each bureau before and it angered me they will not consider that over the service they use.
Creditors will only use the model and CRA that they use. They have business reasons for why they select the specific model. They're looking for a model that evaluates your report data in a way that is relevant to them. You can't change this. You need to understand how the industry works and work with it versus getting angry over a lack of understanding and something that you cannot change.
Additionally, as stated above, the CRA's don't all provide FICO's. Those that do don't provide all FICO models. Again, always carefully consider the specific scoring model. In many cases you can find scoring model info on the site. If not, check discussion here as odds are that it has been discussed before.
You can use resources such as the Credit Pulls Database (Google to find) and existing discussions to determine which model & CRA a given creditor/product uses in its decision.
