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@Anonymous wrote:
I'm trying to get help so that's my primary concern. I don't think this product is what it claims to be (MyFico.com). It reads like you are defending the product without really "hearing" me. In my original post I indicated the exact title of the product I was using, which was MyFico 3B. It gives scores for all 3 agencies And the detailed credit report.
I am not confused about what product I used. Not (sic) am I confused about what the bank said ...
Yet in none have your posts have you said which particular scoring model the bank used to compare against what was found in the 3-B report. There are many to choose from:
FICO Score versions currently available on myFICO.com:
@Anonymous, I'm sorry things didn't work out for you with U.S. Bank. Some of the replies you're seeing are because your experience with them (and myFICO) is different from what many have experienced.
In my own case, the scores reported by the myFICO 3B are the same as what my lenders pull. I know you were told by the U.S. Bank customer service rep that they would pull Equifax, but it's possible you were given bad information. Have you been able to confirm which bureau the HP was actually done on? (We believe you, it's the bank's CSRs that we are skeptical about.)
I understand your application was for a consolidation loan. While it's possible the bureau they pull for those is different, it's well-known that U.S. Bank usually pulls Trans Union for credit cards, and it's not the 'regular' score they use but the mortgage version, which is sometimes lower for some people (and often is confusing for those not familiar). Even if they did pull EQ, it's possible they used a non-standard score version for your application as well.
While all we can do is speculate for the moment, once you get the letter from the bank it should state clearly which bureau that was pulled, and you should be able to tell which version of the bureau they used by comparing the score to your 3B. It might not help much this time, but you'll have the information going forward (it's possible you might be able to reapply in just a few months).
Again, I'm sorry you didn't get the outcome you were hoping for.
P.S. Reminder to all: Please remember to keep all posts Friendly, Supportive, and Repectful.
U.S. Bank mostly uses TransUnion FICO Risk Score Classic 04 Bankcard scores for credit decisions.
However, its possible that they pulled another credit agency based on the applicant's state of residence.
@Anonymous wrote:
Thank you for your response. It was helpful. I felt like my integrity was being questioned in some of the prior responses which made no sense. I'm still not convinced that the scores reported by MyFico are real/actual at this point. But you gave me a way to check it and use it directionally. Once I get the letter from the bank, I can read exactly which bureau they used just in case the CSR got it wrong. My TU score would have still qualified me though. Something is weird here. But I'm on it.
Again thanks for your feedback
MyFico scores are "real" and accurate. After all, MyFico is owned by Fair Issac Corporation, which developed and maintains the FICO scoring methodology. Lenders don't calculate their own scores; they analyze your credit data through scoring models developed by, and leased from FICO. As long as the scores on MyFICO and the scores used by a lender are pulled on the same date; the scores will be exactly the same.
The question you should be asking is what version of FICO score did U.S. Bank use. For most applicants they use TransUnion FICO Risk Score Classic 04 Bankcard. Even if U.S. Bank actually pulled Equifax, it would not be the standard Equifax FICO Score 8 version.
I just got off the phone with US Bank. For loans they said they use Equifax. I asked which scoring model, the CSR stated she could only see the name Equifax, my score, my debt to income ratio etc. Not the name of the scoring model on the screen she was viewing. I also asked, what FICO score they use for credit cards, just to see if I got a different answer. She said TU. So it appears TU is used for credit cards and Equifax is in fact used for loans. She indicared a letter will be coming to me soon. Once I get the letter, I will POST a copy of the letter, which has the date on it AND I will post a copy of my MyFico 3B report which has the date I pulled and paid for the credit report and scores.
If there is some way to purchase and see all of the various models you guys have referenced, ex FICO mortgage vs FICO TU credit card etc, post a link so that I can purchase it....better educate myself. BUT to my knowledge, this generic MyFico 3B is the only service through MyFico you can buy. Given the huge difference (66 points) as pulled on Jul 2nd on my MyFico3B score and the Fico Score US Bank pulled from Equifax Jul 3rd, the next day, I feel the scores reported by MyFico are not accurate.
@Anonymous wrote:
@Anonymous wrote:
Thank you for your response. It was helpful. I felt like my integrity was being questioned in some of the prior responses which made no sense. I'm still not convinced that the scores reported by MyFico are real/actual at this point. But you gave me a way to check it and use it directionally. Once I get the letter from the bank, I can read exactly which bureau they used just in case the CSR got it wrong. My TU score would have still qualified me though. Something is weird here. But I'm on it.
Again thanks for your feedbackMyFico scores are "real" and accurate. After all, MyFico is owned by Fair Issac Corporation, which developed and maintains the FICO scoring methodology. Lenders don't calculate their own scores; they analyze your credit data through scoring models developed by, and leased from FICO. As long as the scores on MyFICO and the scores used by a lender are pulled on the same date; the scores will be exactly the same.
The question you should be asking is what version of FICO score did U.S. Bank use. For most applicants they use TransUnion FICO Risk Score Classic 04 Bankcard. Even if U.S. Bank actually pulled Equifax, it would not be the standard Equifax FICO Score 8 version.