cancel
Showing results for 
Search instead for 
Did you mean: 

Different Equifax FICO Scores : Lender vs MyFico

Established Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico


@ScoreSistah2 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:

Experian
Equifax
TransUnion
Most widely used version
FICO® Score 8
FICO® Score 8
FICO® Score 8
Versions used in auto lending
FICO® Auto Score 8
FICO® Auto Score 2
FICO® Auto Score 8
FICO® Auto Score 5
FICO® Auto Score 8
FICO® Auto Score 4
Versions used in credit card decisioning
FICO® Bankcard Score 8
FICO® Score 3
FICO® Bankcard Score 2
FICO® Bankcard Score 8
FICO® Bankcard Score 5
FICO® Bankcard Score 8
FICO® Bankcard Score 4
Versions used in mortgage lending
FICO® Score 2
FICO® Score 5
FICO® Score 4
Newly released version
FICO® Score 9 
FICO® Auto Score 9 
FICO® Bankcard Score 9
FICO® Score 9 
FICO® Auto Score 9 
FICO® Bankcard Score 9
FICO® Score 9 
FICO® Auto Score 9 
FICO® Bankcard Score 9
Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (11/10/2018): FICO 08 EXP: 724; TU: 752; EQ: 753
2018 Goal Score: 720 across the board


Take the myFICO Fitness Challenge
Message 11 of 35
Frequent Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

^^^ this. James_A is correct and that’s what I was driving at in my reply as well, that they likely used one of the alternate focused scores rather than the “generic” FICO 8.
Rebuild commenced 5/2018
Discover IT | Target | VS | Home Depot | CapOne QuickSilver | Wayfair | Indigo Plat | Kohl’s
Message 12 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

I know what score they say they saw because they told me. Based on the number they provided me, simple math brought me to the 66 point difference based on the credit bureau they shared they used ...which again was Equifax.

So MyFico is the one with the unsubstantiated claim. Not me. To what end would I have to "claim" anything other than what happened. I pay them, not the other way around. I'm not new to credit. I went through a while rebuilding process 10 yrs ago. So I know better than to squander what I worked so hard to rebuild.

Again, I don't think I got this wrong. I think the scoring on MyFico isnt accurate. By the by, I just got a response from MyFico customer service which states EXACTLY what I'm saying ....which is the scoring isn't the same as what lenders use. Will post a copy of the email so that others are aware of what they are getting ....and not getting
Message 13 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

Your point is what? It's helpful how? Are there other versions you list available to purchase off MyFico or just what you now refer to as the generic 3B? Isn't that what we ALL but, the generic 3B.

Do enlighten me if I missed something available from MyFico that could be given me a more accurate view of my credit score BEFORE I relied on them (and my one-time) payment history to apply for a loan with US Bank.
Message 14 of 35
Moderator

Re: Different Equifax FICO Scores : Lender vs MyFico

@ScoreSistah2, 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.

Message 15 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

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.






Message 16 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico

I will agree with all the previous replies.

I have several US bank credit products. They have always pulled TransUnion FICO 4 which is the mortgage version of FICO.

As stated there are several different versions of FICO. The scores you are most likely quoting are you FICO 8 scores. Which is the most common version used.

Even if USB did pull your Equifax score. They would still most likely go with the same FICO scoring method they normally use which would be classic 04 (mortgage)

I will give you a real world example.

My fiancé has 780-790 FICO 8 scores across all 3 bureaus.
When she did her last credit card app with US Bank. They pulled TU classic 04.
That score was 699. Almost a 100 point difference between that score and her “normal” FICO 8 score.



FICO 8 scores 10/2018
EX-776
TU-708
EQ-703
Message 17 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

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
Message 18 of 35
Valued Contributor

Re: Different Equifax FICO Scores : Lender vs MyFico


@ScoreSistah2 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.






Message 19 of 35

Re: Different Equifax FICO Scores : Lender vs MyFico

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. 


@MaizeandBlue wrote:

@ScoreSistah2 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.


 

Message 20 of 35