Different Scores

[solarpro]

I recently pulled my credit report from a couple of sites. One of the sites reported my score being higher than another. How is this possible?

[BGMWPD320]

I bet some are FICO and some are FAKO

[solarpro]

One reported my score as 541 and Myfico scorewatch reported it as 467. Which one is true?

[MsKiwi]

---

solarpro wrote:

One reported my score as 541 and Myfico scorewatch reported it as 467. Which one is true?

---

The myfico score is the true FICO credit score, the other is a FAKO score. FICO is what lenders and creditors use, FAKO is pretty much useless. The two scores can vary 100 points or so but it is your fico score you rely on.

[Anonymous]

Hi solarpro,

Please read the first post of the Credit Scoring 101 thread linked in my siggy.  The differences between the various types of credit scores are explained there.

[RobertEG]

Their is no such thing as a "FAKO" score, or a single FICO score.

Credit scoring is a commercial and unregulated endeavor.  If one has a licensed ability to access the CRA data, then they can use whatever scoring algorithm of their commercial choosing to produce and sell a score.  Many on here denigrate any score not being licensed through FairIIsaac as being fake scores.  They are not fake, only just scores not used by most lendors.

Even if one ignores all of the other score vendors, and seeks only a true FICO score, then there is also no such thing as a single FICO score.  FairIsaac vends different versions of its scoring algorithm to each of the three CRAs.  So even if your CR data was identical at each of the three CRAs, then the FICO score will vary.

FairIsac also vends different flavors to different lendors.  There are classic, enhanced, and NextGen scores, all of which are FICO.  They have also began marketing of a FICO 08 algorithm.

All ice cream is not chocolate or vanilla.

Message Edited by RobertEG on 07-07-2008 11:00 PM