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Do creditors use Experian FICO score

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ecxpa
Valued Contributor

Do creditors use Experian FICO score

Just curious......Experian now gives you a FICO score, is this the score lenders use or do they pull the FICO from other sources, i.e. My FICO

Message 1 of 5
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Anonymous
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Re: Do creditors use Experian FICO score

There are 3 credit bureaus: Experian, TransUnion and Equifax. They are the agencies your creditors report your history to. Based on that history (or your “credit report”) you’re given a Score using the FICO method. It’s a way to quantify (or basically boil down) all the different factors on your report (payment history, length of credit, inquiries, new credit, balances, etc) into a single score that says whether you’re a reliable candidate for credit.

Most creditors use your FICO 8 score, but there are many different scoring scales, 8 is just the most common for credit cards and loans. There are separate Fico scores for mortgage and auto. There’s also variations of each (such as FICO’s newest methodology FICO score 9).

MyFICO doesn’t “give” you a credit score. It just shows you what your score is. Your Experian FICO 8 score should be the same on MyFICO and Experian.com because they’re the same thing just two different ways of obtaining your score.

I hope this was clear enough. And if not, hopefully someone not as scattered brain as I chimes in and can help. Smiley Happy
Message 2 of 5
Anonymous
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Re: Do creditors use Experian FICO score


@ecxpa wrote:

Just curious......Experian now gives you a FICO score, is this the score lenders use or do they pull the FICO from other sources, i.e. My FICO


It could be, but it depends on the lender.  You'd have to contact the lender and ask them which credit scoring model they use and on which bureau they draw their data.  If the bureau data and scoring model match the score you are accessing, that lender is seeing the same score you are assuming it is being acquired at the same time.

Message 3 of 5
Anonymous
Not applicable

Re: Do creditors use Experian FICO score

MyFICO is just a another credit monitoring service no different than Credit Karma and the likes, the difference is that MyFICO provides the entire range of different FICO scores rather than Vantage scores. MyFICO, just like any other monitoring services, still needs to pull data from the 3 bureaus in order to generate those scores it provides. Therefore no, lenders do not pull scores from MyFICO (they don't have MyFICO subscriptions for every applicant), they pull data from the bureaus and plug them into scoring algorithms to generate the score model they desire.

 

Like BBS said, if the FICO8 score is based on data pulled from the same bureaus at the same exact time (Experian in this case), they should all be the same regardless if it came from MyFICO, Amex monthly update, or directly from Experian's own credit monitoring services.

Message 4 of 5
SouthJamaica
Mega Contributor

Re: Do creditors use Experian FICO score


@ecxpa wrote:

Just curious......Experian now gives you a FICO score, is this the score lenders use or do they pull the FICO from other sources, i.e. My FICO


Yes it's a score lenders use. It's the real thing.


Total revolving limits 650200 (529700 reporting) FICO 8: EQ 706 TU 714 EX 715

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