Doesn't MyFICO use TU 2004?

[Anonymous]

Which version of TU does MyFICO use when it generates a score? The reason I ask is that I recently applied for a mortgage, and the score they gave in the Tri-Merge report differs from the score here.

My MyFICO TU is 720. The score in the Tri-Merge TU is 742. 

On the Tri-Merge report, the scoring model is listed for each as this: 

EQ: Beacon 5.0 - 678

EX: FICO-II - 717

TU: FICO Classic 04 - 742

[Anonymous]

 From a lot of discussions that I've read here it sounds like the TU score you get from from myFICO is 98.

It calls into question why are we getting confuse for all these mismatch when myFICO can just provide both TU98 and TU04 for consumer to choose.

I hope myFICO get their IT employee working on this issue as soon as possible. If this changes is not implemented as soon as possible, I will consider TU score from here as FAKO and by popular believe, I won't waste my time or money buying nor believing in it again.

 It's getting irritating  to read all these FICO vs FAKO arguments when you can not  even believe in the score you get from the almighty myFICO.

[llecs]

As Scrambler mentioned, myFICO sells TU98. Looks like the score differential worked to your favor. Congrats.

[Anonymous]

Thanks for clearing that up llecs. However, this means Scrambler has a valid point.

If MyFICO sells an old version that most lenders don't see, in practice, it sort of is a FAKO. We're paying for scores that differ than what lenders see. 

Has there been any discussion on upgrading MyFICO to use TU 04? 

[llecs]

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FretlessMayhem wrote:

Thanks for clearing that up llecs. However, this means Scrambler has a valid point.

If MyFICO sells an old version that most lenders don't see, in practice, it sort of is a FAKO. We're paying for scores that differ than what lenders see. 

Has there been any discussion on upgrading MyFICO to use TU 04? 

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FM, if your lender pulled a TU98 score, and the score from your lender and here matched, would you still consider it FAKOish? Conversely, if myFICO sold TU04 scores and your lender pulled TU98, would it also be FAKO-like? Its all relative, right?

I don't know why there's a delay. Maybe FICO wanted to see if TU08 would take hold. Someone from FICO mentioned that most lenders are now using TU04, but maybe some of the top lenders are still using 98. I don't know.

Quite frankly, IMO, FICO can easily make more money on myFICO.com if they sold ALL versions of FICO scores for all 3 CRAs. I'm also house hunting like you are and would really like to know what I have, across all versions, before I jump in with both feel. FICO ought to sell TU 98, TU 04, and TU08. EQ should have offerings for Beacon 5.0, 9.0, and the new mortgage-enhanced score. Well, EX isn't a team player. If all 6 (3 + 3) scores were offered, I'd frequently buy all of them leading up to the mortgage.

[Grape]

Sort been thinking along the same lines as Scrambler lately. TU98 is a decade old at this point.

[ECHOBOI4U]

This is why it is vitally important to get this nation back on track consistently with credit scoring.  There needs to be one universal FICO system that everyone pulls/uses on all 3 CRAs.  I work in the TV industry and secularizing parts of the industry makes it tough for consumers and businesses.  Why then do we have SO many versions of credit scores.  We pull FICOs here in an attempt to learn how we are doing, but some lenders pull 98 and some 04.  Some lenders even pull FAKOS so I've experienced.  We need to adopt a universal system of credit score development and use (FICO or not) and stick with it.  I, and I think I speak for a lot of people, get a major headache trying to keep track of it all.  My bottle of Tylenol is not big enough.    We need new legislation or something in place to also keep companies like Experian from stealing away our rights to know our FICO scores.  Most places around where I live pull Experian.  No I just pull my Experian FAKO and EQFX and TU FICOS and HOPE that they are close.  What to do.  We the people need to speak up and say "no more."

[Anonymous]

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@llecs wrote:

FM, if your lender pulled a TU98 score, and the score from your lender and here matched, would you still consider it FAKOish? Conversely, if myFICO sold TU04 scores and your lender pulled TU98, would it also be FAKO-like? Its all relative, right?

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Yeah, I suppose I agree that it's relative. I was under the impression most used TU04 from other posts I think. I kinda wish that there was just "the current model", or something. That way I could know concretely what my score is going into something. 

Now is the best possible time to be house hunting, especially in NoVA. With all the distressed properties up there, I'm sure you can walk away with a steal like I'm trying to do!

[Anonymous]

Based on reports over the past two years, it seems undoubtedly true that the majority of mortgage lenders use the TU'04 version. Whether it's 55% or 60% or 80%, who knows?

I'm sure it isn't an IT issue, and I agree that the most logical decision at this point would be to provide scores from both versions, at least until more TU'98 users convert to TU'04.

I'd bet it is all about money, and Fico and TransUnion just can't come to an agreement regarding licensing fees. As a result, and more so because of the unavailability of the EX Fico score, the Fico scores' credibility and usefulness as a mortgage preparation aid continues to decrease ...

[android01]

It's been a couple years since the last post in this thread.  Are there any updates as to when/if Myfico will update to something other than TU98?