Why are they FAKO? Credit Karma, Nerdwallet, Credit Sesame, Wallet Hub, etc etc

[Anonymous]

Hi all

4 months out of my BK7, I managed to get a Discover IT secured (did not burn them). I'm becoming far more serious about my credit and rebuilding it... I'm learning so much I never knew or was taught. Many thanks to the folks in this forum and others.

As I plod through this rebuilding process, I've started using all those sites/apps to keep tabs on my score, and because I've become somewhat obsessed, I decided to get Experian's program ($19.99/mo, daily Exp score, monthly EQ and TU) and use that as a recurring charge on that new Discover card and PIF each month.

But, it occurred to me after reading various places about being wary of FAKO scores, because they are not those used by banks and lenders, due to the Vantage score method used in their calculation, that why don't those companies use the REAL scores? Why would literally each one -- Nerdwallet, Credit Karma etc etc use FAKO scores and not real ones? It is suggested on these boards that we use them to guide or track our progress, but those sites do not actually claim that. In fact, it often seems like they think these are the real scores we should know. And they are consistent too: my TU score is the same across all of them.

Just wondering what your thoughts were about this...

Thank you and thanks for this great space to talk about rebuilding

[Jnbmom]

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@Anonymous wrote:
Hi all

4 months out of my BK7, I managed to get a Discover IT secured (did not burn them). I'm becoming far more serious about my credit and rebuilding it... I'm learning so much I never knew or was taught. Many thanks to the folks in this forum and others.

As I plod through this rebuilding process, I've started using all those sites/apps to keep tabs on my score, and because I've become somewhat obsessed, I decided to get Experian's program ($19.99/mo, daily Exp score, monthly EQ and TU) and use that as a recurring charge on that new Discover card and PIF each month.

But, it occurred to me after reading various places about being wary of FAKO scores, because they are not those used by banks and lenders, due to the Vantage score method used in their calculation, that why don't those companies use the REAL scores? Why would literally each one -- Nerdwallet, Credit Karma etc etc use FAKO scores and not real ones? It is suggested on these boards that we use them to guide or track our progress, but those sites do not actually claim that. In fact, it often seems like they think these are the real scores we should know. And they are consistent too: my TU score is the same across all of them.

Just wondering what your thoughts were about this...

Thank you and thanks for this great space to talk about rebuilding

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These sites are "FREE" so you get what you pay for. And they can claim anything, but they are not FICO and most of not all lenders do not use them.

And I believe Exp's 19.99 is daily EXP, but quarterly EQ and TU, unless they changed it recently. You do however get alerts from all three.

[Anonymous]

Right I get that. I'm just wondering why they ALL do it. Wouldn't you think even just one would offer a paid service/option to get your real score, because I assume it costs money? It's just weird to me that they all do FAKO and misrepresent the fact they they do it.

[Anonymous]

It is monthly. I just checked my subscription

[Brian_Earl_Spilner]

VantageScore was created by the big 3 bureaus as a competitor to FICO, in 2008. It's a real score, just not the one that's predominantly used. It has it's pros and cons just like FICO. To answer your question, it's probably cheaper for everyone to offer these scores rather than FICO. With VantageScore only being used in about 10% of lending decisions, it makes sense to me that they would be offered at a discount in order to increase its visibility and use.

[Anonymous]

Thank you BES, that makes sense. I guess I'm not sure why someone doesn't make an app/web service that pulls your FICOs and then combine them with the useful services that those others provide.

[Jnbmom]

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@Anonymous wrote:
It is monthly. I just checked my subscription

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Are you sure, I have the 19.99 and it's quarterly?

And on their website for 19.99 it states it is Quarterly for 3-Bureau Report & FICO Scores

[Anonymous]

I just took a screenshot... Not sure how to share it here

[Jnbmom]

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@Anonymous wrote:
I just took a screenshot... Not sure how to share it here

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Ok not sure but they have never given monthly access to reports AND scores for 19.99 a month?

[Anonymous]

In the list of Premium features:
"Monthly 3-bureau Report and FICO scores"

I think I signed up from within the iOS app. I noticed a price difference. It was weird.