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Equifax Score's

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Equifax Score's

I signed up for Equifax Scores my score on there site are 615 Equifax, 598 Trans Union, 607 Experian. My question is how accurate are these scores, On experian websight my free score is 643? here are all my scores form all the websites I check. Trying to rebuild my credit and trying to get the corect scores. Would like to get a credit card and also qualify for a funature loan. 

Credit Carma   615   625 Credit Sesame       615 Discover 635       Ecperian     643   NerdWallet       583 Wallethub       615           Credit Carma   615   584 Credit Sesame       615 Discover 635       Ecperian     635   NerdWallet       583 Wallethub       615

8 REPLIES 8
Valued Contributor

Re: Equifax Score's


@Acooper69 wrote:

I signed up for Equifax Scores my score on there site are 615 Equifax, 598 Trans Union, 607 Experian. My question is how accurate are these scores, On experian websight my free score is 643? here are all my scores form all the websites I check. Trying to rebuild my credit and trying to get the corect scores. Would like to get a credit card and also qualify for a funature loan. 

Credit Carma   615   625 Credit Sesame       615 Discover 635       Ecperian     643   NerdWallet       583 Wallethub       615           Credit Carma   615   584 Credit Sesame       615 Discover 635       Ecperian     635   NerdWallet       583 Wallethub       615


Welcome to the myFICO forums!

 

Your credit scores are a snapshot in time that changes based on your credit behaviors and the information in your credit reports, which is updated regularly. Credit scores are calculated based on information in your credit reports. That information is updated as new data is reported to credit bureaus by lenders, collection agencies, or other sources.

That data could include balance changes, the opening of new accounts, payments on existing accounts, or closed accounts falling off your credit report after a period of time has expired. If you check one credit score in January and then again in March, for instance, the credit score may have changed based on changes in account activity reported to the three major credit bureaus -- Equifax, Experian, and TransUnion -- during that time.

 

Credit Scores are generated from the CR at the time they are pulled. That is why FICO scores on credit card sites are stagnant. The lender soft pulls your score once a month and posts the credit score for you to see. 

 

EQ only pulls TU and EX once a month so that is why the score is different from what you see when you go to TU or EX and look at your FICO there assuming they are pulling your CR and generating a fresh credit score.



















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 9
Established Contributor

Re: Equifax Score's

Welcome new member! What you have to understand is that the scores vary because some are Vantage Scores and others are FICO scores. All the scores and sites you are getting them from can be used for informational purposes. This will help you understand where you are along your credit journey and allow you to learn and hopefully make better choices along the way. Now the FICO score is used in about 90% of credit decisions, so that is usually the most important score for you to consider where you stand. For now, your FICO 8 score is what you want from Equifax, TransUnion and Experian.  

 

One of the first things to know is that you don’t have only one credit score. Credit scores are designed to represent your credit risk, or the likelihood you will pay your bills on time. Credit scores are calculated based on a method using the content of your credit reports. Score providers, such as the three major credit bureaus -- Equifax, Experian and TransUnion -- and companies like FICO use different types of credit scoring models and may use different information to calculate credit scores. Credit scores provided by the three major credit bureaus will also vary because some lenders may report information to all three, two or one, or none at all. And lenders and creditors may use additional information, other than credit scores, to decide whether to grant you credit. Hope this helps to get you started...    Smiley Happy

“Most people work just hard enough not to get fired and get paid just enough not to quit.”
Take the myFICO Fitness Challenge


Message 3 of 9
Valued Contributor

Re: Equifax Score's

Those Equifax website scores are FAKO scores -- Advantage 3.0 scores.   They are not FICO scores.   Any score that is a real FICO score will say so -- so if it says "credit score" it is a FAKO, if it says "FICO score or FICO credit score it is a FICO score and those are the only ones that matter.

Almost all of those sites are providing you with Vantage scores, which though that is an actual type of credit score, virtually nobody uses them and they are worthless.   If you are getting a score from Discover, they do provide a FICO score although you need to check the date they pulled that score.  It could be month old.    I think Discover's FICO is Transunion 08.

 

You need to go to Credit Check Total and sign up for their $1 free trial and they will give you all three of your FICO 08 scores.

 

You can also get the many different forms of your real FICO scores by ordering a one-time three bureau report from myFICO (about $60) or signing up for their monthly service -- I think mine costs about $40/month for a premium level.

 

Wallet Hub, Credit Sesame,  Nerd Wallet, Kredit Karma and Experian's score are all "FAKO," meaning Vantage Score 3.0.   Do not base anything on Vantage scores.   Nobody uses them in credit card, auto or mortgage lending (at least at this time).

FICO 08: EX-698, EQ-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [8/2/2019]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | CapOne Savor 30K | Barclay Aviator MC 12.5K | Discover It 32K | Alliant 3% Cash Back Visa 25K | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 4 of 9
Valued Member

Re: Equifax Score's

Ch-7 is incorrect (sorry!) Equifax uses their own scoring model, not Vantage or Fico.
Message 5 of 9
Valued Contributor

Re: Equifax Score's


@Acc-Risk wrote:
Ch-7 is incorrect (sorry!) Equifax uses their own scoring model, not Vantage or Fico.

I appreciate your pointing that out.   I stand corrected.   As if we needed yet one more even less reliable and less utilized credit score!    My point is only amplified.   FICO scores are the only scores that matter at this time.   The three CRA's are using political pressure to try to get FNMA/FHLMC to use the Vantage score in mortgage underwriting but I predict that will be an epic fail.   I was in the mortgage business for 20 years and change comes slowly.   Mortgage scores currently use a version of FICO that is several generations from the past.

I didn't know about Equifax's (useless) model but here is what they said -- and I learned something new:

"What is the difference between the Equifax Credit Score™ and the FICO® Score?

 

 

Both the Equifax Credit Score and the FICO Score are general-purpose score models used to predict credit risk.  The Equifax Credit Score is a proprietary model created by Equifax.  The FICO Score is a proprietary model created by Fair Isaac Corporation (FICO) .  All Equifax consumer services and tools make use of the Equifax Credit Score unless otherwise indicated.

The Equifax Credit Score uses a numerical range of 280 to 850, where higher scores indicate lower credit risk. The FICO Score uses a numerical range of 300 to 850, where higher scores also indicate lower credit risk.

The Equifax Credit Score can be used to calculate a score for not only your Equifax credit file, but also your Experian and TransUnion credit files. This gives you the ability to compare your credit scores across all three credit reporting agencies, which can be useful in understanding your credit.

Though both score models predict similar types of risk, it is important to remember that because they were created independently by separate companies, they should not be expected to deliver identical scores.  In some cases, an Equifax Credit Score and a FICO Score calculated at the same point in time may be similar.  However, in some scenarios the scores may differ, perhaps significantly, based on how the different models calculate risk."

FICO 08: EX-698, EQ-738, TU-721 - [8/2/2019]
FICO 09: EX-748, EQ-785, TU-770 (8/2/2019)
Mortgage: EX-737, EQ-769, TU-761 - [8/2/2019]
NFCU NavChk 15K | NFCU Visa 50K | CapOne Venture Visa 50K | CapOne Savor 30K | Barclay Aviator MC 12.5K | Discover It 32K | Alliant 3% Cash Back Visa 25K | BECU CLOC 10K | BofA AK Air Visa 5K |Amazon Prime 10K.
239.5K Total Revolving. Alliant Car Loan 15K/31K
BK 7 Filed 8/23/2013 - Discharged 11/27/2013.
Message 6 of 9
Senior Contributor

Re: Equifax Score's

The fine print. The EQ FICO Score is based on the FICO Score 5 model. Third parties may use a different FICO Score or a different type of credit score to assess your creditworthiness. Any of Equisux's monitoring services are not FICO 8's. You can get a 1B report from here at MyFICO. or a card that gives you the real FICO 8.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 7 of 9
Established Contributor

Re: Equifax Score's


@CH-7-Rebuilding wrote:

@Acc-Risk wrote:
Ch-7 is incorrect (sorry!) Equifax uses their own scoring model, not Vantage or Fico.

I appreciate your pointing that out.   I stand corrected.   As if we needed yet one more even less reliable and less utilized credit score!    My point is only amplified.   FICO scores are the only scores that matter at this time.   The three CRA's are using political pressure to try to get FNMA/FHLMC to use the Vantage score in mortgage underwriting but I predict that will be an epic fail.   I was in the mortgage business for 20 years and change comes slowly.   Mortgage scores currently use a version of FICO that is several generations from the past.

I didn't know about Equifax's (useless) model but here is what they said -- and I learned something new:

"What is the difference between the Equifax Credit Score™ and the FICO® Score?

 

 

Both the Equifax Credit Score and the FICO Score are general-purpose score models used to predict credit risk.  The Equifax Credit Score is a proprietary model created by Equifax.  The FICO Score is a proprietary model created by Fair Isaac Corporation (FICO) .  All Equifax consumer services and tools make use of the Equifax Credit Score unless otherwise indicated.

The Equifax Credit Score uses a numerical range of 280 to 850, where higher scores indicate lower credit risk. The FICO Score uses a numerical range of 300 to 850, where higher scores also indicate lower credit risk.

The Equifax Credit Score can be used to calculate a score for not only your Equifax credit file, but also your Experian and TransUnion credit files. This gives you the ability to compare your credit scores across all three credit reporting agencies, which can be useful in understanding your credit.

Though both score models predict similar types of risk, it is important to remember that because they were created independently by separate companies, they should not be expected to deliver identical scores.  In some cases, an Equifax Credit Score and a FICO Score calculated at the same point in time may be similar.  However, in some scenarios the scores may differ, perhaps significantly, based on how the different models calculate risk."


The fact the people in the mortgage industry think that a new scoring model will be a “fail” vs a decades old scoring model is part of the problem. The decades old scoring model is the problem. If we restrict the conversation to just FICO, Fair Issasc continues to produce more predictive models that the mortgage industry refuses to use for one reason: the new models might lead to less mortgages being approved because they are more accurate in weeding out risky buyers. The only reason Vantage is being considered is the promise of more approvals. That’s mortgage industry loves to here that. If FICO would just make their models “worse” the mortgage industry would love it.

BECU | Apple | Discover | Key
Message 8 of 9
Senior Contributor

Re: Equifax Score's

@Acooper69  To show the difference from my recent pull. My EQ FICO 8 is 743. EQ FICO 5 is 723. So you see if you want the real FICO 8. You'd have to do a 1B EQ pull from this site. Pretty big difference I might say.





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 9 of 9
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