Why are my FICO scores different than the Lender's FICO score

[guiness56]

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@diveforfun97 wrote:

I would stick with this site (if I were you).  Again you can see what the lender sees, and continue to get the great FREE advice!!  I hope that it works out for you!

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That depends on what model of FICO the lender is using.  There are different models and all generate somewhat different scores.  Not a big variance like a FAKO but, a difference.

The part about great free advice is 100% accurate.

[wednesdayaddamsd]

I don't understand why so many people say you cannot buy your own Experian score. I went to the www.experian.com website last week and bought my score. Not sure what score people are under the impression that I bought, but it was straight from experian.

[Anonymous]

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@wednesdayaddamsd wrote:

I don't understand why so many people say you cannot buy your own Experian score. I went to the www.experian.com website last week and bought my score. Not sure what score people are under the impression that I bought, but it was straight from experian.

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Yes it was your Experian score. However, it was not a FICO score - which is what most lenders look at. It was probably a Vantage score which is quite different. You can not purchase a FICO score based on your Experian report. But you can get it from some lenders.

[Anonymous]

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@Anonymous wrote:

Yes it was your Experian score. However, it was not a FICO score - which is what most lenders look at. It was probably a Vantage score which is quite different. You can not purchase a FICO score based on your Experian report. But you can get it from some lenders.

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This is very true ... they are all trying to push their brand of scoring algorithm and experian seems to be going at it the hardest.  Not to sure about eq, trans to some extent but definately exp.  They sell the vantage or push scores to consumers in an atempt to breach into the market however when lenders request info they bite the bullet to maintain thier market share and reputation for reliability and send them the fico score.

who knows what this will spell for them in the future...

However The new finance law has a stipulation that when you are denied credit or requesting your annual free credit report, you will be intitled to a credit score.  Now the legalise has not been fully drawn up yet but it passed in the house.  People can only hope this means they must furnish the exp fico score (as such writers for cnn recently professed) but we'll just have to wait and see for that. 

IMHO, i don't think exp will be forced to give the fico score with the reports.  The wording in the law is not fully drawn up yet however if they have thier own product idk if they can be legally forced to push another.  This may conflict with laws of monopolization.  The very reason we have 3 different entities doing credit reporting in the first place.

[llecs]

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@Anonymous wrote:

IMHO, i don't think exp will be forced to give the fico score with the reports.  The wording in the law is not fully drawn up yet however if they have thier own product idk if they can be legally forced to push another.  This may conflict with laws of monopolization.  The very reason we have 3 different entities doing credit reporting in the first place.

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+1. One day a scoring system will come along bigger and better than FICO. If you put in the language of the bill "free FICO" scores, then it'll be pointless, if one day, lenders use something different. Also, FICO pays $$$$$ to the CRAs every time you and I purchase our FICO scores because FICO has to pay money to access the CRA's report content. Making it free would only undermine FICO, which at this point is the most accurate score out there.

[Anonymous]

                                       Did the lender get the report that showed the changes that caused your score to increase?

The lender showed no change in the report whatsoever.  This is suspicious to me because regular payments had been made as well as the items being removed.  I have a feeling that they either 1) didn't run a new report, or 2) their system hasn't updated with the changes.  Its very confusing that the FICO scores are so different.  I guess I will give it some time and see if it changes.  The closing is still several months away.

[Lel]

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@Anonymous wrote:

                                       Did the lender get the report that showed the changes that caused your score to increase?

The lender showed no change in the report whatsoever.  This is suspicious to me because regular payments had been made as well as the items being removed.  I have a feeling that they either 1) didn't run a new report, or 2) their system hasn't updated with the changes.  Its very confusing that the FICO scores are so different.  I guess I will give it some time and see if it changes.  The closing is still several months away.

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I suspect that this is the most likely explanation.

Credit reports that you pull from myFICO.com- can't comment on the non-FICO credit report sites - obtain the most up-to-date credit report information directly from Equifax and Transunion when your score is generated.

It appears that some credit report services that lenders use may not do the same thing.  They probably receive updates on some defined schedule.  So, if these companies only receive new information from the credit bureaus on Mondays and Thursdays, for example, and a credit report change occurs on Tuesday, a new credit score on Wednesday would not reflect these changes.

A similar discussion is here: Lender's scores different from myfico scores

Be aware, however, that even when the credit score company does have your most recent information, there will probably still be a difference in your TU score from what you get on this site.  That's because most lenders are using the TU 04 FICO scoring model, whereas this site offers that TU 98 version.

[Anonymous]

A

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@Lel wrote:

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@Anonymous wrote:

                                       Did the lender get the report that showed the changes that caused your score to increase?

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I suspect that this is the most likely explanation.

Credit reports that you pull from myFICO.com- can't comment on the non-FICO credit report sites - obtain the most up-to-date credit report information directly from Equifax and Transunion when your score is generated.

It appears that some credit report services that lenders use may not do the same thing.  They probably receive updates on some defined schedule.  So, if these companies only receive new information from the credit bureaus on Mondays and Thursdays, for example, and a credit report change occurs on Tuesday, a new credit score on Wednesday would not reflect these changes.

A similar discussion is here: Lender's scores different from myfico scores

Be aware, however, that even when the credit score company does have your most recent information, there will probably still be a difference in your TU score from what you get on this site.  That's because most lenders are using the TU 04 FICO scoring model, whereas this site offers that TU 98 version.

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TU 98 is a 12 year old version?  That's a little outdated isn't it?

[MarineVietVet]

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@Anonymous wrote:
 

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TU 98 is a 12 year old version?  That's a little outdated isn't it?

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Perhaps but that's the version used.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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