Credit Bureaus Score Models

[timotiger]

I pulled a 660 today through Equifax. On myFICO, my Equifax score shows a 637. Can someone explain which model each is score with? Also, wondering what model Experian uses, and the Trans Union on the myFICO site. I would like to know which scores are the most realistic. I did refinance my car recently. My Experian was a 675 through their site and my credit union pulled a 660. Thanks in advance.

[llecs]

MyFICO offers an EQ FICO. The specific version is called Beacon 5.0 and is used by virtually all mortgage lenders. It's the only EQ FICO version that can be purchased anywhere, and it also offered via DCU, M&T Bank, Unitus Community CU, and others.

Equifax.com offers two different scores. One is a FAKO and the other a FICO. The FICO is the same EQ FICO as on here and it'll match the score here if pulled the same day. The score they push and sell you is a FAKO called an "Equifax Credit Score". It's the same score pushed if you were to ever order via annualcreditreport.com. Nobody uses this FAKO. The FICO is available only on a couple of their products like their version of ScoreWatch and one other. If it doesn't say "FICO" next to the score purchased through Equifax, then it isn't.

MyFICO doesn't offer an EX FICO though at one point they did. The version used was called a "Fair Isaac Risk Model v2", or similar. Name slightly varied on mortgage reports, but it's the same version. This version is used by almost all mortgage lenders. You cannot buy this or any EX FICO version from anywhere without the help of a lender. Experian blocked consumer access to your own EX FICO years ago. However, there are some CUs like PSECU that can give it to you for free.

As mentioned, you cannot buy an EX FICO from anywhere. Experian.com sells scores but they aren't FICO scores and lenders do not use them. Their FAKOs are called a VantageScore and a PLUS score, and that score varies based on the product you buy from Experian.

Finally, myFICO.com sells a TU FICO. The TU FICO version on here is technically called a "FICO Risk Score, Classic 98" or similar. Some lenders call it Empirica 98. In any case, we nickname it here TU98. While some lenders still use this TU FICO version, most do not. They use a newer version nicknamed TU04. The only place you can buy your TU98 is via myFICO. You cannot buy TU04 from anywhere without the help of a lender. The newest version is nicknamed TU08. You can get this via Wal-Mart.com is you have their CC, but not many lenders use that either.

Other sites like TransUnion.com offer scores, but none of them are FICO scores. The FAKOs they offer are VantageScore or a TransRisk Score, depending on which product you buy.

So....in your case, the 660 is a FAKO probably (depends which product was purchased). The 637 is a FICO. The 675 is a FAKO. And the 660 is most likely a FICO if a lender pulled it, though the version can vary on that EX FICO depending on what they pulled and for what. YMMV on the lender.

[brother7]

llecs gives the BEST explanations! 

[Bobshur]

Good to know, I was totally duped by discover thinking my credit was higher than it was,I cancelled it and now use the one on here.i guess I'll pull the others with my 2 free reports annually in Georgia. Is this 14.95 a month plan on here worth it? It sounds confusing,but do I get a credit update at will?

[ash4life]

LLECS,

Good info!!! I believe you on the Beacon 5, I just want to confirm that so I can have better piece of mind that myFico score I see now will be the one my lender sees when she pulls my scores to see if she can pre-approve me for a mortage. Do you know where I can find that info? 

Thanks!!!!!    

[lifeisgreat]

Ok, I have a question I will post in two places to see who can help.  I currently purchase the MyFico Quarterly Monitoring in an effort to improve my score and clean up my report.  I have a MyFico score from Jan & April - stayed the same in fact.  My credit union just sent a letter denying renewal of their Visa due to the baddies on the report - and the low score.  The letter indicated I had an Equifax Score of 578 as of January 2013, but in fact my Trans Union Fico from MyFico is 615.  Before I call to negotiate this cancellation, I want to know exactly where to get an Equifax Score that matches what they are looking at.  When on the MyFico website, I do not see where I can purchase an Equifax Score - only the report.  Though I do want a report so that I can see if the baddies are reported as being paid, which almost all should be paid by now, I also want to have a current score in my hand prior to calling.

Any suggestions will be greatly appreciated.

[ash4life]

Lifeisgreat,

When you purchase your myFico report, it's automatically your EQ score. Your report will be current. At least mine is. From what I have learned, the Beacon 5 is what myFico uses for the EQ score. The TU I think is the TU04 version. There is a TU98 version. EX is not on here. They don't play nice from what I have read.

I signed up for this because the FICO term is trusted and the Beacon 5 (which is used here) is used by my mortgage broker and most lenders of mortgages. Not sure what a Credit Union uses. I would call them and ask exactly what model they use. Plus when they deny you, they have to show you the report and the on that report should be what they use. I would simply call them.

Transunion is usually the higher of the 3 scores and I'm not sure why lenders would even use that in the first place. All 3 use different scoring models to come up with their score. It's just a matter of what lender uses one based on their policies and underwriting rules. So, EQ's score will usually be different than the TU score and same with the EX.

That help?