Difference in Scores

[pizzadude]

+1.  There are many variations of FICO scores available to lenders, such as FICO Revenue Score, FICO Bankruptcy Risk Score, in addition to the FICO classic and industry models.    And of course each CRA sells their own Non-FICO ( FAKO ) scores.

If you are interested in reading more about these, take a look at this link from TU:     http://www.transunion.com/docs/rev/business/financialservices/FS_ModelsOverview.pdf

[Mike_C]

Hello and welcome to the myFICO® Forums. You bring up an important question that we would like to address.

I had a chance to interact with Tom Quinn (Vice President of Business Development for myFICO) regarding your question.  He shared that while it is true there are multiple versions of the FICO® Score, including versions for different types of credit products, these versions are all fundamentally based on the same underlying mathematical blueprint. As such, consumers with higher FICO scores on version “A” will likely see a high score on the other versions. Similarly, consumers with lower scores on version “A” will likely get a low score on the other versions.

Fortunately, you don’t have to worry about that when you buy your FICO Score. You will get the main, general-purpose FICO Score. These are the scores most widely used by lenders. All of the FICO Score variations use similar underlying logic and algorithms, so even if lenders are using a different variation, it will likely be in the same ballpark as the one you purchased. And the steps you take to improve your score will work across all the FICO Score variations.

You can read more about this topic in his blog “Which Credit Score is the Right One?".

Hope this helps, and thank you for participating in the Forums.

[tonyjones]

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@Mike_C wrote:

Hello and welcome to the myFICO® Forums. You bring up an important question that we would like to address.

I had a chance to interact with Tom Quinn (Vice President of Business Development for myFICO) regarding your question.  He shared that while it is true there are multiple versions of the FICO® Score, including versions for different types of credit products, these versions are all fundamentally based on the same underlying mathematical blueprint. As such, consumers with higher FICO scores on version “A” will likely see a high score on the other versions. Similarly, consumers with lower scores on version “A” will likely get a low score on the other versions.

Fortunately, you don’t have to worry about that when you buy your FICO Score. You will get the main, general-purpose FICO Score. These are the scores most widely used by lenders. All of the FICO Score variations use similar underlying logic and algorithms, so even if lenders are using a different variation, it will likely be in the same ballpark as the one you purchased. And the steps you take to improve your score will work across all the FICO Score variations.

You can read more about this topic in his blog “Which Credit Score is the Right One?".

Hope this helps, and thank you for participating in the Forums.

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If this is true then how come myFico (TU) score is 690 but Walmart (TU) score is 600? 90 points discrepancy is a lot!

[Mike_C]

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@tonyjones wrote:

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Mike_C wrote:

Fortunately, you don’t have to worry about that when you buy your FICO Score. You will get the main, general-purpose FICO Score. These are the scores most widely used by lenders. All of the FICO Score variations use similar underlying logic and algorithms, so even if lenders are using a different variation, it will likely be in the same ballpark as the one you purchased. And the steps you take to improve your score will work across all the FICO Score variations.

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If this is true then how come myFico (TU) score is 690 but Walmart (TU) score is 600? 90 points discrepancy is a lot!

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[I_SUFFER_FROM_FICO_ENVY]

http://money.cnn.com/2012/08/28/pf/fico-credit-scores/index.html

[SPreb]

I got an Equifax Risk Score directly from Equifax today. How different should it be, if at all from the myfico score. The score I got is 729, But myifco scorewatch shows 679. Is it probably because myfico hasnt updated?

[guiness56]

The score you got from EQ is a FAKO, the one from myFICO is a FICO.  No, it isn't because myFICO hasn't updated.  It is because the two scores are calculated entirely different, using different factors etc.

[SPreb]

thanks guinness

[kkapdolee]

My understanding is that the FICO scores sold on this website are the following.

EQ FICO 08

EX FICO 08

TU FICO 08

Are these 3 the only "Classic" FICO scores or are there actually 9? As in FICO 08, 04, and 08 for each of the three CRAs?

[mongstradamus]

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@kkapdolee wrote:

My understanding is that the FICO scores sold on this website are the following.

EQ FICO 08

EX FICO 08

TU FICO 08

Are these 3 the only "Classic" FICO scores or are there actually 9? As in FICO 08, 08, and 08 for each of the three CRAs?

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I thought there was somethng like 49 different versions of FICO score?