Difference in Transunion scores

[Anonymous]

I purchased the Transunion score from Myfico and immediately purchased a score from Transunion.  All information looked the same with updates/comments but there was a huge difference in the two scores.  Why?

[Anonymous]

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@Anonymous wrote:
I purchased the Transunion score from Myfico and immediately purchased a score from Transunion.  All information looked the same with updates/comments but there was a huge difference in the two scores.  Why?

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The TU score from MyFico is based on a Fico scoring model. The TU score from TransUnion is probably based on their proprietary TransRisk scoring model.

Other than Equifax, the scores available from the main credit bureau sites are not based on a Fico scoring model.

There are literally dozens of credit scoring models available, all with different formulas and score ranges. The non-Fico scores are rarely used by lenders. Even Fico has a number of different scoring models, for each individual credit bureau, and for specific lending applications ...

[Anonymous]

How are companies like Transunion, Experian, etc. able to stay in business if lenders don't typically use their services for credit scoring?  I believe the last time I purchased a car, the company used Transuion for the credit report.  Why does Myfico offer the purchase of a Transunion score if it is not a reliable product?  Where do I go to get a true credit score without the runaround?

[Anonymous]

The credit bureaus provide the data that is used (from the credit report). The credit score is separate, and is dependent on which scoring model the data is processed through.

For example, you can take the exact same raw data from the TransUnion credit report, and process it through a Fico classic TU'98 model, a Fico classic TU'04 model, a Fico bankcard-enhanced TU model, a Fico auto-enhanced TU model, a TransRisk model, a Vantage model, and a Plus model, and you will get 7 completely different credit scores, because each scoring model uses a slightly different formula, which assigns different weighting to individual pieces of data.

The credit bureaus actually derive only a small part of their income from selling credit scores to consumers. Much more of their income comes from selling credit reports to lenders, selling tracking reports to creditors, etc. ...

Message Edited by Revike on 07-26-2009 11:12 AM