Experian Fako Question

[Anonymous]

Hi,

Heres another FAKO experian question that I have.   Sorry to keep buggin about it but this is what I got.

I have (2) paid old collections (one from 2003 @ 193.00) and one from 2008 for (234.00)

I have (1) sears old collection (from 2002) that I cannot get off - However its showing that I owe 0$ and closed with (2) 30 day lates.

I have (1) inquiry

Some of my cards are not paid up to zero yet, im wrking on that this week.

My FAKO shows 685

How accurate do you all think this could be?  My TU is showing the last time I pulled @ 612 and Equifax @ 601 put goes up and down with the days going by.

Thanks all !

K

[cdtotten]

 Keep in mind that a paid CO is the same as an unpaid... it will have no effect on the score.

FAKO scores don't directly correlate to a FICO score in any way... your real score could be 100 pts higher or lower. 

Not much help, but couple tidbits.

[Anonymous]

Hi,

MAN!  I hate CO's, I need to get this off........

Thank you

K

[BungalowMo]

Who's the CO? 

[RobertEG]

I hate to contiue my own mantra, but there is no such thing as a fake crediit score.

There is no such thng as a "FAKO."

Fair Isaac vends and sells its credit scores under the copyright as a "FICO" score.

There is absolulty nothing that makes a FICO score any better than a score generated from those who have their own scoring algorithms. 

FICO scores clearly have have the advantage They have been in industry longer, and are thus most often relied upon.  But there s noth8ing to support any conclusion that they are better or worse that any other scoring algorithm.

Call then FCIO or non-FICO, but dont call them FAKO.

[llecs]

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RobertEG wrote:

But there s noth8ing to support any conclusion that they are better or worse that any other scoring algorithm.

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Nobody uses them. They're trying to compete with FICO, but their predictor of risk is so off-base that lenders don't even want to touch them. That's why we call them FAKOs. I liken it to the street peddler who tries to sell you that Rolex watch for $100. It's fake. It's not the real deal.

[Anonymous]

Checked my scores yesterday MYFICO TU 574     TrueCredit TU 571. In my case it has only been off by a few points since April 09. I have had many, many changes incuding having items removed, new accounts others falling off ect. The TrueCredit score has been extremely accurate. Although I have heard horror stories.

[Anonymous]

I have a question too - I understand the difference between FAKO and FICO and I am aware of the situation with Experian - my question is, when looking at a FAKO Exp score, such as from Quizzle.com, is it on the same scale as the other FAKOS (ie top range 850) or does it have a different scoring range?  I know there are limited uses for these scores, but just for tracking purposes....esp since we can't get much out of EXP anyway....       

[pattycake]

Soccermom - the FAKO formulas are all different.  I have a FAKO score I get from Juniper Bank and it's about 110 points lower than my real FICO score.  None of them is better than the others, myfico.com scores are either dead on or within a few points of your real FICO scores.  

[Anonymous]

i get that, and i know you can't compare apples to apples with them, but for the purposes of this one, the exp fako from quizzle, i'm just trying to see if they run on the same scale as the others so fake or not, I can tell how it's doing in that little world - realizing it is not what is going on with the "real" score - if I'm showing a 685 and they scale up to 850 I'm not as concerned as I would be if they scaled up to 950 and I had the same score - I know I can't count on these numbers for anything but possibly seeing movement -