Let's set the record straight.....

[Hcontreras]

I'm tired of hearing this FICO vs FAKO scoring models and which on is "the real" score. If you look on here (myfico.com) and obtain your so called "FICO" score that's all fine and dandy, but if it's not the same scoring model that the lenders use, thus your score, they are all FAKO. If Walmart's TU score is a FICO, but it's not the same scoring model that your lender uses when you go to buy that car, is it really a TRUE FICO? No....Let's end this FAKO vs FICO thing. It's all about these 3rd parties trying to get into your pocket and spend your money unnecessarily. True story.

[LadyLeah]

I'm still very new to this whole credit game, but I have to admit, it annoys me that I can't get ONE RELIABLE SCORE that any lender, anywhere can pull and find the exact same score. It's frustrating to read about all the caveats and exceptions, as it makes it that much harder to really know your score. My TU score via CreditKarma is 584 today, while my TU score via Myfico is 551. That's a significant difference. And yeah, I understand why and what makes up the differences and all that, but at the end of the day, it's dumb and annoying. 

Oh and I applied for a card right after I joined this site and was declined. I got my scores from this site (posted in my signature) and then got a letter from the CC explaining why I was declined. According to that letter, my EQ score was 467. Idk what the heck to think. 

And I agree that it's all about getting into consumers' pockets. 

[Jeff007245]

Please Read Thread: http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...

Very educational when it comes to scores, reports, sites etc...

[Hcontreras]

---

@Jeff007245 wrote:

Please Read Thread: http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...

Very educational when it comes to scores, reports, sites etc...

---

Thanks for the link, but I've already read that post previously. However, it still doesn't change my original point about FICO vs FAKO, if it's not what the lenders are using what difference does it make?

I'm just frustrated with this system. I think the lenders (banks) like it this way, they will always have the upper hand when it comes to us getting screwed by them with the interest rates they choose to stick us with. For instance, if we are armed with our "FICO score" then go apply for an auto loan and the lenders says our score is lower than we think it is (because we have our "real" FICO score), all they have to say is "we use a different scoring model. At at point we either CONCEED and accept the higher interest rate than we think we should be paying or walk away from the deal with a HP and nothing to show for it. It's like playing a game of poker with some that is cheating and winning over and over....

[thom02099]

---

@Hcontreras wrote:

---

@Jeff007245 wrote:

Please Read Thread: http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...

Very educational when it comes to scores, reports, sites etc...

---

Thanks for the link, but I've already read that post previously. However, it still doesn't change my original point about FICO vs FAKO, if it's not what the lenders are using what difference does it make?

I'm just frustrated with this system. I think the lenders (banks) like it this way, they will always have the upper hand when it comes to us getting screwed by them with the interest rates they choose to stick us with. For instance, if we are armed with our "FICO score" then go apply for an auto loan and the lenders says our score is lower than we think it is (because we have our "real" FICO score), all they have to say is "we use a different scoring model. At at point we either CONCEED and accept the higher interest rate than we think we should be paying or walk away from the deal with a HP and nothing to show for it. It's like playing a game of poker with some that is cheating and winning over and over....

---

All of us get frustrated by this whole credit situation, is it a real score, is it a fake score.  We get that.  We feel your pain.

That said, if the score says FICO, it's a FICO score.  If it doesn't, it's a FAKO, or alternative score.  It's just that simple.  While there are variations of FICO scores, and many of us don't feel that a particular score is useful, the bottom line is, the FICO scores are what runs the credit industry and the granting of said credit.  Like it or not, it's what we have to deal with.  My personal issue is with the TU98 provided here; some (extremely few) lenders may still use it, but for all intents and purposes, it's not beneficial TO ME.  While I have in the past referred to it as a FAKO, the bottom line is that, since it has the FICO name, it's a FICO score. Useful?  No.  FICO? Yes. 

Some lenders, such as AMEX, rely more heavily on their own internal scoring, than on FICO.  Yes, they will provide you with a FICO score if you're denied credit or don't get their best terms, but then again, it may NOT be a FICO score; it could be their internal score. 

Do we all wish there was a better way?  Of course we do.  There's no legitimate reason that it has to be this complicated.  But...this is the way it is.  And this, unfortunately, is likely to remain the way it is until consumers rise up and demand legislation to streamline the credit industry scoring practise.  Will that happen?   Your guess is as good as mine! 

[user5387]

There are other things going on here.

One of them is that many people are not willing to pay to get their scores, and so they get a cheapo score from a free monitoring service.  There are an infinite number of formulas to compute a score from what is in a report, and thus it should not be a surprise that the free models are often of poor quality -- anyone can throw a formula together.  Coming up with a model that actually predicts future delinquency chances with some accuracy is hard work.

Another issue is that FICO scoring models have evolved over time, in part due to changed consumer behavior.

Beyond that, there are the usual issues with reports having differing information, and the fact that scores can jump around on a daily basis as information is updated.

[Hcontreras]

---

@thom02099 wrote:

---

@Hcontreras wrote:

---

@Jeff007245 wrote:

Please Read Thread: http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...

Very educational when it comes to scores, reports, sites etc...

---

Thanks for the link, but I've already read that post previously. However, it still doesn't change my original point about FICO vs FAKO, if it's not what the lenders are using what difference does it make?

I'm just frustrated with this system. I think the lenders (banks) like it this way, they will always have the upper hand when it comes to us getting screwed by them with the interest rates they choose to stick us with. For instance, if we are armed with our "FICO score" then go apply for an auto loan and the lenders says our score is lower than we think it is (because we have our "real" FICO score), all they have to say is "we use a different scoring model. At at point we either CONCEED and accept the higher interest rate than we think we should be paying or walk away from the deal with a HP and nothing to show for it. It's like playing a game of poker with some that is cheating and winning over and over....

---

All of us get frustrated by this whole credit situation, is it a real score, is it a fake score.  We get that.  We feel your pain.

That said, if the score says FICO, it's a FICO score.  If it doesn't, it's a FAKO, or alternative score.  It's just that simple.  While there are variations of FICO scores, and many of us don't feel that a particular score is useful, the bottom line is, the FICO scores are what runs the credit industry and the granting of said credit.  Like it or not, it's what we have to deal with.  My personal issue is with the TU98 provided here; some (extremely few) lenders may still use it, but for all intents and purposes, it's not beneficial TO ME.  While I have in the past referred to it as a FAKO, the bottom line is that, since it has the FICO name, it's a FICO score. Useful?  No.  FICO? Yes. 

Some lenders, such as AMEX, rely more heavily on their own internal scoring, than on FICO.  Yes, they will provide you with a FICO score if you're denied credit or don't get their best terms, but then again, it may NOT be a FICO score; it could be their internal score. 

Do we all wish there was a better way?  Of course we do.  There's no legitimate reason that it has to be this complicated.  But...this is the way it is.  And this, unfortunately, is likely to remain the way it is until consumers rise up and demand legislation to streamline the credit industry scoring practise.  Will that happen?   Your guess is as good as mine! 

---

Great analogy! However, I have seen all of my scores from FAKO sites to FICO (here at my FICO), the truth is that they don't vary much. For instance, at the time when Credit Karma had my score of 651, myFICO had it at 646. EQ site had my TU score at 640 (when I ordered my 3 scores). The difference for me is not whether or not they are FICO or FAKO (cuz they don't vary much), my question is how much they vary from the scoring model that the lenders are using....