MyFico vs Lender Score - Why the difference??

[ABD]

I subscribe to MyFico and scores are TU 590, EX 628, EQ 597. Mortgage lender pulled 'Equifax Mortgage Services' and the scores are TU 674, EX 647, EQ 564.

Why even pay a monthly subscription, scores not accurate?

[s_haliz]

Mortgage Lenders uses 04 model of FICO. Whereas CC Lenders and myFICO subscription uses 08 model of FICO. 

[Anonymous]

Yes, my wife and I have been rebuilding our credit for a year and seen our FICO score go up.  But when we went shopping for a bank loan and they pulled credit reports from the 3 biggest bureaus both our scores were 50 points lower.  Here we thought we ready to purchase a home but the bank does not based on their score.  When I phone FICO they said it's because FICO uses the "newest" version.  Well, that's just wrong.  What good is FICO if the three main bureaus are using an older version.  I think a)FICO needs better version control on its sales; b)they need to warn people that there are significant difference between FICO's scores and the "real world."  It's very misleading to sell us the newest version score when most everyone else is using an older version.  it's really kind of a fraud.

[upnorth]

I can see how frustrating it is. I think FICO may have reduced the effect of late payments etc., in the new system which boosted everyone's score. The banks may see that as mispricing of risk and may want to continue to use the data to caclculate scores by the old method. 

[Anonymous]

Do you know what model your lender used ?

[ABD]

If MyFico uses the new model 08 that reduces the effect of lates, then why were the scores so much lower that the EQ Mortgage Svcs that uses a 04 model.

I really think MyFico is a scam and I have to subscribe for 3 months before canceling. #fraud

[Anonymous]

Scam? You get exactly what you agreed to pay for. There are thousands of threads here that tell you explicitly its not used in mortgages. Do research before you make a purchase to make sure the product is for you. These are real fico 08 scores that are helpful to ALOT of people.

08 uses different algorithms. So obviously something on this persons reports 08 doesn't like.

[Anonymous]

Similar situation for me

Lender EQ (Beacon v5) = 786 vs Myfico EQ 829  (Myfico is 43 points higher)

Lender TU (Classic 04) = 756 vs Myfico TU 823  (Myfico is 67 points higher)

Lender EX (Fair Issac v2) = 791 vs Myfico EX 817 (Myfico is 26 points higher)

Clean file, zero lates or derogs, 11 years AAoA, less than 9% utilization, mix of credit and oldest revolving account is 24 years aged

I expect some differences but 43 and 67 seem excessive.

The TU score is especially frustrating and I cannot figure out why the large delta between them.

Seems like the lender scores would be higher.

[Anonymous]

You have to admit that the three month min is a bit much and once you sign up and find out that it really doesn't work that well. SO IMO IT'S NOT WORTH THE MONEY

[HiLine]

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@Anonymous wrote:

You have to admit that the three month min is a bit much and once you sign up and find out that it really doesn't work that well. SO IMO IT'S NOT WORTH THE MONEY

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Paying $60 for what you don't need is a bit much. But did you know about the 3-month requirement coming in?