One Negative Mark Removed Will Raise Score 52 Points?

[Anonymous]

I have an erroneous mark on my credit report.  I and the company who created it have contacted all the credit agencies to have it removed.  On freecreditreport.com, my $1 subscription, they computed that it would raise my score 52 points if it was removed.  Is this accurate?  I'm looking to refinance my mortgage and getting those points would give me the score I need.  Thank you.

[GregB]

Reports are accurate.

Scores and advise are useless.

[pizzadude]

GregB is correct, the scores you purchased are not FICO scores.   Since you are looking to purchase a house, you will need to buy your FICO scores to see exactly where you stand.    Mortgage lenders will use FICO scores to determine your creditworthiness.

[Anonymous]

But I had contacted Experian and they gave me the score then gave me the FreeCreditScore subscription?  So Experian is giving me their wrong score?

[pizzadude]

It's not a wrong score. It is just not a score used by mortgage lenders.

[MarineVietVet]

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@Anonymous wrote:

But I had contacted Experian and they gave me the score then gave me the FreeCreditScore subscription?  So Experian is giving me their wrong score?

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To add some to the discussion about Experian and their "scores" they sell what is called a "PLUS" score and this quote is directly from the EX website: Calculated on the PLUS Score model, your Experian Credit Score indicates your relative credit risk level for educational purposes and is not the score used by lenders.

No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only.

The scores from freecreditscore, freecreditreport.com (owned by EX) are the same useless PLUS scores.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Thank you very much.  I feel duped.

[MarineVietVet]

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@Anonymous wrote:

Thank you very much.  I feel duped.

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Join the ever growing "I've been duped" club. I had no clue about how many worthless, useless (we call then FAKO) scores there are out there until I came here.

(With all due credit to long time member llecs for this):

"Virtually everyone sells scores, but they are not all FICO scores. If you got scores from the big 3, then very likely 2 or all 3 of them are not FICO scores. Experian and TransUnion do not sell FICO scores on their website. We call these non-FICO scores, FAKOs, and can easily be as much as a few points to 100+ points off your real FICO when pulled the same day. If it didn't say "FICO" next to the score, then it isn't.

Other companies (e.g. freecreditreport.com, freescore.com, truecredit, creditkarma, Equifax Credit Complete, Quizzle, and dozens of others out there) sell scores, but they are nothing more than gimmicks and lenders don't use them. They do this because they want to avoid paying any fees to FICO and when they say "credit score" people buy it anyway on the assumption that it is a FICO. The scores are off because the formula is different, factors in different things as compared to FICO, and score ranges are different than FICO's (e.g. FICO is 300-850, Vantage is 501-990, PLUS is 330-830, TransRisk is 350-850, and so on)."

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[GregB]

The quickest, and possibly cheapest, way to get a real score that will be used for your mortgage would be to pay $20 for the EQ FICO here. It might be a better deal to pay for a subscription to ScoreWatch, which will give you that report, a years worth of score changes, and a second full report. It will also give you a discount rate on any additional full FICO reports.

At least that way you will have a real score that will be one of the three used for your mortgage.

[Anonymous]

Thank you, GregB.  I appreciate the direction.  When you say "here", you mean a myFICO offer?