PENFED FICO is 660 and MY FICO 9 Credit card is 751

[Anonymous]

FYI

Called PenFed and they advised me to right a formal request for reconsideration with details from my current Equifax report.  I don't have a problem doing that but why is the onus on me.  Shouldn't PenFed be looking into their process.  I can't imagine that I am the only person this has happened to and seems to go against FCRA and ECOA to some extent.  Perhaps I should report them to CFPB.

Anyway, I will try to keep everyone updated if I make any progress.

Thank you.

[Queen_Etherea]

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@Anonymous wrote:

Why would PENFED have a score of 660 when MYFICO CREDIT 9 FICO is 751?  Is this somehting others have experienced?

Thank you.

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I got a letter from PenFed when I app'd for their AMEX card which said my FICO score was 564!! So PenFed is smoking something... I have literally nothing derogatory on any of my reports, which makes it impossible for me to have a score that low. Also, my FICO 9 score on their site says 719. I need to call back today and figure out what's going on. Was supposed to yesterday, but didn't have time.

[sjt]

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@Anonymous wrote:

No I am not sure but my lowest Myfico is is 751.  Range from 751 to 768.  That's why I think it is crazy that Penfed is saying my score is 660.  It's almost like they are using an old score on file from years ago.

Any help you or anyone can provide is appreciated.

Thanks.

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Did you look at the date when it was pulled? It should be under the score. Have you contacted Penfed?

[Anonymous]

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@Anonymous wrote:

Perhaps I should report them to CFPB.

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On what grounds? 

A lender isn't required to update a free provided credit score on your account.  The lender isn't even required to report account information to the credit reporting agencies for that matter.  While irritating from your perspective, they haven't done anything "wrong" here.

[Anonymous]

How do you know they have done nothing wrong!  They could be redlining, reverse redlining, etc... there is a myriad of things that could be wrong here.  You don't know what you don't know.  Yes, potential wrong doing looks like it doesn't fall under FCRA but there could be concerns for the CFPB to look into.

I understand what you are saying but I don't think you can make the statement you made with 100% certainty or even 80%.

Thank you.

[Glen_M]

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@Anonymous wrote:

How do you know they have done ... wrong!  ...  You don't know what you don't know.  ...

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You haven't provided us with some very basic information regarding the numbers you're comparing, so before you rush off and make some messy legal filings you might want to sort out some of the things you don't know.

You have mentioned two scores, specifically which scoring model are they? Your FICO Bankcard Score 8  based on TransUnion data from 2 days ago could look very different than your FICO Score 9 general score based on Equifax data from two months ago.  You mentioned the date of "3/28/2019" but didn't say which score that applied to, or which rating agency it came from.

Right now PenFed is still displaying my FICO Score 9 based on Equifax data that was pulled on January 8, two months ago.  But if I applied for a new product, they would proably pull a new report, maybe from a different agency or multiple agencies depending on what kind of product I was inquiring about -- and that number on their website would not updat to reflect that.

If you got denied they are required to send you a formal explanation that will tell you who they got data from and when, but that is usually delivered through USPS and takes a week or two to arrive.  Do you have this?  What precisely does it say?

Similarly, MyFICO does not always update when your scores change either.  If you aren't purchasing any of their services, or if some change in your report did not trigger an alert, it wouldn't automatically update.

.

[Anonymous]

I appreciate the arm chair legal advice to some extent.  Here are the facts, I am researching what is wrong with PenFed findings currently. 

Thank you.

[Anonymous]

What are the facts?