PenFed is crazy

[JKSIMMONS]

I opened a savings account at PenFed. I knew it would be a HI. They gave me restricted access (such a weird thing) because of my credit score. They sent me a letter saying they pulled equifax and that my score was 591! This scared the poo out of me and I immediately pulled by score. Equifax says it's 678. I have not had ANY activity on my report in several months. My utilization goes down may 1-2% per month. They were just flat out wrong. Has anyone run into this?

Again, I know for a fact that nothing improved on my credit that would make it jump like that. More importantly, I know my score has been around the 678 number for quite some time. They are just wrong and it pisses me off that it scared me into paying $8 bucks to make sure I didn't get defrauded.

[blondy250]

what version of equifax did they pull? There are so many diferent versions enhanced and not, its certainly not wrong.

[JKSIMMONS]

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@blondy250 wrote:

what version of equifax did they pull? There are so many diferent versions enhanced and not, its certainly not wrong.

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I don't think that makes much sense. I feel like if I get a letter from them stating my score, it should be the same score I get on my credit report from the same credit reporting agency. Such BS. What if I wanted to apply for something that mattered?

I don't frequent this section of the site much so pardon any ignorance of different "versions". That's so stupid and creates confusion for the consumer. If I were someone that didn't use these forums, or was a generally angry person, this would have created a huge conflict between myself and PenFed and then Equifax.

[blondy250]

There are 50 versions of your true Fico score, as a consumer you can purchase maybe 4-5 of them. The rest you wouldn't know unless a lender pulls them (mortgage, car loan, Credit card). It doesn't mean the one you got from here isn't real, it is. It means Penfed didn't use that version.

[JKSIMMONS]

T

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@blondy250 wrote:

There are 50 versions of your true Fico score, as a consumer you can purchase maybe 4-5 of them. The rest you wouldn't know unless a lender pulls them (mortgage, car loan, Credit card). It doesn't mean the one you got from here isn't real, it is. It means Penfed didn't use that version.

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That's insanity. I think as a consumer you should be able to obtain the actual report and score they used. Is this possible?

[blondy250]

Others will chime in, but unless you were turned down for credit I dont think there required to provide you with the report they used. You could call customer service and ask, it couldn't hurt.

[blondy250]

This thread explains some of the complexity.   fico variations

[JKSIMMONS]

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@blondy250 wrote:

Others will chime in, but unless you were turned down for credit I dont think there required to provide you with the report they used. You could call customer service and ask, it couldn't hurt.

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That's the thing. I was turned down or limited services due to information obtained on my credit report yet, I don't get to see that information.

[Anonymous]

There are a wide variety of scoring systems in place.

Some of them are the usual common FICO models, some are more exotic FICO models, and many of them are proprietary to individual lenders.

There are various threads here that say that Penfed uses the NextGen / Pinnacle system, with a score range of 150-950.

[BigBS]

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@hwturner17 wrote:

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@blondy250 wrote:

Others will chime in, but unless you were turned down for credit I dont think there required to provide you with the report they used. You could call customer service and ask, it couldn't hurt.

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That's the thing. I was turned down or limited services due to information obtained on my credit report yet, I don't get to see that information.

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I may be mistaken, but I believe that if you are not given optimal conditions you are still entitled to a copy of the report.