Question about scores for each bureau

[Anonymous]

I've been working on credit repair for some time, but don't really understand the scores. I know there are FICO scores and FAKO scores. Does each bureau have one of each? Please excuse my ignorance in this area.  I'm confused because here on myFICO, they only offer EQ FICO and TU FICO, so where do I get the EX FICO?

[llecs]

Welcome!

FICO created scores (hence FICO scores) for lenders as a tool for risk assessment. Lenders will often pull only one CRA or even all 3, so there are individual FICO scores for each CRA. The formula isn't the same for each but very close. And to confuse things a tad, lenders wanted the option to have different models of FICO scores for use in considering applications for credit. Without getting into detail, most all mortgage lenders, including some CC-issuers, loan lenders, and so on use the same type of score as offered on here (Classic FICO scores). And like with cars, there are different models years for FICO scores too. In short of it, most all mortgage lenders use the same EQ FICO as on here, and a small few use the same TU FICO version as on here. Most use a newer TU version.

As of a few years ago, Experian blocked access to your own FICO score. You cannot buy it from anywhere without the help of a lender. However, there are some CUs that can provide it for you as a benefit.

[Anonymous]

Just to add on to what llecs already said...

Your FICO scores are the ones you want to watch.  There's a couple different versions of them, however, so you'll want to know which ones you want.

Equifax

• BEACON 5.0 (used by nearly all lenders) - available on myFICO.com
• BEACON 9.0 (newer scoring model, however, used seldem by lenders) - available only from a lender
  

TransUnion

• Classic 98 (FKA Empirica 98) (used by some lenders) - available on myFICO.com
• Classic 04 (FKA Empirica 04) (used by a majority of lenders) - available only from a lender

There is also a TU08 score that is only available if you have a line of credit with Walmart, however, it isn't actually used by any lenders, so it's useless.

Experian

• Fair Isaac Risk Model (used by nearly all lenders) - available only from a lender

Any score available online claiming to be an Experian credit score is a FAKO score, and useless.

Please note many lenders also have their own internal scoring models that aren't available anywhere.  Different types of lenders may value certain areas of your credit more than others, so they might view you as a higher or lower risk than your FICO scores may show.

[Revelate]

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@Anonymous wrote:

Just to add on to what llecs already said...

Your FICO scores are the ones you want to watch.  There's a couple different versions of them, however, so you'll want to know which ones you want.

Equifax

• BEACON 5.0 (used by nearly all lenders) - available on myFICO.com
• BEACON 9.0 (newer scoring model, however, not used by any lenders) - available only from a lender
  

TransUnion

• Classic 98 (FKA Empirica 98) (used by a majority of lenders) - available on myFICO.com
• Classic 04 (FKA Empirica 04) (also starting to be used more by lenders) - available only from a lender

There is also a TU08 score that is only available if you have a line of credit with Walmart, however, it isn't actually used by any lenders, so it's useless.

Experian

• Fair Isaac Risk Model (used by nearly all lenders) - available only from a lender

Any score available online claiming to be an Experian credit score is a FAKO score, and useless.

Please note many lenders also have their own internal scoring models that aren't available anywhere.  Different types of lenders may value certain areas of your credit more than others, so they might view you as a higher or lower risk than your FICO scores may show.

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I know you're just cut and pasting, but to suggest that TU98 is used by a majority of lenders just isn't accurate.  For that matter, FICO '04 is used by all mortgage applications until the GSE's decide otherwise... and suggesting that TU08 isn't used by anyone is slightly ridiculous .  Personally I'd give you good odds on a bet: that more nationally recognized lenders are on FICO '08 than '98 versions.  

Honestly it looks like this data was posted a few years ago, and that's not necessarily the case today.  If it's from a sticky, it should likely be updated.

[Anonymous]

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@Revelate wrote:

I know you're just cut and pasting, but to suggest that TU98 is used by a majority of lenders just isn't accurate.  For that matter, FICO '04 is used by all mortgage applications until the GSE's decide otherwise... and suggesting that TU08 isn't used by anyone is slightly ridiculous .  Personally I'd give you good odds on a bet: that more nationally recognized lenders are on FICO '08 than '98 versions.  

Honestly it looks like this data was posted a few years ago, and that's not necessarily the case today.  If it's from a sticky, it should likely be updated.

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I actually compiled it myself (it is copied and pasted, however, from a previous post I made a few days ago).

If it's not accurate, I definitely apologize to the OP for being misleading.

In regards to the TU98 and TU04, yes, I would agree most do use 04 now, so that was a bit off.  There's still quite a few lenders that do use TU98 though, but I certainly could have probably phrased that better.

Regarding TU08, however, I have never heard of a legitimate lender using that score before.  I've read quite a bit on here and elsewhere that TU08 is seldem used if ever, hence why I posted what I did.  From my own personal experience, I've seen several lenders use my TU98 score, and I've never heard them using TU08.  Again, I don't mean to come off as defensive, I just was a bit shocked when you said more people use TU08 than TU98, as I have never heard of anyone using it.

EDIT: I have also updated my post above to reflect more accurately about the TU scores.

[Revelate]

Really?  Which ones pull TU98 specifically?  Pizzadude suggested NFCU, but most folks haven't heard of another.  If you have a list, inquiring minds would like to know .

The TU08 one is harder to predict: TU is the least polled bureau, and it's awfully hard to tell who's using what score you apply maybe within an hour of pulling your score / reports from various places; however, even then there's something like 9 different common FICO score / industry options in use, and EX is incredibly difficult to judge and for some of us, that gets pulled religiously.  I suppose that the Walmart FICO would be a Classic (non-optioned) but there's no guaruntee of that, and I suspect most national lenders on credit card decisions, which receive the bulk of the applications on this forum that people talk about, are probably using a Credit-enhanced pull anyway.

Unfortunately we have no access to that industry option, and therefore scores, at all; and mortgage is purely FICO '04 all the time so that's out for comparision purposes on FICO '08 vs '98 pulls.

Final point, just because we receive one score, doesn't mean that's the only one being used to make the decision... and I'm pretty confident from the financial companies I've worked for, that even if they give an internal score, they're still pulling something else for future comparison purposes anyway.

[Anonymous]

Discover is one that I know pulls it, or at least used to.  When I opened up my first CC with them almost a year ago I asked and they said it was the Classic 98 score.  Funny thing is they even told me they almost always pull EX, so the fact they pulled TU for me was a bit surprising to say the least.

I also have a few friends who have savings/checkings with Ally bank, and I know a couple of them have had their TU reports pulled.  I've only confirmed for a fact one was the 98, but I'm assuming if they pull TU98 for one person, they wouldn't pull TU08 for someone else, but again, that could be incorrect as it's mainly my logic/opinion.

I actually applied for Chase Freedom as my first CC about a week before my Discover card, and was denied (poor first choice, haha).  They pulled EQ and TU for me, and my TU score they gave in the denial letter was a couple points off the TU98 score Discover gave me in my acceptance letter, so I assume Chase was also 98, but never actually confirmed that with them.

Again, perhaps 08 is a lot more common, I suppose I might just be a weird one and haven't experienced that score before, but I've also only applied to a handful of things, so my knowledge is somewhat limited to that extent.

[llecs]

Lending Club still uses TU98. Seems like loans through Fannie/Freddie still use TU98. Every now and then I'll read a post in Mortgage Loans where the poster mentions their TU from here matched their lender's. Could be a coincidence, but have seen at least one screenshot. But there's no doubt that the bigger lenders and brokers will use TU04 and that finding a lender that uses TU98 is a crap shoot. I've never seen a post saying their lender used TU08 or mortgage-enhanced FICOs. I have seen one mortgage lender use Vantage.