Scoring Models

[Anonymous]

I obtained my credit scores directly from all three companies.  I've learned that for about 3 years or so now Trans Union and Experian have been using the "Vantage" Score while Equifax uses "Fico".

All three of my reports have been corrected to reflect virtually the same information. However, the Vantage scoring model uses a much different set of criteria in order to calculate the score.  The result is a much lower score with Transunion and Experian as opposed Equifax.

I think lenders can choose to use the least desirable scores as they please in order to offer you less than desirable rates.

[RobertEG]

A lendor can use whatever score they choose.  It is totally unregulated.  Ask them in advance.

[marty56]

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@Anonymous wrote:

I think lenders can choose to use the least desirable scores as they please in order to offer you less than desirable rates.

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Not really, they use the scoring model they feel most comfortable with and they are interested in only one thing - risk of default.

LOL on CCs, they can offer a teaser rate of say 0% for 6 months and once you have nice large balance, jack up the rates to whatever they want for whatever reason they choose, credit score wise or not.  The law is changing this but my point is still valid.

[Anonymous]

Welcome to the forums!

There is a discussion of vantage scoring in another thread. Here is the list of issuers known to use vantage scoring:

Kohls

Don't be confused by what the CRB's make available through their websites. (transunioncs.com will sell you a FICO score for TU and you can get a FICO from EQ.) Everthing else is a FAKO.

Whatever an issuer uses for making their decision is up to them. They can use any scoring method they want. They can buy their scores or develop their own systems in-house. Whatever they feel works.