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Shouldn't TU98 be a FAKO?

Super Contributor

Re: Shouldn't TU98 be a FAKO?



I don't think the mods have any say. They only moderate for conduct and materials on here. I'm a 'Super Moderator' for a major forum and we do not have much say in the site itself. Our job is solely to moderate discussions.


However, I would think the owner of Myfico as I mentioned before would be more aggravated by that since it's their reputation at stake. The importance of knowing one's true score has become more and more relevant since the tightening of the credit industry. If we want to do things right, we need the right information to see if we're progressing or not. At least that's my take.


Personally I would love to be able to get all my reports and true scores so I can tap myself on the shoulders for a job well done in rebuilding.Right now it's like walking on thin ice apart from EQ since the EQ score on here is spot on the one that lenders pull.


As for Experian's situation, it's like going to court and not knowing what you're being charged for. In a perfect world where the consumer is truly protected, we would have told EX to take a hike and not use them at all until they make their FICO available to the public at a cost of course. Would it kill them? Of course not, it's just the leeway the law gives them to withheld any information they see fit even though it concerns your future. A familiar expression comes to mind --- They have us by the b***s


I have said it before, these kind of activites need to be monitored by a governing body for our sake at the federal level so we the people don't get abused.



Message 11 of 21
Established Contributor

Re: Shouldn't TU98 be a FAKO?

Once I get my PSECU rolling I'm gonna dump the TU quarterly for that reason. EX and EQ will be enough for me.

Too many to list..
Message 12 of 21
Frequent Contributor

Re: Shouldn't TU98 be a FAKO?

Not to mention that myFICO upped the price of their scores to $19.95 each. I feel the whole credit system is a ripoff to consumers.

“Faith is taking the first step even when you don’t see the whole staircase.”
Message 13 of 21
Frequent Contributor

Re: Shouldn't TU98 be a FAKO?

I'll be more blunt that most and simply say it's a JOKE that myfico is selling TU Classic 98 FICO to consumers, and at the very least without disclosing in HUGE PRINT that this scoring system is antiquated and worthless.  It's nothing better than the free FAKO you get from some of the daily pullers. 


We've been talking about this for YEARS, and the criteria they said needed to be in place to upgrade has long since happened (04 FICO passing 50% usage by businesses)!  C'mon myfco/Fair Isaac/TU, get on the ball and upgrade the TU score to AT LEAST 04.  Heck, skip it and jump to 08. 

Message 14 of 21
Moderator Emeritus

Re: Shouldn't TU98 be a FAKO?

Everyone (including me) wonders when TU04 will be sold here and I wish I had the answer but I don't.


One statistic I learned today is that "in 2010, U.S. lenders and other businesses bought roughly four billion FICO scores calculated from the same models tapped by"  .


Now I don't know how many of those were EQ and how many were TU but I would think that many millions of those scores were TU98. So TU98 is still being used but I wish the TU04 and/orTU08 versions were offered here just like all of you.




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".





Message 15 of 21
Frequent Contributor

ationRe: Shouldn't TU98 be a FAKO?

We need legislation proposed to standardize credit scoring.


You have FICO, which has numerous variants of the score, yet we are only allowed to see a couple.  Want to prepare to buy a car?  Your standard FICO score from this site is useless if the dealer uses the auto formula.  Want to prepare to buy a house?  Your TU98 score is worthless if the lender decides to use TU04.  Want to know your Experian FICO score?  Join PSECU or bend over.


Then you have the FAKO system, which is completely misleading altogether, since 90% of lenders use FICO scores.  Even those websites say the score is worthless when obtaining credit.

Message 16 of 21
Super Contributor

Re: ationRe: Shouldn't TU98 be a FAKO?

This is the ultimate topic for consumer protection. I'm very surprised that the Consumer Protection Agencies are not jumping on this. Imagine consumers all over paying money sometimes for years to get their scores so they can improve or increae their bargaining power only ot find out that they were wrong all along?.


The worst part you might ask? The CRA's themselves selling FAKOS on their own website. Not to mention banks all over the nation selling their own style of credit monitoring. As a consumer I think I deserve to have full power over whats going to affect my life creditwise.


I really encourage myFICO to take a good look at that and since the Fair Isaac formula rules the lives of millions, give us the consumer a chance in having control over our credit future. Making payments on time and having the right kind of accounts doesnt cut it anymore, we need more. We need 100% guarantee that we are doing the right thing and FAKO only gives us a fake sense of reality.


If EX says they don't want to provide their FICO, I say why should we use them then? Does EX not trust us enough as adults? Or do they love the power they have granted by the Govt? It's pretty ballzy for a CRA to tell people, 'We own you and we don't owe you any explanation whatsoever so live with it'


A FAKO should be plain illegal and charging people for wrongful information should be illegal.


Going back to TU04, I really do hope that myFICO will dump TU98 and offer TU04. Don't make it about the money guys, make it about integrity serving your customers who have put a lot of trust in you.

Message 17 of 21
Not applicable

Re: Shouldn't TU98 be a FAKO?

This whole system is idiotic.

Message 18 of 21
Valued Contributor

Re: Shouldn't TU98 be a FAKO?

I know I'm furious.  I was denied for Care Credit today (applied to take care of some emergency dental bills) and my TU score was 498 when myfico has been telling me its 533.  Waste of money is all it is.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 19 of 21
Valued Contributor

Re: Shouldn't TU98 be a FAKO?

@starry1 wrote:

I know I'm furious.  I was denied for Care Credit today (applied to take care of some emergency dental bills) and my TU score was 498 when myfico has been telling me its 533.  Waste of money is all it is.

Furious at what? What score did Care Credit use? Was it a FICO? TU provides 21 FICO scores to lender although only half that many are common. Of the common FICO scores used, the one used by myFICO is one major revision before the most useful TU FICO of all, the one used for a mortgage. That still makes it FAR more useful than any TU score provided by anyone else.

It isn't as useful as TU FICO 04 Classic but it is still worth far more than the FAKO scores out there that may not even move the correct direction with most changes.


I would guess that Care Credit uses TU New Account Model 3.0, which isn't a FICO and has a range of 150-950. Second guess would be a PF Industry version of FICO, which have generic ranges of 250-900. Does it say FICO on the letter? Does it give a score range? 498 and 533 aren't that far apart, only 35 points.


I think the real problem is that a 533 TU FICO 98 will get a denial for almost all credit applications without security.


To call TU FICO 98 a FAKO is extreme. It is worth far less than the EQ FICO sold here but it is still far better than any FAKO sold elsewhere.

Message 20 of 21
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