TransUnion Score on myFICO

[marty56]

I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it.  That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week.  The truth is your scores are what they are and its the content of our CRs that matter.  Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.

[Anonymous]

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@smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be? 

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The Fico score that TransUnion sells on transunioncs.com is also TU'98, not TU'04, which would seem to indicate that both Fico and TU are involved in preventing the availability of the newer model ...

[haulingthescoreup]

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smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be? 

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Well, it takes two to tango.

I think of it this way: how long does it take to get a credit bureau to do anything?

[smallfry]

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@haulingthescoreup wrote:

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@smallfry wrote:
So what's the deal? They have 04 but won't sell it here? And the point of that would be? 

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Well, it takes two to tango.

I think of it this way: how long does it take to get a credit bureau to do anything?

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Well that depends. If we're talking about trashing your report EQ is pretty quick on the draw. LOL. 

[Anonymous]

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@marty56 wrote:

I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it.  That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week.  The truth is your scores are what they are and its the content of our CRs that matter.  Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.

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Fico has been offering the "more than half of the lenders" excuse for two years now, and it is just not believable.

It is 2009, and Fico has even rolled out several new mortgage scoring models based on Fico'08. The EQ and EX classic scores are based on models that are only about 4-5 years old, not 11. Mortgage lenders are even more concerned that scoring models be more accurate in quantifying risk. There is no way that 50% of the lenders/resellers are still utilizing an 11-year-old model.

The vast majority of mortgage applicants who have posted here and on other credit-related boards, and have seen the version name of the TU score pulled by their lender, have reported that it is TU'04. Also, in the majority of cases posted, the TU'04 score is lower than the TU'98 score.

The reality is that most people have no idea there are multiple versions of the TU Fico score, and Fico and TransUnion certainly don't help make them aware of that fact. The more organized applicants pay for their Fico scores ahead of time, and clean up their reports so the two available scores meet or exceed the minimum score that their lender tells them is needed for a particular loan package. Often, they pay for their scores more than once. They are confident that - at least score-wise - they have done their homework and are properly prepared. They are totally shocked when they find out that, thanks to the different versions, they need to make up 10 or 20 points to qualify because the tri-merge report pulled by their lender includes the TU'04 version. That point deficit could take weeks or months of further credit repair to make up. The delay could mean they lose the chance to buy the house they had chosen, or they need to settle for a loan package with a higher interest rate.

It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...   

[haulingthescoreup]

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Revike wrote:

...It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...   

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Or consider the possibility that one partner is less motivated than the other, and/or that partner doesn't feel any particular urgency.

[smallfry]

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@Anonymous wrote:

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@marty56 wrote:

I was my understanding that MyFICO will use TU04 when more than half of the lenders are using it.  That makes sense to me.

I am going for a mortgage refi and I am also wondering which version of TU RBCU will pull next week.  The truth is your scores are what they are and its the content of our CRs that matter.  Focus on the content and in doing what we all know gives the best results regardless of what scorring method is used.

---

Fico has been offering the "more than half of the lenders" excuse for two years now, and it is just not believable.

It is 2009, and Fico has even rolled out several new mortgage scoring models based on Fico'08. The EQ and EX classic scores are based on models that are only about 4-5 years old, not 11. Mortgage lenders are even more concerned that scoring models be more accurate in quantifying risk. There is no way that 50% of the lenders/resellers are still utilizing an 11-year-old model.

The vast majority of mortgage applicants who have posted here and on other credit-related boards, and have seen the version name of the TU score pulled by their lender, have reported that it is TU'04. Also, in the majority of cases posted, the TU'04 score is lower than the TU'98 score.

The reality is that most people have no idea there are multiple versions of the TU Fico score, and Fico and TransUnion certainly don't help make them aware of that fact. The more organized applicants pay for their Fico scores ahead of time, and clean up their reports so the two available scores meet or exceed the minimum score that their lender tells them is needed for a particular loan package. Often, they pay for their scores more than once. They are confident that - at least score-wise - they have done their homework and are properly prepared. They are totally shocked when they find out that, thanks to the different versions, they need to make up 10 or 20 points to qualify because the tri-merge report pulled by their lender includes the TU'04 version. That point deficit could take weeks or months of further credit repair to make up. The delay could mean they lose the chance to buy the house they had chosen, or they need to settle for a loan package with a higher interest rate.

It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...   

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Still what purpose does it serve to not make 04 available?  Whoever is predisposed to pull FICO scores is going to pull anyway. 

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

...It seems obvious there is some sticking point that Fico and TransUnion refuse to agree on, and the mortgage applicant is the one who loses out ...   

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Or consider the possibility that one partner is less motivated than the other, and/or that partner doesn't feel any particular urgency.

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My first guess is that TransUnion is the less motivated partner, based on the fact that TransUnion doesn't sell TU'04 on its transunioncs.com site either. But Fico may be affecting that decision somehow, so who knows. I agree with smallfry - I can't figure out what the reason would be for not updating the product to the TU'04 version.

And even if TU is reluctant, if Fico sweetened the pot sufficiently, you'd think TU would come around. Everyone has their price, especially in business.

Fico should be motivated to do whatever it takes. As consumers get more educated, and more mortgage applicants learn that they can only purchase one Fico score that is sure to match what their lender will pull, Fico's sales will be affected and their main sales pitch diminished.

Similarly, Fico should also be motivated to mend the wounds from their lawsuit and make every attempt to coax Experian to consider a new agreement for offering the EX Fico to the public again ...

Message Edited by Revike on 06-06-2009 12:39 PM

[Anonymous]

I'm glad I could get this out there for everyone to see.  I'm a little disappointed that this site pushes the fact that they are the only "real" (not FAKO) scores.  I spent several weeks testing the waters on other sites and chose this one, only to find out that only 1 of the scores here are "real".  I'm also not getting nearly as many credit alerts (i.e. none) as I first was when I started the free trial.  I thought it was because it was getting to the end of the free 30 days so I joined the monthly and still nothing.  I'm still getting alerts from the 3 other sites that are currently still in the free trial period but none from this site.  What's going on?  I've seen other posters here complaining about the same thing.

[ralbusta]

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@Anonymous wrote:
I'm glad I could get this out there for everyone to see.  I'm a little disappointed that this site pushes the fact that they are the only "real" (not FAKO) scores.  I spent several weeks testing the waters on other sites and chose this one, only to find out that only 1 of the scores here are "real".  I'm also not getting nearly as many credit alerts (i.e. none) as I first was when I started the free trial.  I thought it was because it was getting to the end of the free 30 days so I joined the monthly and still nothing.  I'm still getting alerts from the 3 other sites that are currently still in the free trial period but none from this site.  What's going on?  I've seen other posters here complaining about the same thing.

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The scores here are both real. In your case as well as many others unfortunately the TU score wasn't the model that was pulled by your lender. However it is still a real FICO score. I lucked out last week I was shopping rates for a mortgage and had my credit pulled twice and both times my scores on myFICO matched those that my lender pulled exactly.

I do feel your frustration though. I wish you luck.