Trouble Understanding Large Drop in Equifax FICO Score

[Anonymous]

I was hoping somebody could help me understand a recent drop in my Equifax Score: From 711 in Dec to 669 in Feb.  To the best of my knowledge nothing has changed in my credit report (I pay for a quarterly monitoring service).  I have one collections account... but that shouldn't have caused a large drop now?  I already took the 50-60 point hit for it a number of months ago.  Otherwise no late payments or other negative accounts.  I did pay off my car 2 years ago and I have no student loans- so no installment accounts.  But that too has been stable for awhile.  My debt to credit ratio is 3%.  I'm young... so my oldest account is about 9yrs and the average age of my accounts is about 5yrs.  One new account in the last 2 yrs- opened a year ago.  No recent inquiries or credit applications.  I just can't understand why my score is still dropping.  I want to buy a home in a few years and I am really worried that I won't be able to get a decent loan... especially if my score continues to drop.      

[llecs]

Which quarterly monitoring service do you use?

[haulingthescoreup]

Doesn't sound like a FICO score. FICO doesn't have a quarterly monitoring service for EQ; just for TU.

[Anonymous]

CreditInform

[llecs]

As Hauling mentioned, those scores from CreditInform are not FICO score. I'd suggest pulling your EQ FICO score to see what's up. These other scores (we call them FAKO scores) are a bad predictor of what your FICO score is doing. Your real score could be lower or higher. If your FICO score did drop, then it could be due to any number of things. Sometimes CAs update in a way as to damage your score. But then again, maybe your FICO didn't change at all.

[Anonymous]

I'm confused.  CreditInform Premier (thru Cap One) gives you Experian reports, not Equifax.  Also, the credit score example they show goes from 350-850, not 500-990 (which is the Vantage Score range).  Is it FAKO or FICO?

Does anyone have CreditInform Premier and can clear this up?

[smallfry]

Through Cap One the score is not a FICO regardless of the scoring scale. I would get my free report directly from Equifax and see exactly what is what.

[Anonymous]

So why is the OP using CreditInform when talking about EQ?   CreditInform gives you EX.  Still confused....

[llecs]

While I haven't used the service, CreditInform was org. a Norwegian company that eventually got bought out by Experian. However, I searching for thr origin of the company, I found a press release by CapOne and Equifax announcing this service.

Either way, EX or EQ, it is still a FAKO score.

[haulingthescoreup]

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writemikep wrote:

I'm confused.  CreditInform Premier (thru Cap One) gives you Experian reports, not Equifax.  Also, the credit score example they show goes from 350-850, not 500-990 (which is the Vantage Score range).  Is it FAKO or FICO?

Does anyone have CreditInform Premier and can clear this up?

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Just a general FYI for those who are confused, especially newcomers to the forums:

Here's where you can buy FICO scores:

for Equifax:
myfico.com
Equifax.com (only the EQ score would be FICO; any others are FAKO)

for TransUnion:
myfico.com
transunioncs.com --Note the -cs!! (only the TU score would be FICO; any others are FAKO)

for Experian:
You can't buy them anywhere. Period.
You can find out your classic EX FICOs by applying for a mortgage or by belonging to PSECU, a credit union in Pennsylvania with tight membership requirements.

Any other score from any other site --any other site*** --is a FAKO.

***OK, OK, for you Alliant folks: Alliant offers the FICO EX Next-Gen score. It is not the classic EX FICO score. Also, the HSBC Sears/ KMart card will tell you your classic TU FICO score.

If a site isn't trumpeting that its score is a FICO, it isn't. "Credit score" doesn't mean FICO score.

FICO's range from 300 - 850, not 350 - 850, so whatever CreditInform Premiere is, this is more evidence that it's not FICO.

Sites like TrueCredit, CreditSecure, and so forth are useful for monitoring changes on your credit reports. The scores aren't particularly indicative of anything at all.

Message Edited by haulingthescoreup on 06-07-2009 11:51 AM