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Hi All,
Just curious about the source from which credit card companies obtain the Fico scores they use.
Example: If a company uses Equifax Fico 8 are they pulling that score directly from Equifax (and the algorithm converts it to a Fico score) OR do they get the score directly from myFico?
So here's the scenario: Discover pulled my credit (Equifax Fico 8) on 12/12 and got a score of 700. My Equifax score via myFico (updated 12/11) was 702 but my Equifax Fico score generated by Experian credit monitoring updated on 12/11 was 740.
However, my pure EQ score via their site (i know it's not Fico) updated Today and based on that my score is estimated to be @730-750 similar to what Experian pulled late yesterday. Just trying to determine that if Equifax pushes my updated score to myFico today and a creditor pulls my report tonight will they see the higher EQ score? ,
I know this is clear as mud!!!!
Thanks for the help/info.
So the score Discover pulled is almost 100% the same as myFico (which isn't the lastest EQ score). Once EQ pushes my higher score to myFico will credit grantors see that score
They get it from the bureaus but there are many different models and industry options of even FICO credit scores let alone the ones that are created by the bureaus themselves.
I don't know what score Discover is pulling these days, but given there's something like 60 FICO scores and dozens more of non-FICO ones being sold these days, unless you know what is being pulled by a given lender it's hard to say what it is.
There are some that we know via FICO Open Access: Amex EX FICO 8, Citi EQ FICO 8 BC, etc. ad naseum, but these might not be the only scores they pull either and by law they're only required to give you one of the N scores they use basically.
@Aspireto850 wrote:Hi All,
Just curious about the source from which credit card companies obtain the Fico scores they use.
Example: If a company uses Equifax Fico 8 are they pulling that score directly from Equifax (and the algorithm converts it to a Fico score) OR do they get the score directly from myFico?
So here's the scenario: Discover pulled my credit (Equifax Fico 8) on 12/12 and got a score of 700. My Equifax score via myFico (updated 12/11) was 702 but my Equifax Fico score generated by Experian credit monitoring updated on 12/11 was 740.
However, my pure EQ score via their site (i know it's not Fico) updated Today and based on that my score is estimated to be @730-750 similar to what Experian pulled late yesterday. Just trying to determine that if Equifax pushes my updated score to myFico today and a creditor pulls my report tonight will they see the higher EQ score? ,
I know this is clear as mud!!!!
Thanks for the help/info.
So the score Discover pulled is almost 100% the same as myFico (which isn't the lastest EQ score). Once EQ pushes my higher score to myFico will credit grantors see that score
I take it you were approved for a card? There's a wide gap in scores as you posted. Look a little more into it because it really isnt making sense. Unless Disco is starting to use some other method of FICO none of know about yet. That 40 npt difference is strange.
CB that doesn’t utilize Fico scores eg. Transunion and Equifax where do they source that Fico score?
You're confusing the fact the EQ and TU do not provide FICO scores to consumers directly, with "utilize FICO scores"
When, for example, Citibank request your report and FICO score from EQ and TU, your score is genereared at EQ and TU by directly running your data through the FICO algorithm on their systems.
They DO "utilize" FICO scores. They just do not sell/provide a FICO score to consumers like EX does. They do not "convert" their home grown score to FICO.