Why are all three scores different?

[noobafterbk]

I have scores ranging for 645 EX to 589 EQ. All three files are almost identical?

So when getting financed is it better to find out which of the FICO scores they will pull or do lenders have a combined score?

I cannot understand how financial institutions can rely on a system that is so obviously flawed in providing basic information or that may provide conflicting information dependent on the CRA they use to pull a FICO?

Or am I wrong in this assumption?

[myjourney]

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@noobafterbk wrote:

I have scores ranging for 645 EX to 589 EQ. All three files are almost identical?

So when getting financed is it better to find out which of the FICO scores they will pull or do lenders have a combined score?

I cannot understand how financial institutions can rely on a system that is so obviously flawed in providing basic information or that may provide conflicting information dependent on the CRA they use to pull a FICO?

Or am I wrong in this assumption?

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Welcome to the forum 

Simple answer different scoring models. Example TU 08, 98, 04 

It would help if you knew which model the lender was using but here's the problem 

There's 49 different Fico scoring models out there 

Some lenders such as Chase Amex GE just to name a few then take that score and add it to their own internal scoring model to come up with their own score....

[user5387]

In the first place, there are many threads here that discuss issues around your question -- different scoring models, FICO vs. FAKO, different information across reports, scores calculated on different days, erroneous information on reports, and so on.

Assuming that all these factors have been corrected for, then there are other issues.  For example, FICO updates their models over time, partly in response to changing consumer behavior.

Another point is that there are FICO variants, like the auto-enhanced one, aimed at particular markets.

If you apply different formulas to identical information, the results won't match.

Scoring in the mortgage business tends to be the most standardized, in part because of a desire to bundle mortgages into investment products.

[RobertEG]

+1

FICO tailors its products to the desires of its customers.

That includes various types of businesses, such as auto and mortgage lendors and insurors.

It also includes the CRAs, who want different items emphaized.

Fair Isaac stated several years ago that the verions licensed by the big-three CRAs can vary by as much as 30 points with identical scoring data.