robertwhendrix wrote:
OK, i called TrueCredit and they said they have their own scoring model, and that was it. TrueCredit gave me their # to corporate office supervisors line 866-212-2170 and they told me the same thing, that their are 1000's of scoring calculation models out there.
Here are a few questions:
1. Does the credit score come straight from the 3 credit bureaus only, which is the ONLY score that matters to lendors?
2. When I spoke to TrueCredit, at first they said they are getting their data directly from the 3 credit bureaus, which makes me believe the info i am looking at is accurate and true. If this is not accurate, then why don't they put a disclaimer on the credit score page stating "This credit score is based on a calculation method provided by TrueCredit only, and is not a score provided by the 3 credit bureaus. Therefore, your credit scores may vary!"
3. I paid TrueCredit money for 2 years and always believed that TrueCredit was accurate and true at all times, and the information they provided me was data straight from the 3 credit bureaus, because I trusted them to be providing me with ALL the info i need to make decisions and take action to fix my credit (until i found myFICO site and learned I was mislead all along). I spent countless hours fixing my credit based on TrueCredit so i can get a loan, and now i cannot because my scores were 100 points lower than what TrueCredit told me. If they failed to disclose this information on the credit score page, isn't this subject to a lawsuit?
Seriously, they are providing a product and service that is emotionally affecting peoples lives and businesses and i take this seriously. What did TrueCredit do to me, they hung up on me when I demanded an explanation, because it is just a job to them and all about profits to them.
Robert
Robert, as pointed out Read Credit Scoring 101 <------ Very important. It'll answer all of your questions.
Generally speaking, there is only 1 FICO score [well, there are 3 different FICOs for each CRA, but am driving a point], and this is the only site in the world that offers all three together. TC doesn't offer a FICO score. Experian doesn't offer one. TransUnion doesn't offer one. Freecreditreport.com and all of their annoying jingles doesn't offer FICO scores. CreditKeeper, Credit Secure, CreditKarma, VantageScore, EX Plus and many many others do not offer FICO scores. Ah, but EQ does, but they are the only CRA that offers a FICO (via agreement with FI). Ignore all of these other scores. These are not real scores. MyFICO is the only place to get all three FICO scores together in one place.
The only score that matters is a FICO. Mortgage lenders and others don't use all the other ones sold out there.
TU created a monitoring product called TC (TrueCredit). Those are not FICO scores, but FAKOs, or fake scores. TC and all the others listed above try their best to compete with the FICO score. But they cannot because lenders don't use them, however, they figured that it is a cash cow, so they promote it. They never said that they are offering you a FICO score. They just offered a score, but unrelated to FICO. Ignore those scores. But use the reports; it has the same info as you'd find on all 3 CRAs.
No, they aren't subject to a lawsuit because they never said that they would provide you with a FICO score. It is up to us consumers to get educated on what's real and what's not. We often make a bad assumption that any score we see must be a FICO.
Again, ignore TC scores. These are not real scores. The only place to get all three FICO scores together is through myFICO.
If you ever see a credit score again, look in the fine print. Look for the word "FICO" in the context that the score being offered is a FICO score. You can also get your FICO score from transunioncs.com for TU, from EQ directly if you order the report too, and one or two other sources. But this is the only site to get all 3 FICO scores together.
And I get your frustration. There are many a post like yours. Many hear the term "credit score" and assume that it is a FICO score. I was guilty of this too. I made the same assumption too when I first started repair.
Edited to clarify.
Message Edited by llecs on 11-19-2008 11:11 PM
Starting Score: 469
