why my scores different?

[hoang817]

hi all

im wondering why my Equifax score has a big different gap between myfico.com and equifax.com itself?

[llecs]

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@hoang817 wrote:
im wondering why my Equifax score has a big different gap between myfico.com and equifax.com itself?

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It goes without saying that myFICO sells FICO scores. At one point, Equifax.com exclusively sold FICO scores as well. They still do very quietly via www.equifax.com/myfico-products, but they don't advertise or list this too openly. The scores they offer on their home page are a non-FICO score (we call FAKO) they simply call "Equifax Credit Score". This score factors in stuff that FICO does not and vice-versa and result in the score difference.

[Booner72]

I wonder if they offer it so quietly because the EQ FICO is always lower than the fake scores?

[hoang817]

So the scores at MyFico.com that i bought  are the real FICO scores that morgate lenders look at?

thnks

[llecs]

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@Booner72 wrote:

I wonder if they offer it so quietly because the EQ FICO is always lower than the fake scores?

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I cancelled my Equifax Complete product, but when I had it, my FICO scores were slightly higher than the EQ FAKO. I think, though, it boils down to money. It's my understanding that when a FICO score is pulled, FICO pays a fee to the CRA for the report access. The CRAs capitalized on the concept of "credit scores" due to most folks' assumptions that all scores were FICO scores. Therefore, most won't know the difference when a score is substituted with a FAKO. Since EQ didn't get 100% of the proceeds, they and the others created their own scores capture the wish/want/need/desire for a score and capitalize on that much more than when they openly offered FICO scores. Of course that leaves us answering posts about why the lender's 3 scores didn't match the three they pulled from a CMS that provided FAKOs or why their score dropped 40 points because they are comparing a FAKO with a FICO. Sigh.

[llecs]

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@hoang817 wrote:

So the scores at MyFico.com that i bought  are the real FICO scores that morgate lenders look at?

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MyFICO offers two FICO scores for both EQ and TU.

Virtually all the mortgage lenders out there use the same exact EQ FICO score as you'd find on here.

However, it's a mixed bag for your TU FICO. Virtually all lenders will pull a TU FICO but there are a couple of predominant versions of TU FICO that lenders are using out there. The TU FICO version on here is nicknamed a TU98 and while millions of scores were generated with this TU FICO version, most lenders use a newer version nicknamed TU04. Odds are, if your lender pulled a TU FICO, they would pull a score that does not match the TU FICO found on here. For some, this newer version is higher and others lower. When DW and I went through the mortgage process her TU04 was 30-40 points higher. Mine was about 10 points lower. It's a YMMV. Currently, the only place you can get TU04 is your lender. No service out there yet shows your TU04 version, so you can really only guess.

FWIW, myFICO used to offer an EX FICO before Experian did their thing. That version of FICO is used by a large majority of lenders too.

[Booner72]

Hi llecs - what is the 'real name' for TU-04 and TU-98 if these are "nicknames" --- If my score doesn't get up enough  I'm planning on calling around to ask which TU lenders use - So how would I even SAY that?  When I've brought it up so far, people look at me like I'm completely out of my mind.  I need a lender that uses TU98! 

[MarineVietVet]

I'm still learning about all these things myself (and open to correction) I believe those scores are officially called

FICO Risk Score Classic 98 and FICO Risk Score Classic 04.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[llecs]

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@Booner72 wrote:

Hi llecs - what is the 'real name' for TU-04 and TU-98 if these are "nicknames" --- If my score doesn't get up enough  I'm planning on calling around to ask which TU lenders use - So how would I even SAY that?  When I've brought it up so far, people look at me like I'm completely out of my mind.  I need a lender that uses TU98! 

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What MVV said!

BTW, good luck in finding a LO that understands this as well or more than you. When we went through the mortgage process I made a short list of potential lenders to be and interviewed each one. I'd compare my knowledge from here with the words that came out of their mouth and you would be surprised how unknowledgable they are about FICO scoring and credit. It'll shock you. Which FICO versions they used was my #1 question and none of them (about 6 lenders in total) knew. Post mortgage and knowing more about the process, I would see posts on here by posters claiming that XYZ lender pulls this or that. Even in talking to the lender to confirm I'll receive weird answers like, "We pull all 3 FICO scores and average them", or "Because TU is usually the higher score, we'll deduct 20 points from it to make it even with the other two for comparison purposes". What?! No joke (BTW, PNC said that to me).

I only talked to one small bank in the process and they didn't know, but I am not surprised by the big lenders not knowing. Virtually all of them outsource the scoring to Kroll, CredCo, and so on. The lender will usually just stare at the numbers and look for baddies. For my lender (M&T Bank), they used a trimerge that inserted the data into their system and that system would spit out recommendations, approval, etc. They looked at me cross-eyed when I asked about the versions used.

[Booner72]

Hee hee, Llecs.  My LO said straight up when I went in that she felt uncomfortable bc I knew more than she did.  This I appreciated.  I've been sending her little emails here and there with "tips" for future customers.  She has offered me up a sidejob helping out, which I would never do other than say get some time together and get to MYFICO forums.

She puts up with my manic depressive ways due to this short sale, another reason she's a keeper.