I just came across a potential SCAM with FICO score reporting services. I have been monitoring my credit scores for 6 months. I signed up with Transuinion, Experian and Equifax via their direct websites. I got my reports and scores from each of them about 4 times in the past 6 months. Last week I went to myfico.com and signed up for this deal pumped by suze orman. I got all 3 reports (EQ, EXP, TU) and scores for $49. Looked like a good package and suze has a good rep... The date of these suze reports were 5/29..... I also, got the reports and scores from each of the 3 CRA's at 5/29. Interesting results. The numbers reported by Suze's service were CONSIDERABLY lower than what the 3 CRA's reported. How can this be? I called Suze's people and they told me the numbers they give are as reported to them by the CRA's. Again, this makes no sense. Any experts in here have an explaination? Scores from CRA's service: TU 750 EQ 766 EXP 760 Scores from Suze's service: TU 710 EQ 766 EXP 714
The quick answer is: "FICO vs.FAKO". FICO scores are the "real" scores, the ones used to determine the granting of credit. "FAKOs" are any of the many "scores" offered by all types of services, including the CRAs. Exp is the only one that is a true FICO score. A big discrepancy, such as you found, is common. You will learn that the only measure is the true "FICO" scores. I feel for you, as having been through this, it can be disappointing to think you have a better score than you actually do have. Also, as you will learn, your score can fluctuate day to day, depending on many variables. To measure credit repair progress, I recommned picking a certain date of the month to pull your scores. This can be monthly, quarterly, etc. This way you are keeping the variables of different reporting dates to a minimum.
Thanks. Now I am informed. It would be nice if these 3'rd party companies were more CLEAR in their HEADLINE advertising. I did not read the fine print that said the scores from the others were ESTIMATES. Question, what is THE source for ACURATE FICO scores that are what the lenders will see? I know the lenders are not using FAKO. Does each CRA report their score as FICO or FAKO? I agree with the Exp comment. Theirs were the most accurate. The Suze Orman scores were WAY OFF!!
THE source for FICO scores is: http://www.myfico.com and...enter myfico20 under "promotional code" for a 20% discount, now the beats "Suze" doesn't it!
myfico.com is estimating scores JUST LIKE the 3 CRA's do. Transunion, like I said, estimates EXPand EQ. MYFICO.COM estimates ALL THREE!! Again, what is THE source for FICO scores?
Actually, when talking to MBNA on the phone today, I pulled a report right before them and the score (TU) was identical. I think the scores on myfico.com are indeed what lenders see.
