Thread: INFO! Online scores aren't real!

Hi All,

I refinanced my car today at the local credit union. I had both Equifax Score Power and Experion CreditExpert reports and scores with me.

In my original talks with the credit union I could get an 8% loan with a score of 640 or better.

I waited months and monitored both Experion and Equifax until today when Equifax was 652 and Experion was 661.

Today the credit union says my Equifax (Beacon) is 620 and my Experion is 602!

The loan officer was dumbfounded that the bureaus would put this incorrect info out to consumers. Especially since I've waited for my scores to go above 640 and in reality they weren't.

She also spent quite a bit of time going over the online credit reports and her version and couldn't find any difference at all.

Anyway, I did refinance at 13% which is better than 18%.

Anybody have any ideas of how we can correct this kind of crap?

Mike

IT HAS BEEN STATED THAT SCORES CHANGE DAILY...

Mike,
Sounds like we all have a major lawsuit to consider. You are the one with the proof, though. You have serious proof. You paid for your scores and you did not get what you paid for. If true, then none of us have gotten what we paid for. I have spent over $100 on Equifax ScorePowers over the last two and a half months and $80 with Experians Credit Expert. This is a big time consumer rights issue. It needs to be addressed by law and it needs to come out in the media.

Throwing this out on a limb:

Both scores are correct.

The online is realtime info that can fluctuate daily.

But the relationship between the banks/CRA can and often do lag. So their score is correct also.

Kind of like depositing funds in a new bank account and they hold it for X amt of time. So you avl balance is not really your total balance.

You pulled them both on the EXACT DAY that they pulled ???

NOT THAT I'M HAPPY WITH THE F.I.C.O. SCORE DEAL...just wanted to know...

The only other thing that I think might be affecting this is, if true, not really disclosed to those of us who have paid for these scores.

What I am talking about is that FICO and Empirica, from what I understand, sell many different types of of credit history assessments which are purchased by loan industries by the product they market.

One assessment is for home purchase which we know to have different standards than credit cards by the fact that one rewards you with a lower rate and better terms if you have less "available" credit and the other punishes you with a denial or less attractive terms if you don't have enough as in the balance/cl ratio.

I have no idea what car loan product assessments are but you can be sure they differ from the other two.

That gets back to disclosure, though. No one said, when I shelled out my money for my scores, that what I was buying was a score for one or the other. What would be the point in buying the score if not to help a consumer assess the right time and conditions with which to consider making an application?

I have the printouts from today.

Score Power from Equifax dated 8/13/01
CreditExpert dated from 8/13/01

I'm sure my loan officer would be more than happy to give me the reports she got today.

If there is any hope of stoping these crooks (CRA'S) I am more than willing to do it.

Mike

Experian says:

"Among bureau-based scores, the most widely used score in the financial service industry is the FICO score generated by the Fair, Issac Company... Each credit bureau can also generate its own credit score, such as the Experian Credit Score."

https://www.creditexpert.com/credite...d_scoring.html

It's not a FICO, it's a fake-o.

For the Equifax (or, for that matter, the Experian) score, they could be using the auto industry-specific score.

http://www.fairisaac.com/servlet/SiteDriver/Content/213

What are the names of the scores the lender has?

The scores they offer online are totally generic. Each creditor can order special scoring programs tailored to fit their individual needs.

Mortgage, auto, signature, secured, unsecured. All will result in a different score depending on purpose of loan.

SK

Sofa,
If that is true. Maybe we should solicite responses from the posters here as to their scores from mtg., auto., etc. applications. As someone in the auto industry I know the scores I obtain everyday differ from the ones that come from other sorce's.