E-Loan makes no sense!

Ozzy, I had a very similar problem with E-loan this week. I received a updated TU report 663. Pulled an eloan and it was 625 stating I had missed 3 payments in a row 28 times or something like that in the last 2 years. I have no idea where they get there info.

Sorry I don't have a better answer just a similar situation.

 

how do you get your score threw them and does it cost money

 

E-loan isn't using a real TransRiskâ?¢ (lol) score. The TransRiskâ?¢ score is Trans Union's version of consumer credit scoring (in other words, the score they release to us mere mortals), and that one is based on a scale that stretches up to 950. E-loan, on the other hand, is using a score of their derivation that they say emulates a FICO score but is based upon Trans Union data. The E-loan score -- like Equifax and Experian scores -- stretches up to only 850. Therein is the discrepancy between your real Trans Union TransRiskâ?¢ score (the higher one, based upon a 950 upper-limit scale) and your E-loan score (the lower one, based on a 850 upper-limit scale).

For fun, you can convert your E-loan score to an equivalent TransRiskâ?¢ score with this formula: Multiply your E-loan score by 950 and then divide the result by 850. Then compare that with your real Trans Union TransRiskâ?¢ score, and you'll see less of a discrepancy between the two.

Ok, I'm a total geek. Sorry. Sheesh, just trying to help.

Doc

 

do you have the web addy

 

It's eloan.com --

http://www.eloan.com/

Look down the right-side column toward the bottom where it says "free credit scores."

Doc

 

well i like me eloan score at 561 tu says 499 which one is close?

 

Are you sure you didn't reverse those? The TU score is usually higher than the Eloan one.

Doc

 

My e-loan is a bit higher than my TU score.

 

i just double checked and tu is at 499 (73 point drop since 4 deletions) and eloan is at 561 which is write???

 

Since, Eloan uses their own proprietary scoring, while Trans Union's consumer score (TransRisk) is more closely based upon their version of FICO (so they say), I suppose if I was forced to choose between the two I would have to vote for Trans Union. Sorry. You've proven to me, though, that the Eloan score is fairly worthless -- not quite as bad as WorthKnowing's score, but still worthless.

Doc

 

ouch doc, i was soooooooo hoping you were going to tell me the eloan score was right.. oh well i have to stay after tu as it is the worst of the 3 but thanks for giving me your opinion...

 

Doc,

The difference in my Eloan and TU scores is 96 pts. (higher on eloan) Using your formula, the difference increases to about 120 pts. Shouldn't the formulat be: eloan x 850, then divide by 950? That would put the eloan score closer to the TU score. I'm not going to say what my TU score is. With 0 negatives it is amazingly low for some reason. The eloan, in my case at least, appears to be more realistic. Also, my TU score has not changed according to them in 2 months. How can that be? Scores fluctuate all the time.

 

Nope. When you're comparing two fractions, and you want to solve for the numerator of the second, you multiply the numerator of the first by the denominator of the second and then divide the result by the denominator of the first. So, for example:

4/8 = x/9
would be solved by multiplying 4 x 9 and then dividing the result by 8.

Similarly, if you would like to know what an eloan.com E-score that is originally scaled to 850 looks like when scaled to 950, you multiply the original E-score by 950 and then divide that by 850. For example, if your E-score is 600, and you'd like to know what it would be if the E-score was plotted on a 950 scale like Trans Union's scores are, then you need to solve this problem:

600/850 = x/950
which is solved by multiplying 600 x 950 and then dividing the result by 850, yielding a translated E-score of 671 (rounded up to the nearest whole number).

Now, keep in mind that this only gives you an E-score on a 950 (instead of 850) scale. It does not mean that the result will track more closely to the real Trans Union score at all -- because the E-score may well be a sham. Since our results show, in fact, that the E-score DOESN'T track the Trans Union TransRisk score very well, even after plotting it on the 950 scale, we have more proof that the E-score is fairly worthless after all.

Doc

 

The same is true for me too. Although my e-loan is higher than TU, they both seem quite low considering I have no negative and only 4 inquiries listed for the past 2 years.

 

Doc,

I still don't think you've got the math quite right because the lowest score you can get on a FICO scale is 300, and the lowest score you can get on TU's scale is 150.

So the median score at eloan would be 575, and the median score at TU is 550.

I would have to sit down for a while to figure out what the conversion formula should be, but I think that this shows that the TU score shouldn't necessarily be higher because the top end of the scale is higher.

ellen

 

Ellen, you're right! I didn't realize that the lower end of each scale was different. In that case, here's the correct formula:

((800*eloan) - 157,500)/550 = TU score

In other words, multiply your eloan score by 800, then subtract 157,500, and then divide that result by 550.

Using this conversion formula, an eloan.com E-score of 800 translates into a Trans Union score of 877. However, an eloan score of 600 translates into a TU score of 586. Higher eloan scores skew up when translated into TU, while lower eloan scores skew down.

If you like math, read the italics to follow. If not, skip over it.

Here was the formula derivation:
1) (escore-300)/550 = (x-150)/800
2) 800(escore-300) = 550(x-150)
3) (800*escore)-240,000 = (550*x)-82,500
4) (800*escore)-157,500 = 550*x
5) ((800*escore)-157,500)/550 = x

What strikes me is that this formula tracks the TU scores a bit better. So, for example, GHONEYONE's eloan.com score of 561 now corresponds to a formula-derived TU score of 529 (rather than a higher TU score), and his actual TU score was an even lower 499. Ozzyburger's eloan.com 655 corresponds to a formula-derived TU score of 666, where his actual TU score was 677. So directionally we're ok. In the middle, it's a bit of a wash, with bobcat's eloan.com score of 625 corresponding to a formula-derived TU score of 623 where his actual is 663. Overall, there seems to be some utility to the E-loan scores, although it's clear that the scores aren't using the same credit variables in exactly the same way.

Thanks, Ellen, for the algebra homework!

Doc

 

Not only can you learn about the FCRA, FDCPA, CA tactics, but you can also get a refresher course in mathematics!!! WOOHOO CREDITNET ROCKS!!