My E-Loan score didn't come from Equifax, I think.Also, can anyone compare their E-Loan score to their fico for me? Has anyone actually gotten a loan from E-Loan, and what CRA did they pull, and what were the results? Thanks in advance.
Eloan pulls from Experian. I got both my score and husbands eloan scores and the next day got my real score from Experian (mortgage) anyway Eloan tends to score higher than your actual score and in my husbands case they were WAY off. My eloan 704 real 673 DH eloan 696 real 617 Yikes My friend got her eloan 695, also got her real (refinancing) 622 another yikes Although I did like their suggestions, I found their scores to be inaccurate.
Rocky, E-loan could pull any report for a loan and do not use creditinfonet scores in their loan decisions,only fico scores. Mom, when you say e-loan scores tend to be inaccurate, I think what you really mean is they are both inaccurate and e-loan's scores are not as close to fico score as you'd like to see them.Your trying to compare a new risk model to fico, which in fico's own words, is a imperfect (flawed) science at best. I'm not sure one is much better than the other. I think any model is going to be fairer than fico. They are both risk scores with different scorecards. All that really matters is; 1)Which is a better indicator/predictor of risk. 2)Which risk model will the credit grantor be able to make more money with. Answer those questions and we'll know which will gain or lose marketshare over time. The jury is out. VJ Thought of the day; How happy is fico sharing marketshare with anyone?
VJ, I understand what you are saying. It just seemed that most people who received their Eloan scores and knew they were pulled from Experian were thinking that this would be what their true score was, even though it states on the site they use their own scoring model. I just didn't want people to rely on that score as the score they would receive from Experian. I was lucky enough to get my actual score the day after the eloan, or I may have thought my score was close to it.
************************** All that really matters is; 1)Which is a better indicator/predictor of risk. 2)Which risk model will the credit grantor be able to make more money with. Answer those questions and we'll know which will gain or lose marketshare over time. The jury is out. *************************** NO, all that really matters is what the banks, mortgage companies, etc. use determine credit worthyness......... FICO beacon scores and the others. Mortgage companies don't pull from E-loan. If you rely solely on E-loan scores you are setting yourself up for a disapointment.
