FICO Score Question

Not exactly..

Trans Union, Equifax, and Experian have different models of the fair isaac scoring model..

in addition most lenders use their own scoring system based on the fair isaac but with diffent variables..

i know it doesnt make sense but then again how could a random number generator make sense at all..

kev

 

No, that is incorrect.

Fair Isaac sells slightly different formulas to each of the 3 CRA's. Also other scoring algorithms may be used by lenders sold specifically to them.

The most widely-used are FICO, Beacon, and Empirica. FICO/Experian score is based on your Experian credit report (although what we generally call a FICO score on this board is the MyFico.com score from Equifax), Beacon is based on the Equifax credit report, and Empirica is based on the Trans Union credit report.

Credit Score Ranges are also vastly different between the 3. So a score of 800 on TU means nothing compared to an 800 on a FICO score.

Therefore, if you had IDENTICAL information on all 3 reports, you would still have different scores depending on what report was pulled, and what scoring model was used on that particular report.

FUN AIN'T IT!!!!!

-Peace, Dave

 

Baday

This is a extremely confusing issue but here are a couple of points to consider. You say you know your Ex (Experian) and TU (Trans Union) scores. Well how do you know these scores? You can't purchase them yourself. Did you get them from going to a auto dealership and applying for a car?

The myfico site sells Equifax's Beacon score. This is a true FICO score. It is on a scale of 300 to 850. The way I look at it is that any score that is not on a scale of 300 to 850 is not a true FICO score.

Trans Union sells consumers a score on a scale of 150 to 934 called an Trans Union personal credit score. The score they sell to lenders is called a Empirica score.

Experian sells consumers a score on a scale of 340 to 820 called an Experian credit score. The score they sell to lenders is called a Experian/Fair Isaac Risk Model score.

By the way a Beacon score of 698 is outstanding. Congratulations.

 

My E-loan score, which pulls from my Trans Union report is 649 as of 05/31/02. My Beacon score, which pulls from my Equifax credit file is 673 as of 05/02/02. My Trans union credit file is similar to my Equifax credit file except that my Equifax credit file has 8 derogatory items. My Trans Union file has 7 derogatory items.

These scores are on the same scale but are created by different companies. For me, if I added about 17 points to me E-loan score I would get my Beacon score if both credit files contained the same information, give or take three points. Experian, on the other hand, is a misery not to mention a paint to deal with.

 

Erik, you have 8 negatives and a 673????????

 

Yes. I Have a Amex gold charge card, two store cards, two VISA cards and one installment loan. I have had no blemishes on my credit reports since 6/97. I also have other closed accounts in good standing. I have a credit history of over 12 years and a bank card of over three years.

I had three VISA card but I just lost NextCard. Oh well. There are more fishes in the sea.

I am trying to get my scores over 700 so I can purchase a house with a really good rate.

 

So in your case the difference between your E-loan score and your Beacon score is 30 points. 698 VS 668. That's interesting. Perhaps while the two scores are on the same scale, they weight certain factors differently. In any case these are the two scores that you can get that I worry about.

 

Fair Isaac Is up grading fico.
They plan to switch to inflatable dart boards soon!