I am confused. What is FICO vs. FAKO. When I run my credit reports with scores, those aren't the correct scores? Only Equifax has the true FICO score? What is TU FICO vs. TU FAKO? Help a confused newbie. BTW, I am not a CA in disquise....lol
FAKO scores are scoring models that the CRA's have developed on their own to dupe consumers into paying extra money to buy what they are led to believe are their real (FICO) credit scores. They are pretty much useless because an actual creditor would never use or even see one.
Then, how do I know what my real score would be? Where do you order the real score from? Interesting that I applied online with Bank of America a few days ago. I asked them when speaking with a rep what they required for a credit score. She told me mid 600's. I asked her what mine was, since I know that they usually only pull TU. I just rec'd my newest score, 740 from them that day. She confirmed that to be my score, although they wouldn't give me the number outright. Why is that anyways? So, they must use that score. My EQ and EX are in the upper 600's.
If you want to order the TU FICO score, you'll need to go to TU's web site, and choose the option that offers FICO. It says it right there, and it's $12.95 I believe
Ok, to get this straight, if you get it online from TU, then it is a real FICO. How do you get a TU FAKO?
The TU Fico is $12.95 and it's selling point is "Get the version of your credit report that lenders see See the score most lenders use " The TU Fako is $12.75??? I think and it's selling point is something to the effect "See the proprietary TransUnion score used by lenders The version of your report only you can see " and they are both found online at transunions website
