Latest responses to “Review Of MyFICO and My FICO Credit Score Watch Discounts” Copyright 2012, MoneyBlueBook.com 447800 2009-03-19T16:20:54-07:00 Henry It seems fairly crazy that there are three different credit scores and there are discrepencies between Fico scores. It's the financial equivalent of using leeches for bloodletting - at some we'll look back and say, what were they thinking? Most people don't know that there can be differences at each credit bureau. 447730 2009-03-11T02:29:05-07:00 Dani Hey Thanks for the MyFICO discount code...got my discount FICO credit score with no problem! I've been following this FICO thread....somewhat concerned about the possibility these FICO credit scores may not be the same...somehow I always assumed they were. I know FICO's are different from the fakos sold by the credit rating agencies themselves, but didn't know the FICO score may differ. Do you guys know this for a fact? 447770 2009-03-02T12:47:08-08:00 MICHELE I have been noticing this for over a year, but its finally struck people who had what they thought were excellent credit scores. I just have to ask about FICO, how fair is it if they won't disclose the information they use, and the CC companies can manipulate the score by lowering limits, then use that manipulated score to justify raising interest rates to loan shark rates? I can't imagine at some point there will have to be some kind of regulation to stop this manipulation of scores. 447780 2009-03-01T19:33:35-08:00 Raymond TangMeister, I will look into this FICO score discrepancy issue more, but that assertion is definitely an interesting difference if proved accurate. The worth of the FICOs are based on uniformity and if there are indeed differences in FICO credit score formulation depending on the version year used, that can be a bit troubling. At the very least, the score issuer should disclose what version the issued score's based off of - FICO 08/08 or FICO 98 etc 447740 2009-03-01T18:27:33-08:00 TangMeister Actually, Michele was on to something when she stated the scores consumers pull from myfico.com may not be the same FICO as what the lender sees. It's been stated that most lenders use the 2004 FICO scoring model for making credit decisions. TransUnion's FICO score on myfico.com, which consumers will receive if they order it, is actually based on the Classic FICO 98 scoring model. Equifax and (until recently)Experian are/were based on the FICO 2004 scoring model. This can make a difference in what FICO score one sees vs. what the lender sees. Add to that the issue of "enhanced" FICO scoring models such as those used for Mortgage, Auto, and Bank (Credit) decisions by lenders, and the score deviation from what the consumer sees broadens. FICO 2008/2009 most likely won't be available to consumers for several years from myfico.com. I believe it's been stated that myfico does not change/update what scoring model consumers can purchase until 50% or greater of the businesses are using it. Which begs to question: Why isn't TransUnion already switched over to the 2004 model? 447760 2009-02-28T23:16:05-08:00 Raymond Ohh....yes, the MSN article you cited is absolutely correct that the so-called consumer education credit scores sold by credit reporting agencies like Experian and TransUnion can frequently differ significantly from the consumer's actual FICO scores. That's because the VantageScore or Plus credit scores that these agencies try to sell consumers are not scored on the same numerical range or even use the same proportional credit usage factors as the FICO. Thus, different scoring methodology obviously can result in different scores. That is why I always highly advocate purchasing the real thing - the FICO credit score by Fair Isaac Corp. The scoring system of the FICO is always consistent so thus so long as you are comparing FICO scores from person to person, the comparison is always consistent - apples to apples essentially. Of course, while the scoring system is consistent, it can certainly differ slightly depending on the specific data recorded by the credit reporting agency. Thus, for the most accurate comparison, it's best to compare FICO credit scores from Experian to FICO's from Experian, and Equifax FICO scores to other Equifax FICO's etc. When you start buying the VantageScore or Plus "FAKO" credit scores and attempt to compare them to the FICO, that's when the confusion frequently sets in. Hope that clears things up. 447750 2009-02-28T23:06:08-08:00 michele This article on MSN money: (article link) "What's more, the credit scores being touted often aren't the same as the FICO scores used by most lenders. Mortgage brokers and lending officers complain that the "consumer education" scores often sold by two of the bureaus, Experian and TransUnion, can be 30 to 100 points higher than the consumers' actual FICO scores." and I am sure I have seen stuff on other sites as well (I read about 50 personal finance blogs off and on, so I really cant remember where it was. 447720 2009-02-28T22:33:08-08:00 Raymond Hi Michele, Can you provide me a link or news article regarding the suggested claim that MyFiCO is selling different FICO scoring standards to consumers and business lenders? I have always thought and still believe that the FICO credit score formula's a set standard implemented by Fair Isaac but that the algorithm can result in different ultimate FICO scores depending on the specific data retained by the individual credit reporting agencies. I think that perhaps is where the FICO discrepancies appear - the fact that although your 3 credit history reports ought to contain the same data but that they in reality differ depending on how Equifax, Experian, or TransUnion save and transcribe your historical credit transactions. A FICO credit score is what it is but I know banks view scores ranges differently. Not sure they are or can manipulate the scores directly however. 447790 2009-02-27T16:13:20-08:00 Michele This is all well and good, and I have used MyFico in the past and I find their reports helpful, however, I have been reading that the score they sell you, is not necessarily the score they sell to the banks. I am still very uncomfortable with the current crisis, the way credit card grantors are manipulating your score by balance chasing and the like, that no matter what you think your score is, or what they say it is, it is really not going to help right now.