MyFico.com?
I checked my Experian credit score on myFico.com today, and it shows 569 (the other agencies are reporting scores in the low-600's). However, when I checked my score on Experian.com, my score is now 524.
2 different scores on the same day, from the same agency, except one of them is through myFico.com.
Why the discrepancy? Also, what score would a lender use in this scenario?
Thanks
2007-03-26 13:14:46 · 1 answers · asked by Dr. W 3 in Business & Finance ➔ Credit
I never called neither company to verify the actual score. Well I hope myFico.com is not just bumping the scores to make their customers happy.
2007-03-26 13:23:55 · update #1
myFICO.com gives you your actual FICO Score. The score you get from most Credit Reporting agencies is not the actual FICO Score, but their calculation. This is because Fair Isssac(the company that does the FICO Score) keeps this calculation very secret. It is a very complicated calculation and they will not share with any other company.
I beleive that Experian calls theirs the PLUS Score. TransUnion calls their the TrueCredit. This is also why you probably got other scores from other companies. However, even with FICO your score can vary by as much as 20-50 points. That is why it is very important to make sure your report is accurate, and any inaccuracies you need to dispute and get corrected.
2007-03-26 13:20:52 · answer #1 · answered by OC1999 7 · 2⤊ 0⤋
Why the discrepancy? On the one hand, data doesn't travel instantaneously (so the Experian credit score provided by MyFICO.com can be based on data that were transferred over from Experian several weeks ago, while the credit score provided by Experian itself may be based on fresher data). On the other hand, not all transactions get reported to all credit bureaus (hence, the discrepancies between Experian and other agencies).
What score would a lender use? Depends on the lender. Some use raw scores from the credit bureau they have a contract with. Others augment it with income, home ownership, and/or loan-to-value data they collect from your loan application. Yet others have their own scoring models...
2007-03-26 13:26:29 · answer #2 · answered by NC 7 · 0⤊ 1⤋
What did they say when you called to ask them?
2007-03-26 13:18:29 · answer #3 · answered by Anonymous · 0⤊ 0⤋