Truecredit Score Vs. Score From Myfico?
September 2, 2011 in Improve Credit by admin
I’m sure this issue has been addressed on here but I couldn’t find exactly what I was looking for. I monitor the 3 credit bureaus on TrueCredit, and I understand that, while it shows the direction you’re going and your information, it is not as accurate as MyFico. So I went on MyFico and checked my Equi. score, which was 60 pts. higher than my Equi. score on TrueCredit. Which one is closer to accurate? What score do I need to check to see what mortgage lenders will use? Thanks so much for helping and being patient as I learn my way around the confusing world of credit scoring!
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OK, this is a bit weird, but it’s the truth.
FICO stands for Fair Isaac and they worked with all three major credit bureaus to develop those bureaus INDIVIDUAL credit score numbers. In other words, your Experian is a bit different from your Trans Union from your Equifax but should not be off by a huge percentage.
TrueCredit probably has some FICO-based thing and as you can access the three bureaus through them it may just basically be an average of the three.
Lenders will go to the horse’s mouth–which means the three bureaus. HOWEVER lenders also consider OTHER things beyond FICO in their decisions. (For example, with so many bogus bills in medical, many lenders may completely discount a few thousand in med bills–others may think there’s no way they’ll ignore that.)
So even with the FICOs of EACH of the bureaus the lenders will work their own magic to decide what kind of risk you are, etc. and what they’ll offer you.
I know everyone says KNOW YOUR SCORE as though it would be like your cholesterol numbers–the same no matter which lab analyzed the sample–but not exactly.
The systems use different modeling so a staight foward comparison can’t be made.
FICO is the most widely used by mortgage lenders.
TransUnion’sTrueCredit, also called VantageScore by Experian is a partnership between the big three credit reporting agencies in an attempt to develop an alternative to FICO.
FICO gets it’s data from the big three, so the differences are as much about formulas used to calculate the scores as anything.