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Folks, bear with me because I am new, but there's something I am trying to understand: I subscribe to both myFICO.com and TrueCredit.com. Both of these products provide me with credit scores. If I pull the scores on the same day, there is no reason why they should be different, I assume. Yet, there is a 60+ difference in the reported experian score and 50+ points in the others. This leaves me somewhat perplexed: could someone shed some light?
Thanks!
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Scores from myFICO.com are actual FICO scores. TrueCredit tries to compute similar scores, but as you can see, it's not always that close.
What you are getting from myFICO.com are your "real" scores (the scores lenders will use to evaluate your creditworthiness).
So, they should change the name to "UntrueCredit".
Grantspy said:So, they should change the name to "UntrueCredit".
No, it should be RelativelyTrueCredit.
Thanks for the clarification. Grantspy has a point though: they should disclose that the scores they give you are a .. best effort. Especially because if you DON'T subscribe to the recurring version of TrueCredit, they sell you the scores at a significant premium. That's ... well, let's call it 'not transparent' at least.
Another (related) question if I may: TrueCredit has more/different information about accounts. Through this, I discovered that two auto leases that have long been paid off are marked 'open' with a $0 and a PAID SATISFACTORILY status in 2/3 of the bureaus. Should I bother to amend them?
nmlss said:I discovered that two auto leases that have long been paid off are marked 'open' with a $0 and a PAID SATISFACTORILY status in 2/3 of the bureaus. Should I bother to amend them?
Since the status is positive (satisfactorily paid), nope. Leave 'em be. "Amending" them is likely to result either in nothing or a negative result, as extreme as having the tradeline vanish from your reports entirely. And don't worry, the folks viewing your report and/or the systems using it in scoring will figure out that the loans are not active.
In re: scores, to clarify - TrueCredit does not provide a "best effort at matching FICO" score. It provides a score that is directly in competition with FICO, with the idea being that lenders should use it *instead* of FICO. It measures and weights things differently than FICO does, all being trade secret of course.
Since the bulk of the universe uses some flavor of FICO product, myFICO is what you care about, and no more.
You may want to try some of your FICO and credit reporting Q&A over at creditboards.com. Good resource for the minutiae of credit reports and how to manage them.
Message edited by: swishyx on 2008-04-28 19:51:07 CDT
I look at credit reports all the time and one of the main factors is that some creditors do or do not report to certain CRAs.
for example I saw one credit report recently where a guy had a $30k judgment on his EQ and EXP reports but not on his TU. naturally his TU score was 100 points higher than the others.
Thank you again! I'll leave things as they are then and cancel the TrueCredit subscription, unless someone can provide a reason why I should keep it.
nmlss said:Thank you again! I'll leave things as they are then and cancel the TrueCredit subscription, unless someone can provide a reason why I should keep it.
To help the people who work at TransUnion feed their children?
swishyx said:In re: scores, to clarify - TrueCredit does not provide a "best effort at matching FICO" score. It provides a score that is directly in competition with FICO, with the idea being that lenders should use it *instead* of FICO.
From TrueCredit:
"Consumer credit scores that you can purchase online use formulas that approximate the most common credit scoring algorithm."
^^^ That link is hardly definitive and is more consumer fluff than anything else. You need to read up on Trans Union's Trans-Risk Score, not to mention VantageScore. Lots of information out there if you use Google.
Don't misinform the newbies.
Message edited by: swishyx on 2008-04-30 14:49:24 CDT
swishyx said:^^^ That link is hardly definitive and is more consumer fluff than anything else. You need to read up on Trans Union's Trans-Risk Score, not to mention VantageScore. Lots of information out there if you use Google.
Don't misinform the newbies.
You are the one providing misinformation. You stated that the TrueCredit score does not try to approximate FICO scores. Then when provided with a statement directly from TrueCredit that it does try to approximate FICO scores, you claim I am misinforming people.
Yes, the TrueCredit statement is somewhat misleading in that it isn't clear that they are referring to their TrueCredit scores as they don't want to volunteer that you can purchase real FICO scores online, but that doesn't alter the fact that your statement was incorrect.
Why is the sky blue? Fu** people stop arguing and just answer the guy's question.
OP: as mentioned all of the companies out there use slightly different formulas to calculate a "credit score". FICO happens to just be the most well known.
NDogg said:Grantspy said:So, they should change the name to "UntrueCredit".
No, it should be RelativelyTrueCredit.
no it should be called fraudcredit.
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