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F.I.C.O. - TransUnion?


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Is it true that only Equifax uses the FICO scoring system? I read somewhere that the other two are not actual FICO scores. It really doesn't matter what scoring system is used, a mortgage co. or any other lender pulls all three reports anyway. Watcha think????

Kathy

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Actually, it is Experian that uses FICO; Equifax and Trans Union use their own proprietary scoring models, called BEACON and EMPIRICA respectively. FICO has become sort of a generic term to describe any credit score, and you are correct, it doesn't really matter. Mortgage lenders usually rely on the middle score of the primary wage earner.

[Edit by herauntsis on Tuesday, July 16, 2002 @ 08:57 AM]

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actually i think i understand your question. the credit score that transunion gives out for free and that you can get from experian with your report for a few extra bucks is not a fico score, but a model they came up with that is similar (although obviously not as complex).

equifax and fico have some kind of agreement. which is why when you go to myfico.com you can get your equifax report from there. so actually the only CRA that consumers can currently buy their fico score from is equifax.

briana

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