Another Fico vs FAKO QUESTION

[tdarden3k]

Forgive me if I am repititious ....but. Regarding FICO vs FAKO what does creditors see when they pull. Do they see whatever the Individual CRA's make available.

Also if I use PG or MYCREDITKEEPERS to pull a combined report, is it possible that pulls directly from CRA's may reveal a different set of numbers ?

Finally is there an agency where I can go and get the same set of numbers that the CRA provide to creditors

Thanks

tdarden3k

[Ravenous Wolf]

Well, here is a bigger monkey wrench into your question.

A creditor may not even see a credit report that comes directly from the CRA.

They may use a third party vendor (whose information may be a bit outdated).

Or a creditor may get a CRA report but that creditor may subscribed to other packages from the CRA, like TU also sells HAWK in addtion to their credit report.

The CRAs are in the business to make money and the more additional products they can sell to their subscribers, the more money they can make.

As a result, their are mortgage, auto, insurance, and other credit report packages that are a bit different than the FICO score that it attached to the consumer version of the credit report.

And third party vendors are starting to sell public record searches. Like, a creditor may also see your arrest record, child support, DUI, etc...

And finally, it is NOT a credit score that creditors use to grant credit. It is their credit lending policies.

You can have a dynamite score but a creditor's lending policy may throw a flag and deny you credit because of something in your report that may have NOTHING to do with your score. Like too many recent inquiries even though you have a high score, etc...

The bottom line is that a credit score is only a guide...

Responsible credit behavior and LONG credit histories will assure that you will always have a good credit score...

[tdarden3k]

WOW ! some good stuff to think about and consider.

Thanks

[Guest jeeptravel]

In most cases your fair isaac score will be the closest. (Personally, I feel the FAKO is close enough most of the time). You can purchase your FICO score at myfico.com

JT

[hegemony]

FAKO is not a credit risk score. Recently my FAKO on EQ changed by 19 points and my classic FICO did not move. FAKO's are unreliable and IMHO should be ignored.

[Guest jeeptravel]

Opinions are funny things . . . They depend on one's own experience. Seriously though, I agree the FICO can be way different. But in my experience, and I've been paying for FICO's for three months now and comparing them to my creditkeeper FAKO's, the FICO is often higher than the FAKO. USUALLY, in my case, they are relatively close (within 20 points of each other).

They are certainly better than nothing, as far as I am concerned.

JT

[Ahntara]

I agree with RavWolf's view about credit scores. I think people kvetch over them way too much. I work with scores every day and can tell you that they are not reflective at all of real life and what someones risk as a borrower is. I have clients who are 2-3 years out of bankruptcy with higher scores than two men with 6 figure incomes who earn mega $ here as business owners. You can probably guess which ones are the most likely to repay any debt.

That having been said...Credit scores are not only skewed differently based on the raw data that is pulled and how it is merged. They also change according to the scoring model which creditors lease.

Some creditors, for example, lease BEACON scoring software. There is BEACON, BEACON 5.1 and BEACON Auto-Enhanced. Each difference version would factor the same data in different ways. The end result would be different scores. Depending on the details, the scores could be extremely different.