poone1 Posted November 11, 2005 Report Share Posted November 11, 2005 Are the scores that you get from Trucredit that score that a creditor would see Link to comment Share on other sites More sharing options...
WorkingOnIt Posted November 11, 2005 Report Share Posted November 11, 2005 No...and they can be way different. your FICO scores are considered the closest to lender models. Use Truecredit to monitor trends and changes. My TU score on Truecredit is over 35 points lower than my FICO TU. Link to comment Share on other sites More sharing options...
Ahntara Posted November 11, 2005 Report Share Posted November 11, 2005 Nope. A consumer can never get the same score that a lender gets. The reason is that lender-leased scoring software is skewed to their particular industry. So not only is the EQ score you get from Trucredit different from what a mortgage lender gets, it's also different from the EQ score a car dealer gets, etc. Link to comment Share on other sites More sharing options...
onlybrad Posted November 11, 2005 Report Share Posted November 11, 2005 Nope. A consumer can never get the same score that a lender gets. The reason is that lender-leased scoring software is skewed to their particular industry. So not only is the EQ score you get from Trucredit different from what a mortgage lender gets, it's also different from the EQ score a car dealer gets, etc.Majorty of lenders use myfico scoring software. Then like you said, car lots use another product of myfico and the score is total different.There are 12 or so different scoring products like (myfico) available to lenders and car lots. Majority of lenders use myfico software to score their consumers.Brad Link to comment Share on other sites More sharing options...
Ahntara Posted November 14, 2005 Report Share Posted November 14, 2005 onlybrad wrote: "Majority of lenders use myfico scoring software..."This is not exactly true, which is what I was alluding to in my post. While virtually all scoring programs are based on Fair Isaac Company models (even FAKOs), lender-leased software itself is very different and so are the scores rendered. Consumers do not have access to lender scores.Not only are consumers shut out of these scores, but few understand them. There are 3 different bureaus, dozens (if not hundreds) of scoring programs. It is possible to obtain a FICO score based on EX or EQ or TU. That score could be general (like ones obtained throught myfico.com) or industry skewed. So, your EX FICO for a mortgage loan will be different from your EX FICO for a car loan and both will be different from your myfico.com score. It is also possible to obtain a BEACON or EMPIRICA score based on any bureau, skewed to various loan types. All of the #'s may be entirely different and unless you have a professional buddy in the industry you are hoping to borrow from, you will never have a clue what your score will be from that program until someone actually pulls it. Link to comment Share on other sites More sharing options...
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