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FAKO or FICO


MillerFam
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Why are there FAKO scores? Who uses them? I also have a WAMU card and they have a card score,or something like that.at any rate is there certain creditors that use the FAKOS? I know the FAKO scores very from place to place. At this point in my journey my FAKOs are in excellent shape.

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"Why are there FAKO scores..."

Because there are consumers willing to buy them. They are an information product, useless information for sure, but still a product that is quite in demand. Combine the demand with substantial ignorance about credit, add in a little marketing ("...what's your credit score?...") and voila, you get FAKO's.

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FICO scoring is a proprietary product of Fair-Issac Corporation. There are like 17 different scoring models that claim to predict everthing from "will a CC make money off this sucker" to "will these people live to pay off their life insurance premiums". The actual calculations involved are SECRET.

FAKO scores are generated by other companies that CLAIM to replicate the corresponding FICO score. One problem is, they don't tell you which FICO score. Another problem is, nobody who's going to grant you credit uses the FAKO scores. The major problem is that the FICO calculations are SECRET...none of the FAKO producers use the FICO calculations.

Like anhtara says, FAKO scores are just another scam perputrated on the unsophisticated consumber.

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Just another henious plot perpatrated by the man to bring a brother down.

One is not really better than the other if you think about it. MyFICO even with the 20% discount you still have to purchase three, no one product gives you access to all three. I was suckered into the Susy Orman kit I did not realize that the three prepaid scores were not three per it was three total. That was a wasted $39. So back to my point it does not matter if it is FICO or FAKO everyone wants a piece of the pie. I do however understand that FICO is a true score. But you have to pay for it no matter what!

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"...nobody who's going to grant you credit uses FAKO...FICO is a true score..."

I maintain that all scores are "true" and 'real'. None of them, including the one purchased from Fair Isaac are what a lender will see. As willing said, lenders have their own scores which are skewed to their segment of the industry. THESE scores are not sold to consumers.

So, what IS your credit score? You know what, it doesn't matter...but that won't make any difference. About a million consumers will purchase some kind of score today. The majority of those consumers will be surprised to find out their score is completely different when pulled by a lender or insurance company.

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"Why are there FAKO scores..."

Because there are consumers willing to buy them. They are an information product, useless information for sure, but still a product that is quite in demand. Combine the demand with substantial ignorance about credit, add in a little marketing ("...what's your credit score?...") and voila, you get FAKO's.

To the OP - however, please understand most people purchase subscriptions to monitoring services for reasons other than the FAKOS you get. I have the Costco Identity Guard service and it's fine. I enjoying looking at my FAKOS every month -- it is a measure of improvement for me. But mainly, I am paying for monthly trimerge pulls and the monitoring.

I am still disputing a lot of stuff on my CRs so I still get reports from the bureaus a lot and don't really need the trimerge pulls -- but a day will come.

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I think there's another point to be made here. People have to see their reports to find out if there are erroneous entries, fraud or just to see what other entries are there. Some of what you see on them is true, despite what you try to do about it, and some is BS, but I think the goal remains to wake up one day and look and there is nothing negative on any of the three.

So there is a purpose and a reason, and the whole debate about "their worth" is another topic. Do you need to pull daily? Depends on what you are thrying to do. My situation the answer is no, as I have no inquiries, but others have found a value in doing so.

Seeing the impact of what you are doing, like paying down high CC balances, getting negatives removed etc...helps you see what each TR's imapct on your score is.

It's all educational and I find it facinating.......

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Whoa. Wait a minute. xThudx

Is this a SERIOUS post by 2001? No way!!! xholysheepx

After all his :blah: in OT, he's actually participating in credit repair? xbugeyesx

Wow. I guess hell has frozen over 8-):)++xdancex

HEY, I resemble that remark!!!!

I participate here, as much as I can, and never offer myself up as an expert, but rather try to add where I can.

Amerikaner is a Post Whore !!!!!!!!!!

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The actual calculations involved are SECRET.

The major problem is that the FICO calculations are SECRET...none of the FAKO producers use the FICO calculations.

Like anhtara says, FAKO scores are just another scam perputrated on the unsophisticated consumber.

Cope,

Not so fast you ape. Here's a link to another thread that is a calculation someone found on another board. Seems plausible.....

http://debt-consolidation-credit-repair-service.com/forums/showthread.php?t=279762

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Exactly. A little basic calculus, throw in some differential equations and quantum mechanics, and anybody can come up with a number that looks like a FICO score...

Well sure, the math is a cake walk, but don't forget to throw in the Quija Board (QB) and the all important blindfolded dart throw followed by the big bingo ball (BBB) and just like that......... your number!!!!!!

So it's very simple when you actually see it broken down.

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