Lenders look at real FICOs or Fakos? What's Beacon?

[jenrw74]

When we signed up for TrueCredit monitoring we noticed our scores were crap. TU 627, EXP 587, EQ 590. Yesterday we signed up at myFico for their one-score monitoring service (EQ) and then bought TU's score as well. EXP was unavailable for some reason so we'll get that later. Anyway, EQ was 659 and TU was 649. Now that's a 60+ point difference in our favor! I feel like TrueCredit is ripping us off with their LOWER FAKE SCORES!! How can they get away with this? Making you think your scores are in the toilet when they're not? I was aware that their scores were fake but this is stupid. I've read posts on here of 100+ point differences. So, my questions are as follows:

1) Do lenders ever look at "Fako" scores or do they always look at FICOs? The reason I'm asking is because in the past (pre-BK) when we applied at a dealership they would use other terms for scores. One dealer referred to it as our "PLUS" score, which I believe is Experian's name for their fake score. So I have no idea what scoring sytem they were using.

2) How do they come up with a Beacon score? Is it better than a FICO or worse? Or the same?

[FilingOnMyOwn]

Noone goes by fako scores. True credit is worth it for monitoring of your credit reports, not for the scores they aren't worth anything.

Beacon scores are what many auto dealers use.

[SinkingFast]

Lenders look at an "Industry Specific" model of your FICO.

Mortgage Lenders look at your previous home ownership track record. If you've owned before, paid as agreed, and/or paid in full, your FICO score is weighted accordingly.

Auto Lenders, same thing. Previous auto loan experience, paid as agreed, and/or paid in full weights your score in your favor.

Different industries have different scoring models or formulas. How the industry specific info is grade weighted.

It's not a huge amount, the bump on your score, but it can help somewhat. Might make the difference in "making the minimum" cutoff for approval if you're close.