FAKO vs. FICO... what does that mean?

[cali girl]

I noticed a lot of people using the term "FAKO". What does that mean? How can we find out what our actual scores are, and how do we know if lenders are looking at the real deal or not?

I noticed with our 3-in-1, the scores were lower from one company to the next 3-in-1. And the individual credit companies gave different scoring as well.

[cali girl]

Nevermind! I did some searching and found some forums related to my question. I'm going to myfico.com!

[jp2861]

I brought this up in another post, but if creditors are pulling scores from various sources why waste your money at myfico? You can't control the score, but you can control, to a point, if the data in your reports is accurate. myfico may be more accurate as far as scores go, but I dont think it's worth paying the money to know what THEIR score is.

BTW what forums did you find that swayed you to pay for myfico?

[cali girl]

I brought this up in another post, but if creditors are pulling scores from various sources why waste your money at myfico? You can't control the score, but you can control, to a point, if the data in your reports is accurate. myfico may be more accurate as far as scores go, but I dont think it's worth paying the money to know what THEIR score is.

BTW what forums did you find that swayed you to pay for myfico?

Hello,

I looked at some of the credit repair stickies but this one motivated me to use myfico.com. This is so confusing, I wish I knew who looked at what and which one to go buy. Some of these companies are off by 100's!

http://www.bkforum.com/showthread.ph...highlight=fako

[js1980]

ALWAYS use myfico. True Credit is usually way off. Here's mine from two months ago (Before I cleaned a lot up)

TrueCredit - 677/555/669
MyFico - 535/591/530

[jp2861]

I have yet to find anything substantial that can back up the claim that myfico scores are any more accurate than any of the others. I've read where some say the myfico scores were higher and others that say the myfico scores were lower. This could be just sheep following the leader, which is what I suspect. But if someone can post some valid references (not from the myfico site either...lol) that actually prove the myfico claim I'd like to read it.

One reason that I question this hoopla about myfico is the FTC states that annualcreditreports.com is the official site to use for reports. If myfico.com is the real score and sites like truecredit are fakes, then why are they endorsed by the FTC over myfico.com? Just something to ponder.