FICO score or FAKO score...

[tinroofrusted]

www.equifax.com sells EQUIFAX FICO scores
most people like to buy their ScoreWatch product because you can quite often get updates as to your current score, any other EQUIFAX product sold on their website that includes a credit score is your EQUIFAX FICO score............these are classical scores

www.experian.com sells FAKO scores (they're called PLUS scores)

www.myfico.comwww.myfico.com this is most likely because you have a fraud alert on your credit file and you can READ HERE to learn more about this)

www.providian.com offers PFICO EXPERIAN OR TRANSUNION scores to their credit card customers (PFICO is a real FICO score)
............these are credit-card or bank-card enhanced scores

www.transunion.com sells FAKO scores but www.transunioncs.com

[almost_homeless]

So how do you get a true score? Buy all 3 from myfico.com? Will they get a true score from the faco reporting companys that you listed? This is a very serious matter? Before i go and spend anymore money on this stupid stuff, i wanna know. It says right on my FICO score paper that i paid for. "Your Transunion Personal Credit Score only represents the score a lender would recieve if they requested it today". If that is a false statement then BBB will be interested to know i am sure. I know i am.

[Lightning]

There are 3 "true scores". If the one the lender gave you was 60 points lower than all of the ones you purchased and you were denied credit, you are entitled to a free copy of the credit report that the lender pulled.

It's possible the creditor lied to you if they said that your score was too low. Is there something else on your credit report that would raise a red flag such as bankruptcy, collections, judgments, late payments, etc.?

The lender shouldn't lie, so get a copy of all 3 credit reports and scores and then go back to the lender and ask to see the printout they run so you can compare. Depending what you charge to a credit card, your score can change from day to day, but it shouldn't change 60 points.

[StaciMM]

I've heard that there is a 'mortgage enhanced' score and an 'automobile enhanced' score, and if that is true, then lenders may simply value some elements differently than a standard score.

[almost_homeless]

There are 3 "true scores". If the one the lender gave you was 60 points lower than all of the ones you purchased and you were denied credit, you are entitled to a free copy of the credit report that the lender pulled.

It's possible the creditor lied to you if they said that your score was too low. Is there something else on your credit report that would raise a red flag such as bankruptcy, collections, judgments, late payments, etc.?

The lender shouldn't lie, so get a copy of all 3 credit reports and scores and then go back to the lender and ask to see the printout they run so you can compare. Depending what you charge to a credit card, your score can change from day to day, but it shouldn't change 60 points.

I filed bk and have been discharged, that is why i am looking for a new home in the first place. I will give you an example of what i am talking about. The Mortage company i am dealing with stated that i had to have a score above 500 to even get a loan. Ok, so i pulled my scores. The median of all of them is 540. My lender denied the loan, stating that what they got for a median was 491, with the highest score being 502. Now how is it that i am getting 60pts higher than they are? This is where i am so concerned. I can see maybe a 10pt difference but not 60! So i pulled my scores again today, costing me more money and they are the same. Something doesn't smell right here and i need to know the truth about all this.

[Lightning]

If your median score according to your records is 540, that would be enough to disqualify you for most mortgages. Are you working with someone who specializes in high-risk mortgages? You will not qualify for a regular mortgage with prime rates even if the best-case scenario is true and that you have a median score of 540.

[almost_homeless]

If your median score according to your records is 540, that would be enough to disqualify you for most mortgages. Are you working with someone who specializes in high-risk mortgages? You will not qualify for a regular mortgage with prime rates even if the best-case scenario is true and that you have a median score of 540.

Before i applied for the loan, i asked the mortage company up front about the scores. They told me they will do nothing for a score under 500. 20% down for a score of 500-519 and 15% down for a score of 520 thru 549. I do believe the company works with high risk, not sure if they ever said. I was referred to them from a Bank. Point is tho...why is there such a difference in the scores? Thats what my question is.

[tinroofrusted]

There are 3 "true scores". If the one the lender gave you was 60 points lower than all of the ones you purchased and you were denied credit, you are entitled to a free copy of the credit report that the lender pulled.

It's possible the creditor lied to you if they said that your score was too low. Is there something else on your credit report that would raise a red flag such as bankruptcy, collections, judgments, late payments, etc.?

The lender shouldn't lie, so get a copy of all 3 credit reports and scores and then go back to the lender and ask to see the printout they run so you can compare. Depending what you charge to a credit card, your score can change from day to day, but it shouldn't change 60 points.

Yes, you are entitled to a credit report, but under no circumstances, can you get the credit score that was pulled. You can only do that if the company that pulled your credit is kind enough to disclose it. Many of them won't. I know that we don't.

[tinroofrusted]

Before i applied for the loan, i asked the mortage company up front about the scores. They told me they will do nothing for a score under 500. 20% down for a score of 500-519 and 15% down for a score of 520 thru 549. I do believe the company works with high risk, not sure if they ever said. I was referred to them from a Bank. Point is tho...why is there such a difference in the scores? Thats what my question is.

I work for a mortgage co, and we work with anyone with a three score average above 500. If you are lower than 620 and are purchasing, we do have a requirement for a substantial amount to put down. However, don't waste your money any more on your credit scores. The credit bureaus give COMPLETELY diffferent scores to creditors than they do to creditees, and it is a complete waste of money. Unless you can pull a copy or get a copy from a kind company that pulls your credit, you really can't know for sure what your credit score is, and that's being honest with you.

[tinroofrusted]

So how do you get a true score? Buy all 3 from myfico.com? Will they get a true score from the faco reporting companys that you listed? This is a very serious matter? Before i go and spend anymore money on this stupid stuff, i wanna know. It says right on my FICO score paper that i paid for. "Your Transunion Personal Credit Score only represents the score a lender would recieve if they requested it today". If that is a false statement then BBB will be interested to know i am sure. I know i am.

You can bet your butt that it wasn't a score that was released to a creditor. I would file a complaint with the BBB and see what happens.

What I find really and truly interesting, is that the credit bureaus don't have to disclose how they determine a credit score!!!!!! They can really and truly give a different score every single day!!!!

Scary, huh? I personally think that they should become a government entity, hire English speaking people only, and start being regulated on their highly deceptive practices.

[almost_homeless]

You can bet your butt that it wasn't a score that was released to a creditor. I would file a complaint with the BBB and see what happens.

What I find really and truly interesting, is that the credit bureaus don't have to disclose how they determine a credit score!!!!!! They can really and truly give a different score every single day!!!!

Scary, huh? I personally think that they should become a government entity, hire English speaking people only, and start being regulated on their highly deceptive practices.

okay, so what do we do, just accept what the lender has gotten. So what i have purchased from Myfico.com means NOTHING? I am so sick of all this. No one can give a straight answer as to why the lenders are getting lower scores. Its all a false fiasco. I assumed that myfico was true blue on the scores you recieve. Isn't there any rights for the consumer on all these false advertisements?

[almost_homeless]

Just a note to add to my last post. Yes i did file a comlplaint...not with BBB tho, i filed one with FTC for fraud. These companies state that the scores they are giving you are what the lenders are seeing, and that is false. And that you have to pay for these scores makes it fraud. If i don't hear from the FTC i will file one with the BBB.

[tinroofrusted]

Just a note to add to my last post. Yes i did file a comlplaint...not with BBB tho, i filed one with FTC for fraud. These companies state that the scores they are giving you are what the lenders are seeing, and that is false. And that you have to pay for these scores makes it fraud. If i don't hear from the FTC i will file one with the BBB.

You won't be hearing from the FTC... I would file a complaint with the BBB pronto.

[Lightning]

Have you called the mortgage company to talk about this yet?

[almost_homeless]

Have you called the mortgage company to talk about this yet?

Yes i did, and she sent me the entire credit report that she recieved....and i will tell you what...i am sooooooooooooo po'ed i could spit 10 miles. There are bunches of stuff on that report that NEVER showed on the 3 reports i got from the Three Stoogies. There were many items that were reported DIFFERENTLY several times, with different out comes...examp., one said it was in collection, and the other (with the same account #, amount and reporter) said was paid. As soon as i get home, i am gonna be doing some major B*tching. The lender that is working with me, pointed all this stuff out for me, if she hadn't i would of never known, i have her to thank most of all for going above and beyond her job for helping me out!

I knew there was something screwy in St. lewie...it just took time and money to figure it out...and yes, the info from all of you here really helped a great deal...so i thank all of you too, for posting all the info!