myFICO

Hello and thanks for your opinions,I have signed up with TrueCredit.com and I really like that I can see my credit reports & scores even daily if I want to. However, I have read that the credit scores there are not accurate. Does it mean that I have to sign up with MyFICO to get the real scores? And does that mean that I will have to pay them $44.99 every time when I want to check my scores?What is your best advice / practice if I want to monitor both my reports & scores?Thanks!
- asked by smile07

Answer #1
Neither is accurate. All credit scores that youcan purchase are consumer products, none of whichmatch what a lender would see when they pull yourcredit report.When you pull your "score,' it issimply an indicator of what your real credit scorelikely is.My advice is to pull your annual freereports and tack on the "score" for 7 or 8 bucks(this price changes frequently).
- answered by stopccdebt

Answer #2
MyFico.com is run by the Fair Isacs Co, the peoplewho invented the FICO score. So I would assume ifaccuracy is an issue, they would be most on themark.What I don't understand is this. Who told youthat True Credit wasn't accurate? They get theirreports from a Consumer Credit Reporting Agencythe same way I would if you were to apply for amortgage.Sure there are some levels of differencefrom agency to agency but for the most part theyare all spot-on. I wouldn't worry about whateverslight inconsistencies there might be from agencyto agency. Key word, slight. If you are happy withTrue Credit, stay happy.On a closing note, I'dlove to know where you read that True Creditwasn't accurate. If you could leave that as acomment I'd appreciate it.
- answered by loancareer

Answer #3
Hi,Most of the lenders go by FICO. You are rightthat there will be some variations in your creditreports given by them. Check out
http://financeguru.consumerspot.info for someuseful info and tips on building credit scoresfast. Good luck!
- answered by Mentor

Answer #4
In the state where I live you are entitled to onefree credit report per year, I don't know aboutother states. In any case Experian, Equifax, andTransUnion seem to the best and most credible,cost of a credit report is about $10 or so, andthe more extensive one (with the Fico) is about$40. I have never heard of TrueCredit.com, theymay just be pulling reports from the other 3 andcharging a markup. If you have any question aboutthe credibility of your site, I would cut mylosses and go with one of the others, its tooimportant if the scores are not accurate. Of the 3I mentioned your Fico score will vary slightly butnot much (mine was within 10 points for all 3)
- answered by Answerer



Answer #5
It depends on what you mean by accurate. Allcredit scores are based on your credit report. Ifyour report is not correct then NO score will becorrect. Since the scoring systems are calculateddifferent you will see different scores betweenthe systems, that is the one from MyFICO will bedifferent than the one from TruCredit. So as longas your report is accurate, the score will beaccurate for that scoring system.If you want to docredit monitoring I would not spend the money onmore than one company. The one thing they do ismonitor your reports. So doing more than one willjust be a duplication. The only difference is thescore they give you. However, the score will becomparable. That is if it goes up on theTruCredit is should also have gone up on theMyFICO.
- answered by OC1999

Answer #6
Looks like a lot of people need to be educated onwhat credit scores are about.There are actuallyseveral different credit score "schemes". TruCredit is used by Transunion. Technically it'saccurate....it just uses a different formula. Fico is considered the standard, but again it usesa different formula and will not be the same asTruCredit, VantageScore or any of the others. From my research and recommendations from otherswho's opinion I greatly respect, if you want yourscore you should go to
http://www.myfico.com/12Thedifference with this site (still owned by FairIsaac) is that they give you the "reason codes"that explain exactly why an item is being reportednegatively on your reports, and what you should doto improve your score. This score is$45.Personally I don't care to see or"micromanage" my credit scores. I'm moreconcerned about what is in my credit reports. Once you educate yourself on how credit scores arecalculated, you can then manage your credithistory in a way that will improve your scores. Below is an article from CNN that goes into thedifferent credit score formulas....I'd cut andpaste but some folks are getting upset with me fordoing that. ;)
- answered by Studly