Are truecredit.com scores accurate?

[almostthere]

I'm sure this has been discussed so if someone could direct me to the right thread, I'd appreciate it.

I pulled my three scores from Truecredit.com and had a car dealer see if he could get me into a better deal ride (warranty, lower payment etc.) Well, The scores he pulled and the scores I pulled this morning were WAAAAAY different. Transunion was off by 120!!! Needless to say, not in my favor!! (By the way, I was actally able to see his report so the finance manager is not making it up to hike up the interest rate.)

It would be kind of foolish to ask which one is correct because the bottom line is, I won't be able to get a decent interest rate unless my score is good on the lenders/dealers scale. So.....tell me why I'm working hard to improve the scores obtained by truecredit.com? Was it just that car dealer? Is the dealer's report more up-to-date and am I on the verge of a huge plunge in my score?

Confused here////HELP

[JollyGG]

True credit score are what is often called fakos. They are not accurate. The only true scores are FICO from Fair Isaac Corporation. However both true credit and FICO gets the information in your credit report from the same three bureas. It is simply the scoring matrix that differs. So improving what your credit report says from all three bureas via true credit will raise your FICO score.
If you decide you are interested in your actual FICO scores they can be purchased from http://www.myfico.com/. However, since the dealership already showed you your scores I wouldn't waste money purchasing them for a while yet.

[almostthere]

Hmmmm..
So does anybody (lenders) else use the same scoring matrix utilized to calculate FAKO scores like truecredit.com and freecreditreport.com?

I feel like a big dumb dope because when I saw my FAKOs, I thought my credit rating somehow survived the BK to some extent, but now I see that it didn't

Oh well "too good to be true" usually isn't, and it's probably not time to be switching vehicles anyway.

[FilingOnMyOwn]

The only exception I know of to the real fico score, is for auto loans many lenders that work with dealerships use an enhanced score that can show one or two hundred points higher than your fico score. I imagine they may be able to do this since a car is the easiest thing in the world to repossess and get their money back if you default.

The 'fako' scores given by true credit (TU) and the other bureaus is useful for the sole purpose of seeing if it is going up or down. Other than that they are essentially useless.

[poorme]

Equifax is the only bureau that provides your FICO score in their product.

[ilovemycaitybug]

In your TrueCredit score for Equifax, did it match what the dealer showed you? I thought Equifax used FICO for their scoring. Curious to know if this is, in fact, true! I am hoping so, but am concerned it's not since my score a few months back was 450 and Equifax shows it much higher than that now (see below) and I haven't been d/c yet!

[poorme]

I haven't seen True Credit be accurate at all. They have their own logic as to how your scores appear, and they take the data on your accounts from EX and EQ and run that through 'their' model and give you the score they think you should have. Think about it - there's no incentive for any of the 3 bureaus to give you the other bureau's exact scores straight up. They are in competition (and sometimes cahoots!) with each other.

[FilingOnMyOwn]

You guys are missing the point.... Dealerships don't use fico scores, they use beacon scores, which are enhanced. Its common for your beacon score to be higher than fico, so you can't compare an auto enhanced score from a dealer to a fako score...

[ilovemycaitybug]

You guys are missing the point.... Dealerships don't use fico scores, they use beacon scores, which are enhanced. Its common for your beacon score to be higher than fico, so you can't compare an auto enhanced score from a dealer to a fako score...

Thanks Filing! Do you know if it's possible to get the "beacon score" before shopping or is it fruitless? Is the auto lender's score to our benefit? I just really need a new car ASAP (after discharge if possible).

[FilingOnMyOwn]

Yes, the auto enhanced scores they use are totally to your benefit. You probably won't be able to find the exact score they use, as the same with any other lender. Keep in mind, to buy a car mostly what they care about is you having a job and basing the loan on income. Your credit report mostly only matters to them on a payment amount basis rather than your score. If you go with a bk friendly lender like ford motor credit you may be able to obtain a low apr offer fresh out of bk like others have done.

[jenrw74]

I pulled my three scores from Truecredit.com and had a car dealer see if he could get me into a better deal ride (warranty, lower payment etc.) Well, The scores he pulled and the scores I pulled this morning were WAAAAAY different. Transunion was off by 120!!! Needless to say, not in my favor!!

Yes, the auto enhanced scores they use are totally to your benefit.

I'm confused. Why did almostthere say that the dealer's score was off by 120, not in their favor, if the scores the dealers use are higher? Wouldn't the dealer's score have been +120 and not -120? If the beacon scores are supposedly higher then he/she would've gotten a better interest rate. So maybe it's not always to our benefit?

[FilingOnMyOwn]

Supposedly it was in relation to a fako score, which is not accurate to begin with. So no comparison can be made.

[almostthere]

I'm confused. Why did almostthere say that the dealer's score was off by 120, not in their favor, if the scores the dealers use are higher? Wouldn't the dealer's score have been +120 and not -120? If the beacon scores are supposedly higher then he/she would've gotten a better interest rate. So maybe it's not always to our benefit?

In my case, my scores at the dealer was lower than my truecredit.com scores. I kind of know why.....Wells Fargo is holding my car loan that was discharged as still "open" and 120 days late with $40,000 balance. I have disputed this with TU and Experian as "included in CH 7 and closed" but the claim is still pending.
The vehicle was repo'd as well so that account alone is killing my car dealer FICO.

[kags1969]

My Experian and Equifax Truecredit scores were 557/557 on MYFico.com they were 589/593. It was a pleasant surprise...

Kags

[ilovemycaitybug]

I'd love it if my truecredit.com scores were accurate... the only true FICO I have right now is Equifax and it's 457 vs. 612 on truecredit.com. REAL bummer to learn the FICO vs. FAKO in my case!