Myfico vs going directly to TU or Equifax

[PhillyGuy]

If I order my credit reports and scores through www.myfico.com, wouldn't they be the same if I ordered them directly from TransUnion and Equifax?

If not, what is the difference?

Thanks

PG

[Pjmax]

MyFico is the only place to purchase Fico scores. The scores you purchase from the CRAs are 'plus scores' or 'educational scores' based on their own algorithms, what are referred to as Fakos. To confuse things even more, a lender may use a different version (there are dozens) of Fico, or their own version based on a Fico.

The best way to get your reports (not scores) is free from annualcreditreport.com or if you have already had your freebies, from the individual CRAs. Any other way will not give you a full report.

3rd party reports and scores are fine for monitoring, but you can't rely on them. The only scores that really matter are the ones lenders pull.

(As a former financial idiot, I've sure learned a lot!)

[justbroke]

I would use MyFico as well. While TransUnion doesn't offer a true "FICO" score on its Website, Equifax does offer a real FICO score. However, the FICO score at Equifax is an older model and can be off by 10-20 points.

The real issue is that it is possible that lenders use different scoring models or "older" versions of the same model. For me, the majority of my banking partners (yeah, I call them that!) use the FICO 8 model and they pull from Equifax (using Beacon 09). I found the score I receive from my bank is the same as the one I get from MyFICO (they pull Equifax). The score at Equifax never matches!

TransUnion: FICO® Risk Score, Classic 08
Equifax: BEACON® 09
Experian: Experian/FICO® Risk Model v08

[PhillyGuy]

So, if I am understanding you correctly....

For Credit Scores, I should use MyFico (TransUnion and Equifax), and I would have to go directly to Experian to get my score from them.

For Credit Reports, I should go to each credit agency and get the full report directly from them.

[justbroke]

Experian does not give a true FICO score. What we are saying is that the closest score you'll probably get to your lender, is the one provided at MyFICO. To obtain your full credit report, you can use the "free" annual credit report feature at each site. Just make sure you don't sign up for some sort of credit monitoring in the process!!! (If they ask you for a credit card number, you can pretty much be sure that you're subscribing to credit monitoring!)

Also, MyFICO will provide you the credit report with your score. If you need to dispute some items, it's better to go to the actual credit reporting agency to initiate a dispute.

For my, I would muse MyFICO for both my scores and report for Equifax and Trans Union. I would use Experian's website for my Experian credit report. I'm ambivalent when it comes to the usefulness of the Experian "FAKO" score.

[hrguy]

FWIW - myfico will be offering the Experian Fico score again after their long falling out, and admin there told me it will be back in a few weeks, although they did not say what model it will be. Also Phillyguy, assuming based on your name that you are in Philly - you can join PSECU and get your free EX Fico score monthly with a checking account.