Waddaya make of this?

[BROKEDED]

Finally getting ready to file and pulled my three credit reports online.

TransUnion - 705
Experian - 746
Equifax - 748

Funny thing is, we haven't paid on either mortgage or credit cards in 16 months! Our delinquencies all show on the reports. My BEST score before we ever had trouble was 739.

I noticed though that TransUnion gave me a letter grade too of a "C". Mid 700s used to be good. It said that 700-799 was a "C", 800-899 was a "B", and 900-990 was an "A".

I'm sure it will change here shortly but have the credit scoring methods changed??? Is 748 the NEW 548???

[Clabbergirl]

I don't know if rating meanings have changed, but it sounds like you're quite lucky at the moment. This is one more reason why auto insurance policy costs should not be tied to credit scores.

[scooter6251]

I believe they are using some scoring system other than FICO. I think FICO's top score is 850

[BROKEDED]

I believe they are using some scoring system other than FICO. I think FICO's top score is 850

That's exactly what I said to my wife which was another reason I thought maybe ratings had changed. But these scores are from the big 3 credit reporting agencies...actually the only 3 that I know of for consumers.

It was also interesting to see the differences in info that each bureau had listed. It really amazes me that these companies ratings pull so much weight with peoples' lives. My dad's first and last names are the same with our middle names being different. Our socials are drastically different. But time and again I've had to correct my reports from erroneous accounts belonging to my parents. The last one was for a department store card that was opened before I was born. Are the filters THAT loose that a person or software can't realize when the info supplied is physically impossible?

How many John Smiths are in the US? Many, I'm sure and the likelihood that two or more have the same birthday is probably pretty decent as well. So you would think a credit reporting agency would rely heavily on SS#s to accurately identify which John Smith they were reporting on. So why can my dad and I with different middle names, birthdays, and SS#s get our accounts crossed up? Because the whole system is a scam that people looking for credit have to deal with. How can a company be unbiased when their websites are chocked full of adds for credit cards, mortgage refinance, and debt consolidation? I don't think it can.

[tcreegan]

Hi BROKEDED,

Are the filters THAT loose that a person or software can't realize when the info supplied is physically impossible? ...unfortunately, yes.

unbiased when their websites are chocked full of adds for credit cards, mortgage refinance, and debt consolidation? ...hmmm, doesn't sound like the official websites, maybe a few ads, 90% are their own products. And they are NOT unbiased, but they have never claimed to be either. These are private companies that have to sell a product and make a profit.

And they DO have different scoring systems now, all three are trying to sell their "new and improved" credit score. Experian has already bailed out of FICO, and I suspect Exquifax and Transunion will follow suit. Transunion has "Vantage Score" "only score used by all three!" Of course where does that leave the Equifax and Experian "3-bureau" score....and then there is "Equifax Complete" and for awhile Experian was hawking "Experian Plus"

Bunch of nonsense, but as long as people keep buying it, they will keep selling it....

Tom in Colo

ps: Insurance company using credit reports says all companies do? bull[fecal matter] ! Go find an independent agent, lots of insurance companies don't use credit reports.

[BROKEDED]

Hi BROKEDED,

unbiased when their websites are chocked full of adds for credit cards, mortgage refinance, and debt consolidation? ...hmmm, doesn't sound like the official websites, maybe a few ads, 90% are their own products. And they are NOT unbiased, but they have never claimed to be either. These are private companies that have to sell a product and make a profit.

And they DO have different scoring systems now, all three are trying to sell their "new and improved" credit score. Experian has already bailed out of FICO, and I suspect Exquifax and Transunion will follow suit. Transunion has "Vantage Score" "only score used by all three!"

TransUnion was who I used. I tried Equifax first as that's who I've used in the past (years ago) but kept having trouble with their website. So, are mid-700s now considered bad?

I did a double check...again...to make sure I was using the official website. It is. "TrueCredit.com is powered by TransUnion Interactive, a wholly owned subsidiary of TransUnion." As for revenue, I always thought that the charge for pulling credit profiles was their source of revenue. I remember ads on Equifax' website and remember not being happy about it but figured it was a source of ad revenue from other businesses.

Interesting to know that Experian doesn't use FICO anymore.


Edit: I went back and looked again and the range of scores now starts at 501. The website now shows one's rank as a percentile against the "rest of the nation". TransUnion 25%, Experian 37%, Equifax 37% for me!!! Wooohooo, I'm smokin'!!!

[panda]

The real fico scores are at www.myfico.com These tend to be the scores that lenders use. You can get either the equifax or the transunion fico at this website. The others are so called faco scores, but I still use them to see whether we are moving up or down. I know my equifax fico is about 40 points lower than the equifax score from equifax own website.

Currently I am just using creditkarma.com to just watch how the scores are moving or if they are remaining stable. They are a higher than the fico scores also, but it is ok for just watching them, plus it is free.