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Author: DBAVelvet74 Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308349  
Subject: Re: Do NOT apply for a Capital One credit card!! Date: 8/27/2004 2:49 PM
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Regardless of what you were told, when a report is pulled from one of the big three CRAs, WITH a score, they provide the same score to everyone, lendors, consumers, or whoever.


No. Each of the bureau has at least two different FICO products presently. "Empirica" and "Beacon" are the old ones from two of the bureaus (I forget which goes with which right now)

Fair Issac has come up with a new formula that is supposed to be better at differentiating at the high and low ends of the spectrum. That one is being called "Next Gen FICO" by all three bureaus. (I know this, the company I work for is still deciding which FICO to use)

As consumers, you get the "Next Gen FICO" model run against whatever data is available. If you get each one from a bureau, they run it against the data they have on you, so that is why each of the three can provide a different score (if one is missing a few accounts, or one has an error)

If a third party is pulling all the data together and generating a single score (rather than reporting the three scores) then they are compiling all that data and can come up with a slightly different score.

Lenders have the right to choose whether they want the old Empirica/Beacon/etc FICO, or the Next Gen FICO. Most mortgage lenders are still going with the older one because Fanny Mae still uses it. Consumers don't get a choice. You are being sold next Gen FICO. It may or may not match up.
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