Why is Financial Institutions not using the correct credit score provided by trans union. Their score is different to what Trans Union is actually reporting (of which we have proof) .Yet they say the agency provided them with the score. This is a serious matter.
TU has partnered with the other credit bureaus to develop a scoring system...this system is different than FICOs (and there are dozens, possibly hundreds of permutations of the FICO score). So far as I know, the Vantage Score is not widely (if at all) used by creditors...the FICO score would be created using a Fair Issac Co. algorithm and the information contained within your TU credit report.
PS...you would get a FICO score from myfico.com
it also depends on who is pulling the score. Let's say I go to Transunion.com and get my FICO score, and it's 690. But if I call my bank and apply for a line of credit, they pull my credit through their credit vendor (a company that compiles your credit report from the 3 major reporting companies and assigns a score) the score would be different. It's still a FICO score, and theoretically the same formula is used to calculate it, but it is going to come out differently. Credit vendors are the ones calculating scores, not reporting companies.
I am assuming the financial institution is saying your credit score is lower than when you pulled directly from Transunion?
You say other credit bureaus or credit vendors . Who are these bureaus ,is there a compiled list of vendors that institutes may pull from and do we as consumers have any acess to our files through these bureaus. Its has been times in the past when i have went to apply for credit and asked the creditor pulling my file to see the copy of my report and they denied me ,telling me i need to pull my own ,what are they hiding.
Fair Issac Co would be the most prominent vendor, and you get your report through TransUnion, Equifax, or Experian. If you are denied credit due to info in your credit report, you are entitled to a free copy. Details of how to obtain it are found on the denial letter sent to you by the creditor.
Who are the other vendors of credit report?
There are hundreds - I don't know of a list. Let's say you own a business and you want to extend credit to your customers. You can either open an account with each of the 3 agencies, (Equifax, et al) and each time you have a customer that wants credit you can pay for a report from each agency, review the report, use the FICO method to figure the score OR you sign up with a credit agency that does the legwork for you. They pull all 3 bureaus, compile them on 1 report and give you the report. You probably have some on your inquiries now. CIC credit is one we use here at our company. Landsafe is also one I can remember off the top of my head. It's the same information from each bureau, but for some reason different vendors come up with different scores.
Google Landsafe or CIC Credit for more details into how their business model works and who their customers are.
You are probably see'ing your FAKO and they see your FICO.
This column is about the difference between the Fair Isaac credit score--FICO--and the ones supplied by the credit bureaus, which we* call FAKO scores. Equifax's ScorePower, Experian's PLUS score, and Transunion's Credit score are just the credit bureau's guesses at what your FICO score should be.
The truth is, only Fair Isaac knows how FICO scores are calculated, and their formula is kept very secret. Other credit scores can sometimes come close to the mark, but they can be off by as much as 100 points either way.
This is important because lenders don't use FAKO scores; they almost always use FICO. So it does you no good to know a score that a) isn't correct, b) won't be considered by lenders.
I've always told people to check their own credit reports (and scores) before they apply for a loan. Now you know that not all scores are created equal. FAKO scores are worthless. If you want a true picture of your credit health, stick with FICO.
*FAKO or Fake-O has been around for years, but the term was popularized by Suze Orman fairly recently. Orman is, admittedly, on Fair Isaac's payroll. But whether she's a sold-out shill or not doesn't change the fact that most lenders use FICO scores, and that makes it the only score that's worth your money.
As you can see, you need to directly purchase from myfico.com to see your ACTUAL score. There can be HUGE differences.