FICO Scores or Fake scores
Credit Bureaus also known as Credit Repositories or Credit Reporting Agencies report your credit information to those looking to provide services to you or those that you get services from.
Equifax, Experian and TrunsUnion are the best known and most important of the credit reporting agencies. You want to find out your FICO SCORES from these 3 bureaus because they are the major players. We call them the Big 3.
You want to make sure you find out your true FICO score you don’t want any of those other scoring models that may make you feel good but they are not what most lenders will be using to give you money for a signature loan, auto loan, or home loan.
THE BIG 3 FICO SCORE TRICKS
To be quite honest many of us on the education side call these Fake FICO scores or FAKO’S. As crazy as it sounds some of these FAKO’S come from Equifax, Experian and TransUnion.
I don’t know if they are trying to eliminate paying the Fair Isaac Corporation (FICO) for their algorithm which has been spitting out Beacon Scores (another way of saying FICO Scores) for them for years, but I do know they have some credit scoring models that are different from what the lenders are using and have been using over time.
Here are their different names for FAKO’S
- Advantage/Vantage Score
- Plus Score
- ScoreX
FAKE FICO’S HAVE THEIR PLACE
You can usually get FAKO’S from subscribing to or getting a membership with a credit monitoring/protection program.
These programs are great for monitoring if someone is tampering with your credit and letting you know if your score is going up or down, but they are deceptive if you want to know the truth about a score that you need to get a loan.
They’re also great for getting your tri-merge bureau (credit report with all 3 bureaus information). This will allow a client to get all of the info that is on the bureau in hand concerning things like…
- Names and Aliases
- Addresses
- Judgments, Bankruptcies, Foreclosures
- Tradelines (accounts)
They will show you what is on your bureaus, but again we can’t stress enough how terrible they are for knowing what your lendable credit score is.
THE CHEAPEST FAKO 3 SCORE BUREAU FROM A MONITORING SERVICE
$9.95 offer from creditscore.com if you google “creditscore.com”
REAL FICO SCORE CREDIT MONITORING
If you want real FICO Scores with your credit monitoring program you’re going to have to go to FICO’S official consumer division online… myfico.com
MyFico.com is FICO’S official online presence. Their products are a little more pricey than if you want a FAKO, but if you are getting ready to make a major purchase they are well worth it. You’re probably going to be out of about $60 bucks but to get the real thing sometimes you have to pay more.
FICO BOTTOM LINE
- If you want to just start a credit repair program you can use a FAKO monitoring service like creditscore.com for $9.95 to get your bureau and then cancel it and send it to your credit repair advocate. Remember to google “creditscore.com” to get the $9.95 offer at the top.
- If you want real FICO scores you’re going to have to go to myfico.com.
