Totally free credit score
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My credit card company includes a totally free credit score that is reported on my monthly card statements.
Is it a FICO score? I’m asking because it’s different from what I got at myFico.com. Which is my real FICO?
Both are real, but from a different formula version
Some credit card companies, as well as some banks are including totally free credit score as part of the many free-added-value services they offer to customers.
Whether it is a FICO credit score or not? – The answer to that depends on the bank or credit card company. Most (over 90%) of them use FICO, so it’s probably a FICO score.
There is no “Real FICO”. Both are correct, but were probably were calculated from different versions the FICO score formula.
Fair Isaac (the company that invented FICO) updates the FICO score formula periodically to keep it in tune with changing consumer financial habits and adjust it to changes in credit reporting practices.
Each time they do that, the three major credit bureaus begin offering the newest version to their customers – banks, credit card companies, auto dealers and many more.
However, because many lenders take a long time before they switch over to using scores from newer scoring formulas, the credit bureaus don’t phase out the older version.According to what myFico.com states, “myFICO is committed to providing you with the exact same FICO scores that lenders request most often from the credit bureaus”. This probably means that they offer customers the newest version only after 50% or so of the lenders have switched to it.
To sum up – both scores are “Real”. Your credit card provider is sharing with you FICO scores calculated from a newer or older formula than the one currently used by myFico.
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