Fico score is a rip off!?

I applied for a car loan. Dealership used transunion and my fico was 637. credit union uses transunion and fico was 555. i checked online w/ transunion and fico was 637.-these were all 3 checked in the same day. I know every lender uses their own system and pulls what they want from your credit report to decide on approving u or not-but why the heck does transunion charge u for your score when it does not mean crap? it will never be exactly the true score when lenders all use different factors!!!!

Fico score is a rip off!?

Hi, and thanks for writing. Something is wrong. Your score shouldn't vary this much. I see from your question you already know a lot about credit, but I'd still advise you to go back to the basics: Check all 3 credit REPORTS (not scores) from all 3 big credit reporting agencies -- Equifax, TransUnion and Experian.

For those who don't know, a credit report is the raw data about your credit history -- who you have loans with, and your history of paying them. Once a year, you can get a credit report for free via www.annualcreditreport.com.

A credit score is the three-digit number that's distilled from your credit report.

The formulas that the three agencies use vary a little bit, but not much. If your credit scores vary as much as yours do, that means there's something on one credit report that isn't on another, and you need to find out why.

Inaccurate negative information can be erased from your credit report, and that will lift your credit score. Go to the offender's Web site; each of the 3 provides an online way to challenge it. I hope that's the case. Accurate negative information, unfortunately, stays on the report seven years.

Good luck!

Fico score is a rip off!?

Each credit union has multiple scoring algorithms for different categories of business. For example, experience shows that formula that predicts a good customer for a home mortgage does not predict a good customer for a car loan. Some lenders, like the one I worked for downloaded the credit bureau data and score it themselves using their own algorithm. They charge because they are in business. They don't have a gun to your head. You chose to pay for a score that your credit bureau doesn't use. That's not Transunion's fault.