Report: #248000

Complaint Review: Truecredit - Internet

  • Submitted:
  • Updated:
  • Reported By: Thief River Falls Minnesota
  • Truecredit Internet U.S.A.

Truecredit do you really know what your scores are. Fico scores are different from all three credit reporting companies. ripoff Internet

*Consumer Suggestion: The scores cannot be the same

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Date: 5/9/07 - Checked my credit report that I pay a monthly fee of $14.95 for out of my checking account. I saw my scores had finnaly gone up (Transunion: 561, Equifax: 568, and Experian 552)and that I might finnaly qualify for the personal loan I needed. I digress. Well I went to prosper.com to post my loan application to find lenders interested in my story, I fill out the application and I was rejected by them because my Experian score was 502. Funny how it was 50 points lower than what truecredit.com was reporting. This is false information they are giving.

Be advised to buy only the one company from each main reporting company, as they may not be calcualting them the same for each. I trully do not know who to trust. The reports are even different. The fees may be low but the time you believe in credit scores can damage you even more. I have 10 inquires over the past two weeks for a score I thought I had due to all the link affiliate sites that say they will find you a loan and they don't.

Watch out for truecredit as they do not tell the truth.

Thief River Falls, Minnesota

This report was posted on Ripoff Report on 05/09/2007 10:44 PM and is a permanent record located here: https://www.ripoffreport.com/reports/truecredit/internet/truecredit-do-you-really-know-what-your-scores-are-fico-scores-are-different-from-all-thr-248000. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

The scores cannot be the same

AUTHOR: Jason - (U.S.A.)

POSTED: Wednesday, May 30, 2007
You hit it right on the head when you said, "Be advised to buy only the one company from each main reporting company, as they may not be calcualting them the same for each."

There's no maybe about it, they are _not_ calculating them the same for each. It is common knowledge that the risk models used by each of the agencies, although all developed by Fair Isaac, are distinct and were separately developed. Even with the same exact information your score would differ by several points. What likely happens is that TrueCredit/TransUnion takes, for example, the INFORMATION (not score) from your Experian report and calculates your score using the TransUnion risk model. Rather than Experian's risk model as one might expect.

But the more significant fact is one that you seem to have already discovered: These "3 in 1" reports are not always 100% accurate when compared to the individual agency itself. I'll use myself as an example: I have a collections entry on my TransUnion report. But my 3in1 report from Equifax shows this as a regular account with only "Collections account" written in the comments field. This difference is _significant_ score-wise to an algorithm which cannot "read" such things.

The last thing I'd like to address: An Experian score of 502 is, quite frankly, extremely low. Which causes me to think that something more is in play here. You then went on to say that you now have 10 (!!) inquiries on your account over the last 2 weeks alone. Unless these were mortgage or auto loan hits, this is an insane amount and will destroy your score nearly instantly. It is entirely possible that your Experian score _was_ in fact close to 552 before you put in these applications.

I would suggest getting a report (with score) directly from Experian if you have not already done so, and find out what's going on. If it's still close to 502 then you know it was likely the inquiries that brought it down. (It will now be much lower if it was 502 to start with.)
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