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FACO Credit Score FICO Score: What’s The Difference?

Last time we wrote about your credit score, and how a company FICO notes all the information. They have the most accurate credit score. However the are 3 different credit bureaus; Equifax, Experian, and TransUnion. Each one reports differently. Your score may be slightly different from each one.

Is there another score?

This score is called FAKO. My Money Blog explains the theory. The 3 credit bureaus wanted their share, so they invented their own numbers. They each created their own system that mimics the  system of FICO. Obviously they don’t know the exact recipe, but they are usually pretty close.

Where Can I get My Score?

There are services like creditkarma.com and creditsesame.com who give you your FAKO score. Credit Karma give TransUnion, and Credit Sesame gives Experian. There are quite a number of other scores out there, like you VanageScore, PLUS and others. Here is trick to remember witch score the correct one. FAKO comes from FAKE, a stimulated credit score, not the FICO.

Personally I use Credit Karma and Credit Sesame to keep tabs on my score. I do not think it is perfectly accurate, but for a general idea of what my score is, it works very well. It also lets you know if there was credit pulls, delinquency’s and other important changes to your credit report. I think it is a good idea to be on top of your credit score, and these are very handy tools that can help.

How do you get your true FICO score?

1) Most people have reported that after applying for the an American Express credit card, they got a letter from American Express with their score.

2) MyFico offers a special on the first month for $4.95 to Score Watch. This includes your Equifax FICO score.  You can cancel online here.

3) You can also  purchase your FICO score from My Fico for $9.95/month.

Check your credit report for  free once per year from AnnualCreditReport.com as we wrote up here, however they do not provide you with a score.

In Summary:

Your FICO score is your real score. Your FACO credit score is a FAKE score. You can get it usually for free. It doesn’t hurt to keep tabs on it.

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