FICO vs PLUS

Maybe someone can help with this, Ive signed up with experian and equifax credit monitoring and score update. Experian uses PLUS and Equifax uses FICO, Ive noticed that my PLUS score is lower than my FICO score. Can someone tell me which is the industry standard? My PLUS score is 12 points lower than my FICO score. It seems like my PLUS score keeps going lower eventhough there has been no changes to my credit (if anything it's been positive due to the fact that I pay a monthly note for my truck, which has never been late). Do companies check PLUS or FICO?? Thanks

This message was edited 1 time. Last update was at 03/12/2009

There are a couple reason why your scores might be different:

1. PLUS score uses a slightly different range than FICO scores. PLUS scores range from 330-830 and FICO scores range from 300-850. Their formulas are also not exactly the same and may not interpret your credit data the same way.

2. The scores are based off different credit reports. It sounds like your PLUS score is based on your Experian report and your FICO score is based on your Equifax report. Since the credit bureaus don't share data, there are likely differences between your two credit reports. This easily translates to differences in your credit scores. It could be something as simple as your credit card limit being reported differently on your Experian report. Take a close look at both reports to see if you can spot the difference.

In general, companies are more likely to use a FICO score when they are checking your credit.

This message was edited 1 time. Last update was at 03/12/2009

Gibran - The PLUS score isn't commercially available to lenders so there is no chance that any of your lenders will depend on it. It's only sold to consumers. The score sold by Equifax, to consumers, is the FICO score. It's also the score they sell the lenders. So, if you have to use either score to determine how you're going to get treated when you apply, use FICO.

Thank you! That information definitely helps me out. I think I will continue using the Equifax credit monitoring since they use the FICO scoring system and discontinue with the Experian monitoring service.

Are FICO updated on a monthly basis?

Thanks again!

This message was edited 2 times. Last update was at 03/24/2009

gibran68 wrote:Are FICO updated on a monthly basis?!

FICO scores are updated in real time depending on what information your lenders are reporting and when. That means that your score will automatically update when the monitoring service issues your next report and score.

Now that Experian no longer participates with FICO, how does that affect things?

This message was edited 6 times. Last update was at 03/24/2009

Good question. Since you can no longer get your FICO score from Experian, myfico has had to readjust their product offering. I believe their FICO monitoring service only offers the score from TU. And the Suze Orman FICO Kit that they sell still offers three FICO scores, but not from Experian - they updated the offer to include 3 FICO scores from "the bureau of your choice" ...which means your choices are limited to TU or Equifax.

John Ulzheimer was one of the first to let the cat out of the bag about the Experian/FICO break up in his article Experian to end myFICO agreement with Fair Isaac. It's really too bad that Experian pulled the plug because it means that consumers won't ever know what their Experian FICO score is until they go to apply for a loan and their lender tells them. Not good.