Is my fico or myfico.com FICO credit scores accurate?
The FICO people (myfico) are the ones who came up with the idea. So by definition they are accurate. Or as accurate as something like this can be. It’s based on a formula that takes a whole lot of credit information into account, so it is basically their educated guess, based on millions of people, about how likely you are to pay your bills. Note that Fico (Fair Isaac & co) is in fact finally getting some competition; at this point next year the FICO score will not be the only game in town. And that is a good thing. You can purchase the score for around $20. If you have a credit card from Washington Mutual Bank, then (as part of your account benefits) you get your FICO score included free – updated once a month.
The FICO scores, which are the most-widely used credit scores, are calculated according to a proprietary formula by the Fair Isaac Corp. which runs myfico.com, so yes, I would say myfico.com will give you an accurate score. However, the scores are calculated based off of info in one of your three credit reports, data gathered by companies called TransUnion, Experian, and Equifax. So, how “accurate” the score would be would depend on how “accurate” the credit reports are. In general, the three reports contain nearly all the same data, so probably a score based on one would be the same or very close to the score based on another, but occasionally one report will contain slightly different info than the other two (like, if you made a big credit card payoff recently, and one company has updated their file on you to reflect it, but the other two companies are slower to update your data), which would mean that the scores between the reports could possibly vary. The credit reports can be obta
