FAKKO Scores

[Helen]

What exactly FAKKO scores are?

I’m new to credit and have been reading a lot lately about credit reports and scores.

I know what FICO credit score is, but couldn’t understand how it is related to FAKKO.

Thanks

[Tracy Winters]

FAKKO Scores Explained

Helen,

If you purchased your credit score from anywhere but myFICO.com, then it’s a FAKKO score (sometimes spelled FAKO or FACO). FAKKO scores is an un-official term usually used in forums. It refers to any credit score that’s not a FICO score.

You’ve probably picked up the term in some score forum. FAKKO score is an un-official term usually used in forums. It refers to any credit score that’s not a FICO score.

The only place where you can get your FICO score is myFICO.com. If you purchased your credit score from anywhere but MyFICO.com, then it’s a FAKKO score. Even a FICO score purchased online may not be identical to the one your lender uses because there are many versions of the FICO score; each employs different weights and produces different score.

There is a consumer version (the ONLY one you can get), a special version for mortgage purposes (that usually produces a lower score), a special version for car loans etc.

These FAKKO scores should be used for educational purposes only, since they don’t necessarily reflect the scores that lenders really use to approve your applications.

As of 2011, every lender who either denies your application or approves you for less favorable terms is required to provide you a free copy of your credit score, if your credit score is the reason for that decision.

Hope this clarifies things for you. Form more information you can also see Understanding Fico Scores.

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