Nov 10 2016

Is there a difference between US and Canadian FICO. myFICO® Forums #annual #free #credit #score #no #credit #card

#canadian credit report

There are the so-called “classic” FICO scoring formulas for EQ, TU, and EX that we get here. Well, not EX any more, but you know what I mean. These are the formulas used by mortgage lenders.

There are also “industry-enhanced” FICO scores, one set tweaked for the credit card industry and another for the auto loan industry. These have a different score range. Back when WaMu was alive, they had some CC’s that reported the credit-card-enhanced TU FICO score, with a 900 limit. This caused enormous hoo-hah around here when members were arguing about what their TU score was, because some were talking about the classic score and others about the CC-enhanced score. This score was originally offered on Providian cards, which were bought by WaMu, which is why you’ll see them called PFICO’s, P for Providian.

FICO also devised the so-called NextGen scores, which Alliant FCU is now apparently giving to its members as an ongoing FYI, even though they pull classic EQ (Beacon 5.0) scores.

There are also some lesser-known scores, I think, that probably sank without trace.

The Canadian scores, AFAIK, are derived from different formulas from the US versions. Canadian credit history does not transfer to the US, and vice versa.

eta to add NextGen, which I always forget about.

Message Edited by haulingthescoreup on 07-25-2009 04:06 PM

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