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Monitoring your credit with TrueCredit

Question:

I am preparing to refinance a mortgage and want my middle credit score to be above 760. Is having an account with TrueCredit's "3-Bureau Credit Monitoring Service" a good idea for me?
The lenders I work with pull all three agencies' scores and use the middle one of the three.

Answer:

TrueCredit gets points for a nice user interface, trending graphics, debt to income calculations and so forth. The make it easy to compare the information that all 3 agencies have on file for you.

TrueCredit gets BIG MINUS points for having lots of advertising. I personally have an account with TrueCredit ($14.95/ month) and it disgusts me that after logging in, I am constantly bombarded with affiliate links where they want to sell me refinances, new mortgages, credit cards, insurances - you get the picture.
I feel that on a pay-for site, there should be ZERO ads.

Now about the credit scores. I suspect that TrueCredit's numbers are worthless.

Let me give you an example.

I have been monitoring my 3 scores over the past 2 months with TrueCredit and the number that they have as my "Equifax score" has been hovering between 800 and 787. Yesterday it was 800.

Parallel, I have a subscription to Equifax's Scorewatch product. It is an annual subscription, and it comes with 2 Scorepower Credit Reports. These include a "FICO" score, based on the Equifax credit report.

Note that this means that there are at least 3 FICO scores available:

Equifax FICO score
Experian FICO score
Transunion FICO score

So I obtained a new Equifax FICO score yesterday. It came back as 752.

Note that TrueCredit reports my "Equifax score" as 800 (with occasionally dipping to 787)

Further, there is the "official FICO" score that you can get from www.myfico.com

So now we are having 7 different numbers:

TrueCredit's version of Equifax, Experian and TU's score (3)
Each agency has a FICO score (3)
The "official" fico score that you get at www.myfico.com

I just talked to my lender on the phone again. She said that they pull each agencie's FICO score.

I believe that this means that the numbers reported on TrueCredit are useless. I also heard that they are referred to as FAKO scores in the industry.

After finding this out, I tried to cancel my TrueCredit membership. It appears that it is not possible to do this online. I found this phone number to cancel TrueCredit:

Simply telephone our Customer Service Team toll-free at (800) 493-2392
and a service professional will be happy to cancel your free trial subscription.
Representatives are available

Monday through Thursday, 8 a.m. to Midnight
Friday through Sunday, 8 a.m. to 8 p.m.
Eastern time


(From https://www.truecredit.com/popup/freeTrialExample.jsp)

It was very easy to cancel my membership. The customer service representative confirmed that each agency has a custom formula that they can apply to all 3 available reports. He also confirmed that the mortgage industry relies on the FICO model instead of custom formulas. Therefore those Transunion numbers were indeed useless for me.


Generated 0:00:57 on Jul 17, 2018