What is FAKO? It is a derogatory name for all types of credit score algorithms out there other than FICO. The FAKO term stands for a fake and is widely used by credit gurus on virtually every credit forum. Basically, FAKO should be considered useless by almost everyone looking for a loan. It is useless in practically every case, except those very rare occasions when you deal with certain credit unions that do look at FAKO. That what but … in the title is for.

FICO, which stands for Fair Isaac Corporation and its algorithm used to calculate your credit risk and worthiness, is widely accepted as the true credit score. FICO used to offer real TransUnion, Equifax and Experian credit scores. You were able to go to myfico.com and obtain all three. Now it is only two, because in February 2009, Experian ended its association with FICO.

Here are 3 the scores which you can rely on when applying for a loan,
Equifax FACTA BEACON 5.0
TransUnion FICO CLASSIC 04
Experian FAIR ISAAC VER. 2

Anything other than those three is considered FAKO, because they are not used by vast majority of lenders when your loan is underwritten. The difference between your FICO and your FAKO can be staggering – up to 100 points either way, possibly more. The reason is rather different credit scoring algorithms. That is why, looking at your FAKO can seriously mislead you.

Any credit scores purchased from TransUnion and Experian, and any of the products below are FAKO scores,
Experian freecreditreport.com
Experian CreditCheckTotal
Experian CreditExpert
Experian Triple Advantage
TransUnion TrueCredit
Equifax Risk Score 3.0
VantageScore

Every credit score you get for free from your credit union or credit card monitoring service like Citi, American Express, Capital One and others offer, are FAKO.

Where else you can get FICO scores, besides myfico.com? The single report and score purchased from Equifax is a real FICO score. You can also purchase it at Transunioncs.

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