Two things: One, the CFLOOP code is not equivalent to the code I had written. I cannot honestly tell you exactly what that the CFLOOP code is producing.
But the 2nd bit of code you showed should work, so I have to ask at this point - have you tried executing this code in SSMS, and does it work there? There is something else going on here, probably with the values in your table. Are those varchar() columns or char() columns? Are there trailing spaces that need to be trimmed during the compare operations? First step is to verify that it works in SSMS before trying to find the CF code bug.
-reed