If you've ever scanned a document on a flatbed scanner, you'll notice the underside of the scanner lid is usually padded with a white surface. That surface shows up around the edges of any document or photo you scan. You can see it around the edges of the scanned COLB, so this tells you how big the document is. If your document is bigger than your scanner bed, then anything on the document shows up on the image, going all the way to the edge of the image. Sometimes the edges of a scanned image will be black or very dark, which means the scanner lid was slightly ajar and let in enough light to overexpose the edge of the image.
Now, let's look at the document photographed by FactCheck. Somehow, the margin (outside of the security borders) is wider than on the scan. You can see this for yourself by looking at the margins on the FactCheck photos and comparing to the original scan. Also, if the scan was cropped, you wouldn't have the white area surrounding it. This means the document itself is bigger than what was scanned, yet in about every other way it's identical to the scans.
There's no way a document can grow, and the state of Hawaii wouldn't be able to issue two copies of a COLB that are virtually identical (including placement of date stamps and seals). The best explanation is that the FactCheck COLB was printed on a larger piece of certificate paper, but was otherwise made to look identical to the document that was allegedly scanned and posted at Fight the Smears. The FactCheck document is obviously fraudulent and the original scan was probably created digitally and printed out with a fraudulent certificate AFTER the state of Hawaii declared they couldn't verify any information contained on Obama's birth records.