Just when we thought we get our real â??scoresâ? Fair Isaac has come up with ways for the credit reporting agencies to â??winâ?. I wouldnâ??t be surprised when my FICO scores still donâ??t match. I got this right off the www.fairisaa.com web site. At the end of the month, www.myfico.com will be up and running. Scores Fair Isaac offers to the Credit Reporting Agencies and who is using them: (CLASSIC FICO® SCORES) Fair, Isaac credit bureau risk scores allow financial institutions to make credit-related decisions associated with applicants according to the likelihood that credit obligations will be paid as expected. BEACONsm (Equifax) EMPIRICA® (Trans Union in US and Canada, ITC in South Africa) Experian/Fair, Isaac Risk Model (Experian) CREDIT BUREAU APPLICATION FRAUD SCORES These scores help lenders identify application fraud at the earliest opportunity, and focus investigation efforts on applications most likely to be fraudulent. RAVEN® (Trans Union of Canada) CREDIT BUREAU ATTRITION SCORES Bankcard attrition scores predict the likelihood that a bankcard customer will close his or her account or pay their balance down to zero and maintain a zero balance for at least 12 months. Experian/Fair, Isaac Attrition Score RETENTION EVALUATOR (Equifax) SENTRYâ?¢ (Trans Union) CREDIT BUREAU BANKRUPTCY SCORES Fair, Isaac's bankruptcy score identifies potential bankrupts with enough advance warning to enable positive corrective action. The score identifies which account segments are likely to generate the highest bankruptcy losses relative to revenues. HORIZONsm (Trans Union) CREDIT BUREAU COLLECTION SCORES Credit bureau collections scores help lenders manage delinquent accounts by rank-ordering three-to-seven cycle delinquent accounts according to relative amount likely to be collected over the next six months. CollectScoresm (Experian) REWARDsm (Trans Union) WHILE WE ARE LOOKING AT OUR FICO SCORES THE CRAs WILL BE LOOKING AT THESE. IT WILL TAKE ANOTHER 9 YEARS BEFORE WE GET TO SEE THESE. NEXTGEN CREDIT BUREAU RISK SCORES (NEXTGEN FICO® SCORES) OFFERING UNSURPASSED BROAD-BASED RISK ASSESSMENT, NEXTGEN SCORES PROVIDE FINANCIAL INSTITUTIONS WITH A SHARPER PICTURE OF A CONSUMER'S LIKELIHOOD TO REPAY A LOAN AS AGREED. PINNACLESM (EQUIFAX) PRECISIONSM (TRANS UNION) PRESCORE® SERVICE FOR CREDIT PRESCREENING Through access to Fair, Isaac's credit bureau scores, expert strategy consulting and custom tracking and analysis projects, PreScore Service for Credit Prescreening helps you maximize the use of predictive modeling technologies along with the latest direct marketing techniques in prescreening and acquiring accounts. CREDIT BUREAU INDUSTRY OPTIONSsm Industry-specific risk scores, known as Industry Option scores, provide accurate forecasting of risk within specific industries: auto, bankcard, finance and installment products. Available at Equifax, Experian, Trans Union INSURANCE BUREAU SCORES These credit bureau-based scores rank-order personal lines insurance applicants and existing insureds by the likelihood of loss activity. By using insurance bureau scores, insurers can accelerate processing for all applicants and renewal policyholders, concentrate underwriting attention on higher-risk individuals, identify existing customers for cross-selling opportunities and better manage operational strategies. Auto insurance risk Auto ASSISTsm (Trans Union) Casualty Loss Score (CLS at ChoicePoint) Property insurance risk Property ASSISTsm (Trans Union) Property Loss Score (PLS at ChoicePoint)
Re: FICO Scores ~ Forwarning Sorry the address is www.fairisaac.com. Good site it list what makes up your score, what affects it, what doesn't. I learned a lot and could be used to answer our "basis" questions on what makes up our score. What a way to spend my lunch hour. Desdemona
Re: FICO Scores ~ Forwarning I think the FICO scores will still be the most popular one's for awhile although you do make a good point. We should be able to see any and all scores sold by the CRAs. One truly unbelieve thing I heard the other day is that Experian and Trans Union don't plan to ever release the FICO scores. They are actually devloping their own score for no other purpose than to disclose to consumers!
Re: FICO Scores ~ Forwarning As long as the scores that are disclosed reflect an indication to our credit worthyness this will still be a big win for consumers. For example they could use a score of 0-100 if one scores an 87 or a 91, one would know that they are in a quite good position to get approved for most new credit. On the other hand if you got a 39 you know there's a big problem. Personally I don't understand why consumers can't get a disclosure of their score(s) and also a disclosure from creditors as to the requirements to get a card. Why the big secret? The amount of money creditors must spend on taking applications, processing them into the computer, and the fees paid to the credit bureau for reports must be stagering! One would think that the creditors would disclose how much prior credit one needs at least.
Re: FICO Scores ~ Forwarning One of the really big reasons that this law was passed was because lenders had a competitive advantage over consumers because they knew the FICO scores and the consumers didn't. Some reputable lenders do share the FICO scores but many don't and that is a big reason why the law was passed. If they are developing new scores then that problem will still be there. A larger problem is that hasn't been addressed yet is that consumers should know exactly how the scores are calculated. What seems like responsible credit behavior according to one scoring model may not be so with another. The secrecy stuff has just got to go!
