These questions are for Gary Fisher (or anyone else who knows the answers, which may well be everyone on this board but me): Q1. Is a "Beacon" score the same thing as Fair-Isaac's "FICO" score? Q2. Does Fannie Mae (the loan, not the chef) use "Beacon" or "FICO" (if they're indeed different)? Q3. Is one scoring formula typically more stringent than the other (assuming anyone knows enough about these "proprietary" products to guess)? Thanks for any answers you can provide. (Note to Gary: I truly enjoyed the email and telephone odyssey you have detailed on your website regarding Equifax and scoring from several years ago. At least the CRAs have budged a bit since that time, and I'm sure you were a contributing factor.) Randy
Beacon is the score generated from Equifax, Experian uses FICO and Trans Union uses Emperica. As for the scoring guidelines with Fannie Mae, I have no idea, I know Fannie Mae/Freddy Mac are more lenient than conventional but not as lenient as FHA. Mortgage lenders including Fannie Mae will receive all 3 scores which is referred to as a tri merged report.
Re: Q. for scoring expert Gary Fish I meant "GARY" Fisher. GARY Fisher. GARY Fisher. GARY Fisher. I feel like I need to stand at the blackboard now and write his name hundreds of times until I absolutely can't do it anymore without injuring my hand. Well, having been insulted (who the hell is Gary Fisher?), I seriously doubt Greg will stoop to answer my questions now. Randy
Re: Q. for scoring expert Gary Fish Jesus. LOL! I can't believe I just did that. At least I got it right in the last paragraph. I guess it really is blackboard time now. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. GREG Fisher. Randy
Re: Q. for scoring expert Gary Fish Momof3, need to clarify,not a big point, but I believe both beacon and emperica are both based on a software program, licensed by fico to each CRA with very slight differences/variations allowed and approved by Fair Issac to be tailored partially to take advantage of the way each CRa report entries and completeness of information and yet still have some control of its use and distribution. Beacon should be Beacon/fico Emperica should be Emperica/fico. VJ
credit scoring Don't worry about the name thing, Andy. Q1. Is a "Beacon" score the same thing as Fair-Isaac's "FICO" score? http://www.fairisaac.com/servlet/SiteDriver/Content/523 Q2. Does Fannie Mae (the loan, not the chef) use "Beacon" or "FICO" (if they're indeed different)? Fannie Mae chairman, June 8, 2000: "You might have heard that the next version of Fannie Mae's system - due next month - will no longer rely on the FICO credit score to measure the borrower's credit history... " "For example, as we understand it, the FICO score made no distinction between the type of credit the borrower was paying off. It would give you the same hit on your credit report whether the late payment was your mortgage or your credit card bill." http://www.fanniemae.com/news/speeches/speech_122.html But look at this from August: "Although we are moving away from rliance on FICO scores in the mortgage scoring model, we will continue to require the FICO scores for each borrower in order to underwrite the loan in Desktop Underwriter." http://www.efanniemae.com/singlefamily/pdf/5.0_rn_prod.pdf Q3. Is one scoring formula typically more stringent than the other (assuming anyone knows enough about these "proprietary" products to guess)? No. Supposedly, they're calibrated to the same standard, but the nuances of the formats of the three different national agencies' databases has some effect. However, the same wizard controls the Three Blind Mice, and it is a very bizarre, incestuous relationship. In the 1999 scoring forum at the FTC, the three national credit reporting agencies were represented by the same person from their trade group. So much for the spirit of competition. Thanks for any answers you can provide. (Note to Gary: I truly enjoyed the email and telephone odyssey you have detailed on your website regarding Equifax and scoring from several years ago. At least the CRAs have budged a bit since that time, and I'm sure you were a contributing factor.) I knew I would never know the true extent. But it sure was fun.
Re: credit scoring Greg, thanks for the detailed information and references. Time for me to start reading! Fred
