score that businesses see. I have a friend that's an Equifax subscriber and we've compared the scores from business reports he pulls to Scorepower. The Scorepower scores average 33 points higher! This was only looking at four reports but I feel it's very signifigant. My score was a 696 but Scorepower had 727. Everyone said that the scores eventually released wouldn't be the "real" score and it appears we were right. Thoughts???
Re: Scorepower's not the " Funny I know of three people that had their scores pulled by lenders days after getting score power, guess what they were exactly the same??
NOT FOR ME. cream I had my scores pulled the following day with a mortgage lender. My score was EXACTLY THE SAME as the power score. roni
Cream!!Roni!!!Mom!!! how recent was these discovery Cream and the same question to Mom and Roni? They could have implemented a new system Reshod
You want me to cream Roni LOL Hmm Reshod, they are implementing the NExt gens scores, you may be on to something. I know consumers are getting the old version and if they have implemented the new scores we are in some serious trouble. The have tons of reasoning codes. The people I spoke with got their scores in the beginning , when Equifax released them, then within a week some only days they got their scores from lenders end of march.
Re: You want me to cream Roni folks.. here are my thoughts on the new scoring models coming out of Fair Isaacs..the fact of the matter is that most lenders are very scared of change when it comes to their bread and butter, underwriting, and it will be some time before these new scoring models become important. This is particularly true with big ticket installment loans, and mortgages, where the paper is more often than not securitized and sold on wall street. Rating agencies, government agencies, and most institutional investors that monitor these loan pools are not about to abandon their use of traditional FICO models as way too much analysis, risk projections, and pooling analysis has to occur first. I participate in many sessions with institution investors, rating agencies, and other upper management in lending and the last thing on anyone's mind at this point is implementing a new scoring model. I have a couple of friends at Capital One who develop their credit and marketing models, and the general consensus is a wait and see attitude. Fair Isaacs is actually offering the NextGen score in addition to traditional FICO for free to major lenders in order to begin building the necessary databases and statistical proof required before lenders will start relying on this data. Most lenders will simply capture the new scores and monitor portfolio losses for a period of time. Even FNMA, who has publically expressed a growing doubt as to the accuracy of FICO models in mortgage lending is not going to move anytime soon. In my opinion, it will be 18 to 36 months before we begin to see credit decisions being driven off of the new models coming out. This is the minimum aging time that a lender needs to begin to see the effects on scoring on their portfolio's. Around 24 months is the generally agreed peak delinquency and loss experiences in a portfolio. Sorry for the long winded post.. Paul
