Auto Enhanced Fico Scores

[MarvBear]

The following quoted text is shamelessly purloined directly from MyFico.

 

What?s In Your Score

 

FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The percentages in the chart reflect how important each of the categories is in determining your score.

 

 

These percentages are based on the importance of the five categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.

 

Payment History

 

Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, finance company accounts, mortgage, etc.)

Presence of adverse public records (bankruptcy, judgements, suits, liens, wage attachments, etc.), collection items, and/or delinquency (past due items)

Severity of delinquency (how long past due)

Amount past due on delinquent accounts or collection items

Time since (recency of) past due items (delinquency), adverse public records if any), or collection items (if any)

Number of past due items on file

Number of accounts paid as agreed

 

Amounts Owed

 

Amount owing on accounts

Amount owing on specific types of accounts

Lack of a specific type of balance, in some cases

Number of accounts with balances

Proportion of credit lines used (proportion of balances to total credit limits on certain types of revolving accounts)

Proportion of installment loan amounts still owing (proportion of balance to original loan amount on certain types of installment loans)

 

Length of Credit History

 

Time since accounts opened

Time since accounts opened, by specific type of account

Time since account activity

 

New Credit

 

Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account

Number of recent credit inquiries

Time since recent account opening(s), by type of account

Time since credit inquiry(s)

Re-establishment of positive credit history following past payment problems

 

Types of Credit Used

 

Number of (presence, prevalence, and recent information on) various types of accounts (credit cards, retail accounts, installment loans, mortgage, consumer finance accounts, etc.)

 

Please note that:

 

A score takes into consideration all these categories of information, not just one or two. No one piece of information or factor alone will determine your score.

The importance of any factor depends on the overall information in your credit report.For some people, a given factor may be more important than for someone else with a different credit history. In addition, as the information in your credit report changes, so does the importance of any factor in determining your score. Thus, it's impossible to say exactly how important any single factor is in determining your score - even the levels of importance shown here are for the general population, and will be different for different credit profiles. What's important is the mix of information, which varies from person to person, and for any one person over time.

Your FICO score only looks at information in your credit report.

However, lenders look at many things when making a credit decision including your income, how long you have worked at your present job and the kind of credit you are requesting.

Your score considers both positive and negative information in your credit report.Late payments will lower your score, but establishing or re-establishing a good track record of making payments on time will raise your score.

Apples, apples, apples??There are Red Delicious, Rome Beauty, Golden Delicious, Granny Smith. They have different colors, different textures, taste different, but they are all apples.

 

The same is true of Fico scores; there are many varieties of Fico Scores. The one you can see for yourself as a consumer are referred to as the Classic Fico model. You can get your Classic Fico score for Equifax, Experian, and TransUnion at My FICO . Alternatively you can order your Classic Fico score from Equifax at EQUIFAX , Equifax has partnered with Fair Isaac Company to offer the product via their website branded as BEACON. You can order your Fico Score from TransUnion at TransUnion , I believe TransUnion?s version is branded as EMPERICA. A Classic Fico score for Experian, to my knowledge is not available at Experian?s website, and only available at MY FICO .

 

Each industry that uses a credit-scoring algorithm to judge creditworthiness likely has a specialized version of the Classic Fico model that pays specific weight to the factors associated with that industry?s extension of credit to individuals.

 

So now, we come to Auto Enhanced Versions of FICO.

 

Equifax?s partnered with Fair Isaac to formulate a Fico score for the automobile industry called BEACON 5.0 AUTO INDUSTRY OPTION. Experian?s partnered product with Fair Isaac is called EXPERIAN/FICO AUTO MODEL 2. TransUnion?s partnered product with Fair Isaac is called FICO RISK SCORE, CLASSIC AUTO 04. Each of these aforementioned products is a real FICO score model. According to Equifax, Experian, and TransUnion, particular weight is paid to past automotive credit history in the computation of these scores. It is possible that from the above posted chart that the percentage points are slightly skewed in favor of installment history in the computation of these scores.

 

If in fact, it is true the percentage points are slightly skewed by say two to three points as it relates to installment history, you should note that still the largest contributing factor to the score would still be revolving accounts.

 

There must be some credit activity on file and present within the last six months for the credit-reporting agency to generate a score. Even if there are no installment lines on file, and even if there are no previous automotive installment lines on file, if sufficient activity has been generated in the consumer credit file within the last six months there will be an Auto Enhanced Score generated when the consumer file is accessed.

 

An Auto Enhanced Fico is not available to the consumer. None of the credit reporting agencies, nor Fair Isaac sells this scoring model to the consumer.

 

So that brings us to the question, ?How do I know my Auto Enhanced Fico from each credit reporting agency??

 

Well, there is no way that I know of to reliably calculate what that score might be. The computations that calculate an Auto Enhanced Score model are as deeply secretive and buried as are the Classic Fico models score.

 

Equifax's product will display as follows:

 

 ?
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?EQUIFAX CREDIT REPORT

BEACON 5.0 AUTO INDUSTRY OPTION: 832 ? ? ? ? 00030/00005/00014/00000
TIME SINCE MOST RECENT ACCOUNT OPENING IS TOO SHORT
TOO MANY ACCOUNTS WITH BALANCES
LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED


* ?188 EQUIFAX INFORMATION SERVICES LLC - P O BOX 740241
? ? ? ,ATLANTA GA 30374-0241,(800)685-1111


*SUM-09/75-08/05,PR/OI-NO,COLL-NO,FB-NO, ACCTS:22,HC$300-44200, 22-ONES

Experian's product will display as follows:

 

 ?
? ? ? ? ? ? ? ? ? ? ? ? ? ? EXPERIAN CREDIT REPORT
? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?

PERMISSIBLE PURPOSE CODE: T-00
DEALER NAME ? ? ? ? ? ? :

------------------------------- PROFILE SUMMARY --------------------------------
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?CNT 0/0/0/0
PUBLIC RECORDS-------0 ?PAST DUE AMT--------$0 ?INQUIRIES---2 ?SATIS ACCTS--22
INSTALL BAL-----$7,902 ?SCH/EST PAY-------$771+ INQS/6 MO---0 ?NOW DEL/DRG---0
R ESTATE BAL---------- ?R ESTATE PAY---------- ?TRADELINE--23 ?WAS DEL/DRG---0
TOT REV BAL-----$1,630 ?TOT REV AVAIL------99%+ PAID ACCT--11 ?OLD TRADE-09-75

-------------------------------- SCORE SUMMARY ---------------------------------
EXPERIAN/FICO AUTO MODEL 2 ? ? ? ? ? = ?+873 ? ?SCORE FACTORS: 05/ ?/ ?/ ?

TransUnion's product will display as follows:

 

 ?
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? TRANSUNION CREDIT REPORT
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
--------------------------------------------------------------------------------------------
M O D E L ? P R O F I L E
***FICO RISK SCORE, CLASSIC AUTO 04 ? : ? ? SCORE +818 ? ? ?FACTORS ?004/014/097/012:
--------------------------------------------------------------------------------------------
C R E D I T ? S U M M A R Y ? ? ? ? ? ? ?* * * T O T A L ?F I L E ?H I S T O R Y
PR=0 ? COL=0 ? NEG=0 ? HSTNEG=0-0 TRD=16 ?RVL=11 ?INST=4 ? MTG=1 ? OPN=0 ? INQ=1 ?
? ? ? ? ? ? ?HIGH CRED ?CRED LIM ?BALANCE ? PAST DUE ?MNTHLY PAY AVAILABLE
REVOLVING: ? ?$21.5K ? ? $97.5K ? ?$8557 ? ? $0 ? ? ? ?$251 ? ? ? 91%
INSTALLMENT: ?$7382 ? ? ?$0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ? 0%
MORTGAGE: ? ? $20K ? ? ? $0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ? 0%
CLOSED W/BAL: $0 ? ? ? ? $0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ?$0 ? ? ? ? 0%
TOTALS: ? ? ? $48.8K ? ? $97.5K ? ?$8557 ? ? $0 ? ? ? ?$251 ? ? ? 0%
--------------------------------------------------------------------------------------------

As a brief illustration of the diverse nature of the scoring products offered by just one of the credit reporting agencies, namely Experian, take a look at the following score products that Experian offers to data subscribers in the following quoted text, some of which are FICO branded and some of which are not.

 

Scorex Plus

National Risk

National Equivaliency

Experian/Fair Isaac Installment Loan Model

Experian/Fair Isaac Installment Loan Model 2

Experian/Fair Isaac Auto Loan Model

Experian/Fair Isaac Auto Loan Model 2

Experian/Fair Isaac Personal Finance Model

Experian/Fair Isaac Personal Finance Model 2

Experian/Fair Isaac Bankcard Model

Experian/Fair Isaac Bankcard Model 2

Experian/Fair Isaac Risk Model

Experian/Fair Isaac Risk Model 2

Experian/Fair Isaac Advanced Risk Score (NextGen)

Experian/Fair Isaac Advanced Risk Score (NextGen v2)

Experian/MDS Bankruptcy Watch

Bankruptcy Watch

Retail Risk Model

Cross View Score Model

Fraud Shield Score

Sureview (Non-Prime Risk Score)

Auto Risk Model

Credit Union Risk Model

Tele-Risk Model

Telecommunications Energy and Cable

Collect Score

RecoveryScore (Bankcard)

RecoveryScore (Retail)

FOR DEMONSTRATION PURPOSES ONLY PLEASE SEE THE FOLLOWING

To further illustrate how different scoring models affect a numerically valued score, I used Experian?s Star 2000 Test Database to generate a report using a number of different scoring models. This is a fictitious consumer and a fictitious report; however the information is valid for the computation of scores.

 

File number one contains:one.pdf

Experian?s Scorex Plus

Experian?s New National Risk Score

Experian?s New Natl Equiv Score

Experian/FICO I/L Score

Exp/Fair Isaac Installment 2

 

File number two contains:two.pdf

Experian/FICO Auto Score

EXP/Fair Isaac Auto Score 2

Experian/FICO Finance Score

EXP/Fair Isaac Finance 2

 

File number three contains:three.pdf

Experian/Fico Finance Score

EXP/Fair Isaac Finance 2

Experian/Fico Bankcard Score

EXP/Fair Isaac Bankcard 2

 

File number 4 contains:four.pdf

Experian/Fair, Isaac Score

EXP/Fair Isaac Risk Score 2

EXP/FI Advanced Risk Score

EXP/MDS Bankruptcy Score

Bankruptcy Watch Score

 

File number 5 contains:five.pdf

Retail Risk Score

Sureview Score

EXP Auto Risk Score

EXP Credit Union Score

EXP Tele-Risk Score

 

 

 

 

 

20% discount code = CPPSAVINGS

[MarvBear]

I will leave this thread open to comment and discussion, however, please do not address your personal scores and situations within this thread.

 

Please keep it strictly about a discussion of the topic regarding Auto Enhanced Scores.