UPDATE- Contacted FICO execs re flex-spending acct

[nlocker]

I posted not too long ago that my Ameriprise flex-spending account was reporting inaccurately on my TU FICO report.

 

I noticed in September that, although the account reports to FICO as an 'open' account, the TU FICO score formula treats it as a revolving account. And since the account doesn't report the CL, my highest past balance is then used as the CL. I did several BTs to my Ameriprise account, so needless to say this inaccurate reporting negatively skews my TU credit score. (And before a Captain Obvious throws out the line that this isn't an issue if you PIF, it should also be obvious that not everyone is in a position to do that every month.)

 

Anyway, I recently received a call from FICO with this explanation:

 

The TU FICO report made available to consumers at this time is the TU98 version which can not differentiate between 'revolving' and 'open' accounts. However, I was told I shouldn't be all that concerned about it because the majority of lenders now pull TU04 which doesn't have this issue and reports 'open' accounts correctly.

 

I asked why consumers were getting an older version of the TU scoring formula when they purchase a score from MyFico and was told it's TU's fault. That TU is dragging their feet in making a newer version available to consumers. I was given a window of about 6 months for TU04 to be made available to consumers who purchase their TU FICO scores. I know better than to hold my breath waiting for that to happen.

[RadioRob]

It's been about "6 months away" for the last several years.

Edited October 19, 2010 by RadioRob

[nlocker]

It's been about "6 months away" for the last several years.

Unreal.

 

For now I'll only pull freebie TU FICO reports as they come along (promos, twitter, etc.) I have to side with George in this instance and say that I'd rather eat steak than spend another penny on a grossly antique version of my TU FICO score.

[nlocker]

However, I was told I shouldn't be all that concerned about it because the majority of lenders now pull TU04...

Does anyone know if there's any truth to this statement?

[beli]

It's been about "6 months away" for the last several years.

Unreal.

 

For now I'll only pull freebie TU FICO reports as they come along (promos, twitter, etc.) I have to side with George in this instance and say that I'd rather eat steak than spend another penny on a grossly antique version of my TU FICO score.

Ummm If i'm not mistaken didn't someone in your previous thread explain to you that TU uses TU98? From your previous thread:

TangMeister, on Sep 15 2010, 04:59 PM, said:

 

This is a TU FICO Classic '98 thang...doesn't know how to handle a World Elite or Visa Signature card correctly and picks up the utilization. EQ is FICO 2004, and it does.

 

Ahhh I didn't know that.. you really do learn something new everyday here!

Edited October 19, 2010 by beli

[nlocker]

This is a TU FICO Classic '98 thang...doesn't know how to handle a World Elite or Visa Signature card correctly and picks up the utilization. EQ is FICO 2004, and it does.

Ahhh I didn't know that.. you really do learn something new everyday here!

 

 

Ummm If i'm not mistaken didn't someone in your previous thread explain to you that TU uses TU98? From your previous thread:

TangMeister, on Sep 15 2010, 04:59 PM, said:

 

This is a TU FICO Classic '98 thang...doesn't know how to handle a World Elite or Visa Signature card correctly and picks up the utilization. EQ is FICO 2004, and it does.

 

Ahhh I didn't know that.. you really do learn something new everyday here!

Yes, and just as how this was news to you on 09/15/2010, I expect the above info I posted will be news to at least one other person who reads it today.

 

Just sharing info that I got directly from the FICO horse's mouth

[CIO]

It's been about "6 months away" for the last several years.

Unreal.

 

For now I'll only pull freebie TU FICO reports as they come along (promos, twitter, etc.) I have to side with George in this instance and say that I'd rather eat steak than spend another penny on a grossly antique version of my TU FICO score.

 

Exactly. Over 2 years ago, MyFico claimed they would update TU to the 04 FICO version, to paraphrase: "as soon as we see the majority of lenders using '04 instead of classic '98 FICO on TU." Well, we called BS then and I call BS to infinity now. And I told them so in numerous threads there. We all knew the majority of lenders were using 04...even back then. IMO, that TU score is almost as worthless as a FAKO, and I won't waste money on it.

[nlocker]

Over 2 years ago, MyFico claimed they would update TU to the 04 FICO version, to paraphrase: "as soon as we see the majority of lenders using '04 instead of classic '98 FICO on TU."

Which makes it appear that FICO is controlling the decision to give consumers the antiquated '98 version.

 

The FICO guy who called me the other day claimed that it's out of MyFico's hands and that it's TU who is to blame for the old version still being offered to consumers.

 

They really need to get their story straight

[creditwherecreditisdue]

It's not FICO holding it up, it is TU. If you get a FICO report from www.transunioncs.com the score will also be based on TU98. I know this well as I cannot obtain a TU report through www.myfico.com. My address is flagged as a correctional institution when I try to pull through myfico (which it most assuredly is not). I can pull a report through transunioncs without a problem. I've spoken to FICO about this several time (including Barry) and they've never managed to come up with a solution. Oh well - so I pay a little more for my TU98 score and FICO doesn't get the dough.