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FAKO/ FICO lets call the whole thing off


virtualtreasure
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The last post in this topic was posted 2727 days ago. 

 

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FAKO Scores vs. FICO Scores, What’s the Difference?

http://www.creditsesame.com/blog/fako-scores-vs-fico-scores/?utm_nooverride=1&ref=Newsletter_08/04/2014&utm_campaign=website&utm_source=StrongView&utm_medium=email

 

"...The last several years have seen a considerable change in the credit scoring world and the term FAKO score doesn’t really apply any longer..."

 

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The article states "According to Experian, “many lenders and other businesses use the National Risk Model.” . I would call this a lie I know of no creditor that uses the in house EX risk model.

 

I think this is true but read the words carefully. They don't say the score is used for granting credit. There are lots of other uses for scores. For instance marketing. Check this out:

http://lists.nextmark.com/market;jsessionid=DF6ABDC90455A1D93BEA3AA46E5A0CF6?page=order/online/datacard&id=93574

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There are so many different versions of FICO scores, which one should you care about? In my opinion, you shouldn't be concerned about your score unless you see it as a requirement for what you are applying. You can somewhat guess where your score is by looking at your report and you can also guess if you will be approved by looking at reports. Some creditors (Capital One, Chase, Citi) sometimes use their own internal score, and Chase is known to use the Vantage score too.

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There are so many different versions of FICO scores, which one should you care about? In my opinion, you shouldn't be concerned about your score unless you see it as a requirement for what you are applying. You can somewhat guess where your score is by looking at your report and you can also guess if you will be approved by looking at reports. Some creditors (Capital One, Chase, Citi) sometimes use their own internal score, and Chase is known to use the Vantage score too.

That may be true for credit cards, but most mortgage lenders seem to use more bright line rules when it comes to mortgages and FICO scores.

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The article states "According to Experian, “many lenders and other businesses use the National Risk Model.” . I would call this a lie I know of no creditor that uses the in house EX risk model.

 

I think this is true but read the words carefully. They don't say the score is used for granting credit. There are lots of other uses for scores. For instance marketing. Check this out:

http://lists.nextmark.com/market;jsessionid=DF6ABDC90455A1D93BEA3AA46E5A0CF6?page=order/online/datacard&id=93574

 

 

Agreed. Everyone's definition of "many" is different. I'm sure "many" do use the score, from Experian's perspective.

 

There are lots of weasel words and phrases in that story... Look at who authored it. Did you expect hardcore journalistic integrity? It's a puff piece to promote a product.

 

Some others:

 

"The VantageScore credit score, developed by VantageScore Solutions, has been on the market for lenders to use since 2006."

 

So it's been for sale for a while. Suzuki tried to sell cars too.

 

"According to Experian some 1,300 lenders are getting the VantageScore."

 

For what purpose? To give to their customers, or to make credit decisions? I suspect the former. We only care about the latter.

 

"VantageScore is also commonly available for consumers."

 

So is heroin.

 

I could go on but I'm really bored.

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I can't believe you guys are disagreeing with the article. It says the author is:

 

the only recognized credit expert who actually comes from the credit industry.

 

Now that is some special sh*t right there, he's the ONLY one.

 

:D

Edited by Poor Bastard
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I can't believe you guys are disagreeing with the article. It says the author is:

 

the only recognized credit expert who actually comes from the credit industry.

Now that is some special sh*t right there, he's the ONLY one.

 

:D

:rofl:

 

Recognized by who?

 

:rofl:

 

My blind dog who, thinking he was a tree, promptly p**d on his leg.

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