3 Reasons Why FICO 08 Will Not Happen

[MidnightVoice]

http://ezinearticles.com/?3-Reasons-Why-FICO-08-Will-Not-Happen&id=822498

1. It is not in the interest of any of the three credit agencies to promote or support the use of FICO 08.

2. It would be detrimental to the millions of families facing foreclosure.

3. FICO 08 could bring legal action against Fair Isaac.

[Tuscani]

That's funny, but BS.

[jackg]

MV,

FICO O8 had it's genesis due to the problem of "Piggybacking" being exposed by the CRA's and, their customers demand for a fix, agree?

If they abandon FICO 08 it would be "MY GUESS" that they would redirect their resources in the direction of a different solution to this problem since it was the complaints from their customers that drove them to find a "fix" for AU's that really weren't AU's.

My general impression is that FICO 08 has become such a SNAFU that it probably will have to be abandoned but, they can't announce that yet, because it wil create a marketing disaster. They would have to announce a "new" fix before calling FICO 08 DOA.

It is my opinion that all agencies involved will take a big blow to their credibility as a result of the attempted implementation of FICO 08. Lawsuits are flying and name calling has begun along with negative characterizations form all sides.

As I said earlier, SNAFU to the max.

For clarity purposes, all of the above is conjecture on my part, there is no truth in any of it, and, I hope no one quotes it as such.

[Anonymous]

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Tuscani wrote:

That's funny, but BS.

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I like the part where he says that Fair Isaac owns Experian.

[Anonymous]

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jackg wrote:

MV,

For clarity purposes, all of the above is conjecture on my part, there is no truth in any of it, and, I hope no one quotes it as such.

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So glad you added this instead of like the article's writier espousing fiction as fact with no basis in reality on this plane of existence.

[haulingthescoreup]

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@Anonymous wrote:

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@Tuscani wrote:
That's funny, but BS.

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I like the part where he says that Fair Isaac owns Experian.

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BTW, there's an option at the bottom of the linked article to rate it. No one has done so yet. Hmmmmm...

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:

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@Tuscani wrote:
That's funny, but BS.

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I like the part where he says that Fair Isaac owns Experian.

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BTW, there's an option at the bottom of the linked article to rate it. No one has done so yet. Hmmmmm...

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LOL!!! I'm not that subtle, I just emailed em and told them what I thought about it.

[lukeskywalker7]

Does any one know if this "new" system when every it is there to use from whom ever, do you think it will be a plue or minus for the normal everyday person that is in debt and for someday hopes something will be creadted, maybe such as this "new fico score system" will be his salfation?

thanks

[haulingthescoreup]

It entirely depends on what your individual situation is. My very rough guess is that if you have clean reports and you aren't an AU on anything, you won't be affected at all.

If you have lates, but they're all older than two years, and they were only on a couple of accounts, it might help.

If you have derogs within the last two years, it will hurt.

If you have problems on multiple accounts, I dunno. They say these will be an even stronger negative factor, but they don't say if that's on just recent issues or on all of them.

If you are leaning on AU accounts, where you are not the true account holder, and you need those accounts for age, CL, or both, you will be hurt.

Also, it's not like we will wake up one day to find that every creditor uses FICO 08. Lenders seem to be very cautious/ conservative/ chicken about switching their chosen score formulas. We have only now reached the point where 50% of lenders are now using the "new" TU 04 formula instead of the TU 98. Note that new = 4 years old.

So there's no telling how widely and how quickly this will be implemented. About all you can do for now is clean off any incorrect info from your reports, get your util down, and learn everything that you can about credit scoring. This way you'll be ready to react when (or if) FICO 08 ever becomes widely adopted.

Since you found this thread, I can see you're doing your research! Good for you --keep hunting.

[marty56]

The True Credit CSR said util will be looked at more.  We will see.