How accurate are FAKO scores?

[Thomas_Thumb]

VantageScore has a great deal of value. One of its benefits has been influencing changes in Fico models to maintain a competitive advantage. 

It's all good - 

[Anonymous]

Those are not FAKOs they are just "alternative FICOs"...sorry couldn't help it.😉

[Anonymous]

lol, sounds reasonable to me.

[Anonymous]

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@Anonymous wrote:

Cool, so all those people on this forum were liars.  Heard that. 

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Yes.  Unless someone posts a real scanned denial letter that reflects Vantage Score, I'll always call them liars.

It's probably worse, though: likely they may have just been part of the VS street team marketing the useless "credit score" as users on here.  I was a shill for a well known company in the late 90s early 00s and had dozens of forums and social media accounts to post lies about my customer's product.  Shills on here are tougher to spot but don't forget we're all anonymous and anyone can write anything.

If you want to know the value of VS versus FICO, just call their sales teams and ask how much it would cost to offer a credit score service to your customers online.  FICO charges an arm and a leg.  VS gives it away.  Why would that be if VS had any value?

[Anonymous]

Also the CFPB agrees with me:

"Although TransUnion has marketed VantageScores to lenders and other commercial users, VantageScores are not typically used for credit decisions."

"In their advertising, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores sold by TransUnion and Equifax were not typically used by lenders to make those decisions."

https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-transunion-and-equifax-pay-deceiving-c...

[Anonymous]

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@Anonymous wrote:

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Yes.  Unless someone posts a real scanned denial letter that reflects Vantage Score, I'll always call them liars.

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Again, I understand.  Everyone on this forum that's ever said they had their VS used is a liar.  I got it.  What's most alarming, I suppose, is how many liars are on this forum... not really the whole FICO / VS conversation.

[Thomas_Thumb]

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@Anonymous wrote:

Also the CFPB agrees with me:

"Although TransUnion has marketed VantageScores to lenders and other commercial users, VantageScores are not typically used for credit decisions."

"In their advertising, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores sold by TransUnion and Equifax were not typically used by lenders to make those decisions."

https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-transunion-and-equifax-pay-deceiving-consumers-marketing-credit-scores-and-credit-products/

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Give it a rest and move on.

[Anonymous]

They seem to have a pretty bad algorithm.  When I had two charge off credit cards come off my report totalling 23k my vantage score went down 15 points.  My FICO 8 went up 60 points.  Why would my score go down as I still had average age of account of over 7 years.

[Thomas_Thumb]

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@Anonymous wrote:

They seem to have a pretty bad algorithm.  When I had two charge off credit cards come off my report totalling 23k my vantage score went down 15 points.  My FICO 8 went up 60 points.  Why would my score go down as I still had average age of account of over 7 years.

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I have not seen any aberrations with VantageScore over the last 2.5 years of score reporting based on my profile. VantageScore 3.0, Fico 8 and Fico 9 have all been very stable. The only truely deviant credit scoring model for me has been Eq Fico 04 (very flaky).

In your case, I suspect whatever service provided you a VS3 score may have pulled CRA data and updated score while one or both charge offs were still showing. Thus, no score increase. If that happened then a boost in VS3 score may show on your next update.

Other possibilities exist but, without a detailed review of credit reports to pinpoint differences, I would not want to hazard a guess.

[Revelate]

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@Anonymous wrote:

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@Anonymous wrote:

Cool, so all those people on this forum were liars.  Heard that. 

---

Yes.  Unless someone posts a real scanned denial letter that reflects Vantage Score, I'll always call them liars.

It's probably worse, though: likely they may have just been part of the VS street team marketing the useless "credit score" as users on here.  I was a shill for a well known company in the late 90s early 00s and had dozens of forums and social media accounts to post lies about my customer's product.  Shills on here are tougher to spot but don't forget we're all anonymous and anyone can write anything.

If you want to know the value of VS versus FICO, just call their sales teams and ask how much it would cost to offer a credit score service to your customers online.  FICO charges an arm and a leg.  VS gives it away.  Why would that be if VS had any value?

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Unfortunately I doubt I kept my Freedom pre-recon denial letter from 2013; it was Vantage Score and it was confirmed on CB that Chase was using VS at the time for some of their UW from an internal employee.  At the time they were UW on 3 different scores, internal, VS, and FICO: presumably the internal and VS were being trialed on their lower tier products at the time, and apparently their internal score won out.

They don't use VS anymore to my knowledge, I don't know anyone in the credit market currently doing so.

It was reported by the media, closest I could find in Google was an Experian news release which is still available so presumably they didn't get sued by Chase for incorrect information haha:

http://www.experian.com/assets/decision-analytics/articles/vantage-score-nafcu-announcement.pdf