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Has it been established if any Mortgage Lenders regularly use the FICO 08 model? If so, is there a list?
My broker on Thursday used Fair Issac score 2 (experian) beacon 5.0 (equifax) and classic 04 (Transunion).
If you look in my signature you can see what models my broker used 2 weeks ago.
@Calster wrote:
Has it been established if any Mortgage Lenders regularly use the FICO 08 model? If so, is there a list?
Mortgage lenders are standardised on the FICO04 model. I am not aware of any lenders using a different model.
we are all standardized because the loans are bundled and sold in groups of loans that are all alike.
'maybe' some portfolio lender like a credit union or small community bank will start using it.... but the bulk of lenders are 04
So 04 still inclues AU accounts in their scoring?
@creditlady wrote:So 04 still inclues AU accounts in their scoring?
as far as i know it does.
they talked about excluding them.... but i dont think that ever happened.
My lender said they exclude AU now ugh
@itzateach wrote:My lender said they exclude AU now ugh
is your lender right? or an idiot?
don't listen to the lender..... go to the credit forum here and ask.