Lel, it doesnt matter one gnats eye whether anyone considers it to be a "FAKO" or a "FICO," or where they pulled the score they are relying upon, for each are only credit scores, and not mandatory lendor scoring considerations. If they choose to pull your score from Tony Soprano, then that is their right.
Whatever score your lendor is using, that is all that matters!!
All this denigrating "FAKO" crap that many on this site promulgate is sometimes meaningless. It is what your lendor is using that matters.
Technically, and legally, under the Fair and Accurate Credit Transactions Act, any score that takes into account any factors such as your current account balances, income, debt to income, marital stauts, etc., are NOT credit scores. It does not matter if the source was FairIsaac or Guido. That is the law.
No lendor is prohibited from using actual credit scores, but they are not required to use only credit scores, so labeling what your lendor might be using as either a FICO or FAKO score can be meaningless, and misleading as to its value. Lendors choose their evaluation criteria, and not FICO.
While many lendors may choose to rely primarily upon FICO/credit scores as matter of business convenience in their lower-level credit granting decisions, when it comes to a $200,000 decison on granting a mortgage loan, FICO or any other credit score is not the end all.
If any lendor takes into consideration your income, current assets, or total debt, then they are relying upon factors that are strictly prohibited from ihclusion in your credit score under the FCRA, and thus they cannot, as a matter of law, deny based upon a FICO score. Pure and simple.
Credit scores do not rule the world. That is what Congress clearly set forth in the Fair and Accurate Credit Transaction Act. Reliance upon CRA generated scores are not mandated by anyone, and are not used by all.
Message Edited by RobertEG on
05-10-2008 02:42 AMMessage Edited by RobertEG on
05-10-2008 02:48 AMMessage Edited by RobertEG on
05-10-2008 02:56 AMMessage Edited by RobertEG on
05-10-2008 02:59 AM