FICO 08 has, in fact, already begun its release on trial basis, but that is not the issue. The issue is not really when FairIsaac will begin trying to sell it, it is a matter of if and when anyone will choose to use it. And the actual release of FICO 08 itself is not tied up in court. FairIsaac is free to release it as it pleases.
Equifax has declined the opportunity to offer FICO 08 to its lenders until litigation between Fair Isaac and the three credit bureaus is resolved. The lawsuit stems from the creation of VantageScore, a joint venture that the three bureaus started in 2006.
FairIsaac has previously tried, sometimes successfully, and somethimes unsuccessfully, to release new versions of FICO. The decision is with their customers, not with them. Fair Isaac will not simple announce the official release of FICO 08, and then, BOOM! all must now use it, and all credit scores will change. That simply aint the way it woiks in the business world!
FairIsaac has announced no plans to discontinue the sale to their customers of the current FICO algorithm, which would be financial suicide, for that is their current business. So it is up to their customers which version they choose to purchase and use in the future. The future is not here. The CRAs will not choose to purchase a new baby until their customers, the creditors (CCCs, mortgage lendors, auto lendors, banks, ect.) buy into it, and other unrelated littgation is resolved. So it is a trickle down acceptance, none of which has begun to occur yet. I would not worry at all about imminent implimentation of FICO 08 by any of the CRAs.
Message Edited by RobertEG on
05-02-2008 10:33 PMMessage Edited by RobertEG on
05-02-2008 10:35 PMMessage Edited by RobertEG on
05-02-2008 10:40 PMMessage Edited by RobertEG on
05-02-2008 10:41 PMMessage Edited by RobertEG on
05-03-2008 09:38 AM
