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Established Member
Felicity
Posts: 38
Registered: ‎05-22-2007
0

How do lenders acquire FICO score?

[ Edited ]
I've seen different versions of FICO scoring mentioned and it's made me curious how lenders use the system.  Do they purchase software that analyzes information retrieved from your CR?
 
If this is the case and Company A had purchased a slightly different version than Company B, is it possible they could come up with two different scores even if the information was pulled simultaneously from the same CRA?  :smileysurprised: Also, if that's how if works, does anyone have a clue how often the algorithm is tweaked?   Inquiring minds want to know!  :smileywink:




Message Edited by Felicity on 06-09-2007 08:03 AM
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
0

Re: How do lenders acquire FICO score?

Do an advanced search and use the phrase industry option. This has been mentioned a couple of times, but not much.
 
This post from Barry talks about it.
 
Might also try this google search. Saw a couple of links at Fair Isaac.
 
This bankrate article makes a brief mention of it.
 
 
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: How do lenders acquire FICO score?

The four industry option scores are:
 
-Auto
-Bankcard
-Bank Installment
-Finance Company
 
 

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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