Reply
Established Member
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
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
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
 
 
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.