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Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: MyFico is a fraud!


InvincibleSummer3 wrote:

Aim720 wrote:
Why are you guys so obsessed with FICO? They are not the only scoring model.

Because the folks who hang out at OtherScoringModel.com are not nearly as cool.


:smileyvery-happy:

Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010

Re: MyFico is a fraud!

llecs do you work for myfico?

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: MyFico is a fraud!

Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010

Re: MyFico is a fraud!

Barry did. Didn't he?

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: MyFico is a fraud!


Aim720 wrote:
Why are you guys so obsessed with FICO? They are not the only scoring model.

FICO is the scoring model that 90% of lenders use.  That makes them worth being obsessed with.

Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010

Re: MyFico is a fraud!

I guess you don't have a girlfriend.

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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: MyFico is a fraud!

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: MyFico is a fraud!

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: MyFico is a fraud!


Aim720 wrote:
llecs do you work for myfico?

Aside from the corporate jet time, the corner office, the rubber tree plant, and the recycled air, I don't get paid peanuts. :smileysad:  Come think of it, they don't even pay me that. In fact, the only thing I get to have is the Koolaid and I have to make it myself. :smileyfrustrated:

 

Joking aside, no moderators on here get paid to help and support this community. We have never been offered payment and we are paying customers just like everyone else on here. We are average Joes (and Janes) who happened upon these forums. I can't speak for anyone else, but I came along here with FICO scores in the low to mid-500s, zero credit, and a herd of baddies to my name. I googled like most after being denied for my 30th+ time for credit in less than a few weeks and I wanted to know why I was denied and what I could do to fix it.

 

I'm here because myFICO offers FICO scores. I buy FICO scores because a vast majority of lenders use FICO and I wanted to know why and how FICO scoring worked. If a vast majority of lenders used a FAKO then I'd visit myFAKO.com if that ever existed. 

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HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: MyFico is a fraud!


axxy wrote:

 

 

 

Comparing FICO to Coca Cola completely misses the point.  People can stop drinking Coca Cola without being homeless.  People can't stop using mortgages without being homeless.  The only fair way to do credit scoring would be to disclose the exact details of how the scores were figured, and let the victim appeal unfair scores caused by bugs and unfairness in the scoring algorithm.  Therefore it should not be a trade secret. 

 


I couldn't disagree more. If people know exactly how the score is determined they will try to manipulate their score by taking actions that do not necessarily imply good financial habits. See how messy our tax rules are because they are all written out and people put tremendous effort in circumventing them? Don't underestimate people's creativity. :smileywink:


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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