Putting FICO version that calculated your score

[marty56]

I dont know if they do this or even it if would be of use but how do you feel about putting the version of the FICO scoring algorithm that was used to calculate your score on your report or available to you if you got your score from a car dealer or mortgage company?

There has been some recent comments about as so far unexplained score changes and the possible use of FICO08 by EX. 

[Anonymous]

I sometimes wonder if they even know. The problem is the products are marketed under different names to lenders than the terms we use on here.

There are several tiers of FICO according to Fair Isaac:

1) Classic FICO scores (EX has two versions)

2) NextGen FICO scores (there is/was also a NextGen 2.0 variant for at least one bureau)

3) FICO '08

4) FICO Enhanced scores (introduced around 2005) - geared towards assessing those without a sufficient traditional credit report file

Then on top of that, within the categories, there are auto, insurance, and bank card enhanced scoring models.

[Anonymous]

Versions from myFICO

TU=EMPIRICA 98 (your lender might be using EMPIRICA 04)

EX=Fair Isaac Risk Model Version 2

EQ=BEACON 5.0 

[Anonymous]

EX has made FICO 08 availible to users- but not to batching

[Anonymous]

Tim,

Does that mean this site uses what Fair Isaac calls NextGen FICO scores for EX score pullers and "Classic FICO scores" for the other two bureaus? Or is version 2.0 the second EX "classic FICO version." Did NextGen never catch on? I thought they were mortgage geared scores with enhanced predictive power over older classic models.

On http://www.fairisaac.com/fic/en/product-service/product-index/nextgen-fico-score/

"Ask for Fair Isaac NextGen FICO risk scores by name:

• PinnacleSM score at Equifax
• FICO® Risk Score, NextGen at TransUnion
• Experian/Fair Isaac Advanced Risk Score at Experian "

Whereas: http://www.fairisaac.com/fic/en/product-service/product-index/fico-score/

"Ask for the classic FICO® scores by name from reporting agencies in the US, Canada and South Africa:

• BEACON® at Equifax US and Canada
• FICO® Risk Score, Classic at TransUnion US
• Experian/Fair Isaac Risk Model at Experian"

[Anonymous]

debtisgood,

myFICO does not provide NextGen scores.  As you surmised, NextGen scores never really caught on the way FI hoped or expected they would.

[RobertEG]

And also be aware that FairIsaac vends different versions or its algoithms to each of the three CRAs, and can also change its algorithm as it chooses, without any regulatory restriction.  FICO is not a singular or static score.

Message Edited by RobertEG on 07-07-2008 01:30 AM

[Anonymous]

Timothy:  

What years were the EX and EQ versions you list below?  Obviously, we can figure that out for the TU versions........... 

______________________

Versions from myFICO

TU=EMPIRICA 98 (your lender might be using EMPIRICA 04)

EX=Fair Isaac Risk Model Version 2

EQ=BEACON 5.0 

[Anonymous]

Boscoe wrote:

Timothy:  

What years were the EX and EQ versions you list below?  Obviously, we can figure that out for the TU versions........... 

______________________

Versions from myFICO

TU=EMPIRICA 98 1998 sometime(your lender might be using EMPIRICA 04)

EX=Fair Isaac Risk Model Version 2 ???but prior to 2005

EQ=BEACON 5.0 -May 2003

http://www.experian.com/esolutions/docs/esolutions_user_guide.pdf

[RobertEG]

I think that is an excellent suggestion. 

However, unlike what is in a credit report, credit scoring is unregulated.  I would not go into a car dealer, and simply ask to buy a car.  I would lkinda like to know what make and model I am buying.  But credit scoring algorithms are trade secrets, and thus I am not sure that knowing the moniker of the algorithm would be of much use, other than to give a general indication of emphasis.  Knowing that a score was NextGen, Classic, or Enhanced FICO would not tell me much.