Re: Questions regarding FICO Score and FICO 2008
02-01-2011 07:47 PM
To add....there are different versions of FICO scores out there and there are different versions created for each CRA. For example, for TU, there's TU98, TU04, and TU08. Specifically, they are called FICO Risk Score...Classic 98, Classic 04, and Classic 08 I believe. Then there's Experian and the versions are called Fair Isaac Risk Model v2, v3? and so on. Then there's Beacon 5.0, Beacon 9.0 (FICO 08) for EQ and so on. And to complicate things, there are non-Classic FICO scores like industry enhanced scores (e.g. mortgage-enhanced, auto-enhanced, etc.) that score more heavily on one industry like cars or mortgages. Finally, there are other non-Classic scores like NextGen scores (e.g. Alliant CU uses it or USAA uses it for one of the 3 CRAs in their mortgage lending). Even though FICO 08 is available for any lender to use, virtually none of them are using them. In fact, most lenders are using a 2005 EQ version (Beacon 5.0...just like on myFICO). Most recently started using TU04 for TU (myFICO still uses TU98...as do some lenders still). And many lenders are still using an EX FICO version that is approaching 10 years old. Most tend to stick with what works I guess and are slow to adopt the new flavors (er, um versions).