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Registered: ‎10-31-2011
Re: CFPB released a report comparing FAKOs, FICOs, and VantageScore
[ Edited ]

Thanks for the link - VERY interesting study!


I like this quote which shows how FICO might be the "standard" but even using FICO, there is no set standard:


FICO’s most current model is FICO 08, but commercial users still use earlier versions of FICO products. Additionally, FICO’s generic scoring models – the most common FICO scores that are developed to predict performance on all types of credit - vary across the nationwide CRAs because the FICO scoring models are designed specifically for each CRA and reflect differences in how they organize and present credit report data.


FICO offers industry-specific models for credit cards, mortgages, auto loans, and telecommunication services. FICO models typically generate credit scores in the range between 300 and 850. FICO also builds custom models that are designed for specific companies’ credit underwriting needs.