Re: CFPB released a report comparing FAKOs, FICOs, and VantageSco
[ Edited ]
10-01-2012 12:53 PM - edited 10-01-2012 12:55 PM
I think they meant the 5 points as an average but I'm pretty sure it has to be similar on bankcards v generic. They did state that bankcard specific FICO scores correlated at .99 with generic FICOs. So if they differ it cannot be very much.
You're probably correct on both counts, though to state the correlation factor is 99%, it would've been handy to give us some details as to the average report data as well as we know that not all credit reports are remotely close to equal even if they have the same score under some given version of the model.
I didn't look through the report closely enough, but on their initial data set they didn't suggest whom the bankcard-enhanced score was provided from. Also while mortgage is intrinsically tied to FICO '04, which was likely the overarching theme of the study (their breakpoints had mortgage industry written all over it), I do wonder if the FICO '08 model which has the second (I think, at least subsequent) revision of the bankcard enhanced score, might be a larger disparity.
Yes, there are interesting questions one could have of the more recent vintage scores. The housing crisis changed the time honored pattern of paying mortgages before anything else. That FICO has strategic default risk scores that predict those mortgages at high risk of default while the consumer continues to pay their CC suggests a recent divergence between generic FICO scores and CC specific ones assuming the models have caught up.
so my moniker is, well, rather out of date.
WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k