Re: CFPB released a report comparing FAKOs, FICOs, and VantageSco
10-02-2012 09:44 AM
Disclaimer: I didn't read the entire PDF and missed the methodology probably, but I'm curious how they obtained the data. If a lender pulled a FICO, they wouldn't both pull an industry-specific score and a Classic FICO at the same time. There's no need to do that and it costs them money....unless the study paid for these 200k pulls. Without reading more, and on the surface, I have some red flags.
They actually did pull all the scores from a CRA at the same time. So they have 200,000 identity filtered CRs with VantageScore, FAKO, FICO, and two industry specific FICOs pulled on each consumer report at the same time.
However, these 200,000 are random samples of each CRA's entired database. They are different sets of individuals so there is no way to compare score consistency on the same individual across CRAs nor was that the studies goal.
The study was mandated by Congress and targeted only to scoring variation from one algorithm to another on the same consumer report.
so my moniker is, well, rather out of date.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