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PhoenixDown
Posts: 62
Registered: ‎07-16-2013
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MyFico not competitive enough

First post -- and I almost never start of on a harsh note but I personally feel that MyFico could be offering a far supperior service by providing the FICO scoring across FICO scoring models (i.e. TU98, TU08, "auto-enhanced", etc). I would be willing to pay for a montly report capturing all this as I am sure many others would. Outside of leaving money on the table, there's no incentive to sign up for scoring with MyFico or any of the sites providing FAKO's when - at the end day when there is no means of predictability provided. I find this ironic as this is at very heart of your business. I hope someone in product marketing is considering an expansion of the product set.

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: MyFico not competitive enough


PhoenixDown wrote:

First post -- and I almost never start of on a harsh note but I personally feel that MyFico could be offering a far supperior service by providing the FICO scoring across FICO scoring models (i.e. TU98, TU08, "auto-enhanced", etc). I would be willing to pay for a montly report capturing all this as I am sure many others would. Outside of leaving money on the table, there's no incentive to sign up for scoring with MyFico or any of the sites providing FAKO's when - at the end day when there is no means of predictability provided. I find this ironic as this is at very heart of your business. I hope someone in product marketing is considering an expansion of the product set.


+1. Many of us on here would have no problem shelling out $$$$$ to know any given FICO score. Unfortunately (or fortunately depending on how you view it) lenders are given options on scores and which FICO scores to use. One version of FICO for Bank A might not be the best fit for Bank B. Lenders will supply general credit data to FICO and FICO will run analytics on that data to see what score is a best fit for that lender. There's no one-size-fits-all because default rates are different across the nation. As a result, you'll have a dozen+ major different FICO versions running around out there instead of a standard 3 (one for each CRA). Lenders have that choice and I think it would be a good thing if we had that too.

 

I certainly don't know anything, but I heard a couple of reasons why myFICO.com doesn't offer each version of FICO score. One reason I heard was that the myFICO marketing and/or decision-making folks thought it might be confusing for the consumer. Imagine logging in here after learning about the word "FICO" and seeing 20+ FICO versions for sale. I agree it would be confusing. I'd counter that maybe they can keep the standard 3 Classic versions and have a quasi-non-promoted link for the others for those of us who want to buy.

 

Another reason I heard was that the CRAs have blocked myFICO from selling other scores. When you order a report, myFICO has to pay $$$ back to the CRA for use of that data. It could be that the CRA specifically limits what can or cannot be purchased. It's hard to run a FICO score without the data. And the recent re-addition of your EX FICO could be an indicator of that. It's my understanding that EX specifically placed limits on myFICO to only provide the FICO8 version.

 

Whatever the truth may be, it would be pretty cool to know my auto-enhanced version prior to an auto app or CC-enhanced versions prior to a CC app if that lender happened to use it.


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