ScoreWatch Q: My score v. other consumers

[alicias]

"A score of ### is better than ##% of U.S. consumers."

This message and a bar graph is shown beneath my ScoreWatch score.  I would like to ask if anyone at FICO can confirm how frequently the numbers used to create this percentage are re-evaluated?

With the surge of bankruptcies and forclosures over the last 12 months I would think the number of consumers with scores below 700 has shot up at an incredible rate.

Can anyone comment on whether this metric is current or based on 6-12 month old numbers?  Thanks!

[Barry]

Good (tough) questions, alicias!

First, these national statistics don’t change as often as you might think. Typically, we update them every few years and they remain surprisingly consistent.

The reason these stats aren’t updated more frequently is that FICO isn’t a credit bureau and doesn’t have ready access to the national consumer data needed to provide this kind of information on a regular basis.

We’re currently in the process of updating the Equifax national stats, however, and will have them available on myFICO within the next few months. Then the TU data should follow sometime in 2010, as myFICO transitions to the newer TU 04 scoring model.