topic Re: The many flavors of FICO:__Editions, versions, and variations in Understanding FICO® Scoring

The many flavors of FICO:__Editions, versions, and variations

jello77 — Sun, 28 Jun 2020 04:03:08 GMT

The many flavors of FICO:

A summary of FICO editions, versions, and variations

Updated 7-27-2020

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As of 2015, FICO is using new names for some FICO scores. These names have been added below using this color.

MyFICO is now selling additional score versions to the public. These include three scores most often used by mortgage lenders:
Experian FICO Score 2 (also known as EX-98 or Risk Model v2)
Transunion FICO Score 4 (also known as TU-04 or Transunion FICO Risk Score Classic 04)
Equifax FICO Score 5 (also known as EQ-04 or Beacon 5).

Also available are "Industry Option" scores that have a range of 250 to 900. These include Auto Scores and Bankcard Scores from each credit agency.

A full list of 28 score versions available from MyFICO can be seen here. All 28 scores are included when buying the 3-Bureau Report, or when buying the Advanced or Premier subscription plans.
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One of the first things a newcomer to this board learns is the difference between FICO and FAKO scores. FAKO refers to the non-FICO scores offered by various companies. FAKO scores have little value since few of them are used by lenders and they do not match closely to FICO scores.

But even when you stick with FICO scores, confusion can ensue because FICO scores have many different editions, versions, and variations. On a single day, a consumer could theoretically have dozens of different FICO scores, depending on which version and credit agency is used to produce the score.

This post provides a summary of the various FICO versions. Please offer any corrections or updates, and they will be edited in.

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The FICO scoring model with its familiar range of 300 to 850 was first introduced in 1989. Since then, FICO has released six major revisions: 1995, 1998, 2004, 2008, 2014, and 2020. Each "edition" uses a different formula and produces a different score.

When a new FICO edition is released, many lenders continue using an older version for years before "upgrading." The 1995 revision is no longer in common use, but later editions are still used by lenders.

Some FICO editions are commonly known by the year of introduction: FICO 98, FICO 04, and FICO 08 (although FICO now calls it FICO Score 8, without the zero).

The most recent edition is FICO Score 10 introduced in 2020.

As of 2020, FICO Score 8 is the most commonly used. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

In addition to the "classic" version, FICO offers "Industry Option" versions customized for auto loans, credit cards, installment loans, personal finance loans, and insurance. These have a score range of 250 to 900, so the scores are not fully comparable with "classic" versions. Auto and Bankcard scores are available from myFICO as described here. Citibank provides the Equifax FICO 8 Bankcard score free each month to credit cards holders.

Each credit agency (Transunion, Equifax, and Experian) uses a customized version of each FICO edition. As a result, a consumer's FICO scores from each agency may differ even when all credit information is identical among the agencies.

Because there are many FICO versions, when a score is received, it's helpful to know which version it is. If a lender provides a credit score, ask for details such as which credit agency was used, which FICO edition was used, and whether the score is an Industry Option version. The lender may not always be willing or able to provide the answers, but it doesn't hurt to ask.

Special note about "real-world" score ranges:

When providing information to consumers, FICO always says the range for standard or "classic" scores is 300 to 850. However a little known fact is that the actual, real-world score range is not 300 to 850 for all FICO classic versions.

For many years, the real-world score ranges were known only to financial professionals and rarely disclosed to consumers. In 2009, a change in federal credit laws required greater disclosure of information to credit applicants. As a result, the real-world score ranges began to appear on documents credit applicants received from lenders. The formerly "secret" score ranges became public knowledge.

The summary below includes the real-world score range for each FICO edition.

Available here is a document showing examples of real-world score ranges for each credit agency.

Shown below are the FICO editions in common use, along with names used by each credit agency for their standard or "classic" versions. The "common names" are those often used by posters on credit-related message boards.

Also shown is how scores can be obtained directly by consumers. Most scores can be purchased from MyFICO and from credit agencies. However, many banks, credit unions, and credit card issuers now provide free FICO scores to account holders. A forum thread discussing where free FICO scores can be obtained is available here.

For more about the various FICO score versions, see here.

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FICO 98 (introduced 1998)
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Transunion

Official name: FICO Risk Score Classic 98
Common name: TU-98
Available directly to consumers: No
Real-world score range: 336 to 843 (as shown on page 16 of this Transunion document )

Equifax

Official name: Equifax Beacon 96
Common name: EQ-98
This version appears to be rarely used by lenders.
Available directly to consumers: No

Experian

Official name: Experian FICO Score 2 (also known as Experian FICO Risk Model v2)
Common name: EX-98
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report.
Real-world score range: 320 to 844 (as shown on this Experian document )

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FICO 04 (introduced 2004)
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Most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

All three scores will normally be pulled and the middle score (not the average) will be used by the lender.

Transunion

Official name: Transunion FICO Score 4 (also known as Transunion FICO Risk Score Classic 04)
Common name: TU-04
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report.
Real-world score range: 309 to 839 (as shown on page 16 of this Transunion document)

Equifax

Official name: Equifax FICO Score 5 (also known as Equifax Beacon 5.0)
Common name: EQ-04
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report. Some credit unions such as DCU provide it FREE each month to members.
Real-world score range: 334 to 818

Experian

Official name: Experian FICO Score 3 (also known as Experian FICO Risk Model v3)
Common name: EX-04
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report.
Real-world score range: 325 to 850 (as shown on this Experian document)

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FICO Score 8 (introduced 2008)
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Transunion

Official name: Transunion FICO Score 8 (also known as Transunion FICO 8 Risk Score or FICO Risk Score Classic 08)
Common name: TU-08
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report. Some credit card issuers provide it FREE each month to account holders, including Bank of America and Barclays.
Real-world score range: 341 to 850 (as shown on page 15 of this Transunion document )

Equifax

Official name: Equifax FICO Score 8 (also known as Equifax Beacon 09)
Common name: EQ-08
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report. Andrews Federal Credit Union provides it FREE each month to account holders.
Real-world score range: 300 to 850

Experian

Official name: Experian FICO Score 8 (also known as Experian FICO Risk Model v8)
Common name: EX-08
Available directly to consumers: from myFICO when buying the 1 or 3 Bureau Report. Experian provides this score and a complete credit report FREE to anyone (updated every 30 days) as shown here.
Real-world score range: 316 to 850 (as shown on this Experian document )

In May 2014, a poster named android01 received 850 scores from all three credit agencies, as described in this post.

In June 2014, a poster named fused received 850 scores from all three credit agencies, as described in this post.

This 2011 press release describes a study of FICO Score 8 scores. From a sample of 250,000 credit reports, it found 0.02% had a score of 850, or about 1 out of every 5000 persons.

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FICO Score 9 (introduced 2014)
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In 2014, FICO announced a new version called FICO Score 9.

Available directly to consumers:

from myFICO when buying the 1 or 3 Bureau Report.
PenFed and Navy Fed credit unions provide Equifax FICO 9 scores free to account holders.
Wells Fargo provides Experian FICO 9 scores free to account holders.

This New York Times article says FICO 9 includes two important changes:

unpaid debts that result in collection actions will no longer have a negative effect on a score if the debt has been paid.
unpaid medical debts will have less negative effect on scores.

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FICO NextGen also known as FICO Score NG (introduced 2001)
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In 2001, FICO released a new scoring model called NextGen. It is claimed to be an improvement over "classic" FICO models because it tracks more factors. But it has failed to catch on with lenders because its score range of 150 to 950 is incompatible with the familiar 300 to 850 range, requiring lenders to recalculate cutoff scores and revise many rules and policies. Only a small percentage of lenders reportedly use NextGen.

Transunion

Official name: Precision
Available directly to consumers: No

Equifax

Official name: Pinnacle
Available directly to consumers: No

Experian

Official name: FICO Advanced Risk Score
Available directly to consumers: No

Re: The many flavors of FICO:__Editions, versions, and variations

pipeguy — Wed, 01 Feb 2012 20:54:31 GMT

Excellent post, I've book marked it, thank you !

Re: The many flavors of FICO:__Editions, versions, and variations

GregB — Wed, 01 Feb 2012 22:26:20 GMT

Only error I spotted looking this over is that where you had: "Official name: FICO Risk Score, Classic 08" is that TU actually calls this: FICO 8 Risk Score

"Classic" seems to have been dropped by TU after FICO 04

I am less convinced of the dates matching up with the date, or suggestion of the date, in the name of the product. FICO 8 was developed 2005-2007 so could have been thought to be released in 2008. However FICO 04 was developed in 1998-2000, FICO 98 ws developed 1993-1995, and Next Gen was originally developed 1995-1997 with the Precision 2003 version being developed 1998-2000.

Your excellent post led me to look at actual docuements from EQ. This showed me that where I had been using the term "Beacon 9" that I was pulling it from my memory and the documents from EQ actually call it "Beacon 09".

Re: The many flavors of FICO:__Editions, versions, and variations

jello77 — Wed, 01 Feb 2012 23:40:38 GMT

GregB:

Thanks for the correction. I made a change on my post.

I did a search on the Transunion web site and I found references to both "FICO Risk Score, Classic 08" and "FICO 8 Risk Score" to describe TU's version of FICO 8. But "FICO 8 Risk Score" seems to be the name TU is currently using.

While searching the TU web site, I came across this PDF document:

http://www.transunion.com/docs/rev/business/financialservices/FS_ModelsOverview.pdf

On page 14 and 15, it shows the same real-world score ranges for FICO 04 and FICO 98 that I cite in my post above, and that you have cited in your previous posts.

I added this document to my post above. It's good to find an official document on a credit agency's web site that confirms this information.

Maybe this will help convince MarineVietVet that we are right about this issue. I know he was convinced that all FICO classic scores have a real-world range up to 850.

You are right that the dates and names only have a loose relationship. In fact, all the names seem like they are designed to keep us confused.

Re: The many flavors of FICO:__Editions, versions, and variations

MarineVietVet — Thu, 02 Feb 2012 02:30:42 GMT

@jello77 wrote:
GregB:

Thanks for the correction. I made a change on my post.

I did a search on the Transunion web site and I found references to both "FICO Risk Score, Classic 08" and "FICO 8 Risk Score" to describe TU's version of FICO 8. But "FICO 8 Risk Score" seems to be the name TU is currently using.

While searching the TU web site, I came across this PDF document:

http://www.transunion.com/docs/rev/business/financialservices/FS_ModelsOverview.pdf

On page 14 and 15, it shows the same real-world score ranges for FICO 04 and FICO 98 that I cite in my post above, and that you have cited in your previous posts.

I added this document to my post above. It's good to find an official document on a credit agency's web site that confirms this information.

Maybe this will help convince MarineVietVet that we are right about this issue. I know he was convinced that all FICO classic scores have a real-world range up to 850.

You are right that the dates and names only have a loose relationship. In fact, all the names seem like they are designed to keep us confused.

I finally have an answer from my friend:

"Sorry to see you taking the brunt of this sticky FICO issue. I gave you the "stated" FICO score range of 300-850, as that's all I'm allowed to say. It's true, however, that all FICO models don't deliver that full range. If you asked me about "real world" score ranges I should have told you there's a discrepancy here, even though I couldn't have told you much more than that. If you didn't, then you got my standard reply. Again, I apologize for hanging you out to dry there".

So it looks like I misinterpreted the information I was given. I wish I could say this is the first time I've ever been wrong and that it will never happen again but alas neither of those statements would be true.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: The many flavors of FICO:__Editions, versions, and variations

jello77 — Thu, 02 Feb 2012 02:55:52 GMT

MarineVietVet,

Many thanks for your reply.

It's good that we finally cleared up what seemed like a real mystery.

I'm a little puzzled at why your source feels he was not able to be completely candid about this issue. From what I can see, the "real-world" score ranges we are talking about are not a secret. Maybe in the past they were considered proprietary information. But, as I mentioned in my post above, Transunion publishes them openly on their web site, and people are given documents with the real-world ranges from lenders. And this information is now available all over the internet.

The good news is that your Equifax score of 816 is just 2 points from the maximum possible score of 818, and your Experian score of 835 is just 9 points from the maximum score of 844.

That's cause for celebration!

Re: The many flavors of FICO:__Editions, versions, and variations

MarineVietVet — Thu, 02 Feb 2012 03:05:57 GMT

@jello77 wrote:
MarineVietVet,

Many thanks for your reply.

It's good that we finally cleared up what seemed like a real mystery.

I'm a little puzzled at why your source feels he was not able to be completely candid about this issue. From what I can see, the "real-world" score ranges we are talking about are not a secret. Maybe in the past they were considered proprietary information. But, as I mentioned in my post above, Transunion publishes them openly on their web site, and people are given documents with the real-world ranges from lenders. And this information is now available all over the internet.

The good news is that your Equifax score of 816 is just 2 points from the maximum possible score of 818, and your Experian score of 835 is just 9 points from the maximum score of 844.

That's cause for celebration!

He has valid reasons and I respect his decision. Perhaps some day more can be said about all this.

As for my scores I'm afraid they are probably a little below what they were last February and March. My utilization has risen to about 12 or 13% the last several months (It's that real life getting in the way! ) but I'm only paying 1% interest on a BT that I used to buy my son a used car and I can live with a 1% car loan. The other revolving debt is all at 0% so I'm in good shape.

Fortunately for me I've reached the point in my life where I no longer have to be concerned with small fluctuations in my scores. As long as I keep doing the right things (and don't do anything dumb) I will be fine.

Re: The many flavors of FICO:__Editions, versions, and variations

fused — Sat, 04 Feb 2012 05:37:58 GMT

The edit came out of nowhere.

Re: The many flavors of FICO:__Editions, versions, and variations

Kratos-TM — Wed, 08 Jan 2014 17:45:15 GMT

I know this is an old thread, but I'm still wondering if the 818 max score for EQ Beacon 5 is still legit. Seems I've seen some members here lately with higher than that from EQ04.

Re: The many flavors of FICO:__Editions, versions, and variations

Anonymous — Wed, 08 Jan 2014 19:08:20 GMT

I know my mom had a 829 about 5 years ago.

Re: The many flavors of FICO:__Editions, versions, and variations

Kratos-TM — Wed, 08 Jan 2014 21:10:55 GMT

@Anonymous wrote:
I know my mom had a 829 about 5 years ago.

Was this EQ04?

Re: The many flavors of FICO:__Editions, versions, and variations

Anonymous — Wed, 08 Jan 2014 21:43:31 GMT

Yes.

But now that I think about it, it could have been an auto enhanced score.

Re: The many flavors of FICO:__Editions, versions, and variations

Kratos-TM — Wed, 08 Jan 2014 22:14:59 GMT

@Anonymous wrote:
Yes.

But now that I think about it, it could have been an auto enhanced score.

Have you heard of anyone on this forum with a >818 EQ04?

Re: The many flavors of FICO:__Editions, versions, and variations

JagerBombs89 — Thu, 09 Jan 2014 02:47:58 GMT

@jello77 wrote:

Accounts that are open but inactive
FICO 8 is more aware of which accounts have been inactive with a 0 balance for a long time, and those accounts will factor less into your score.

How does FICO differeniate between accounts that are reporting a 0 balance due to inactivity over the accounts that are just 0 balance because of PIF every month? Is it because of the date of last status reported??

Re: The many flavors of FICO:__Editions, versions, and variations

Revelate — Thu, 09 Jan 2014 05:56:08 GMT

@JagerBombs89 wrote:
@jello77 wrote:

Accounts that are open but inactive
FICO 8 is more aware of which accounts have been inactive with a 0 balance for a long time, and those accounts will factor less into your score.

How does FICO differeniate between accounts that are reporting a 0 balance due to inactivity over the accounts that are just 0 balance because of PIF every month? Is it because of the date of last status reported??

Date of last status reported and there's a "Inactive' flag which can be associated with a tradeline and cause it to be discounted from scoring as I understand it.

Re: The many flavors of FICO:__Editions, versions, and variations

Roarmeister — Sun, 19 Jan 2014 17:36:22 GMT

@Kratos-TM wrote:
I know this is an old thread, but I'm still wondering if the 818 max score for EQ Beacon 5 is still legit. Seems I've seen some members here lately with higher than that from EQ04.

I had a 807 from EQ Beacon 5 - Canadian version (300-900) and I only hit the 76 percentile meaning 24% of Canadians had a HIGHER score than that.

Hence the reason for the extended range since Canadians by and larger have much lower credit default rates than Americans. Ex. 29% of Canucks have a 1% or less liklihood of defaulting vs. 13% and at the other end of the scale only 4% CDN have a >50% risk of defaulting vs. 15% US.

Re: The many flavors of FICO:__Editions, versions, and variations

gdale6 — Sun, 19 Jan 2014 21:49:42 GMT

Thanks OP very informative.

Re: The many flavors of FICO:__Editions, versions, and variations

MidnightVoice — Mon, 20 Jan 2014 19:29:34 GMT

When I started on this forum (2007) getting FICO scores from here was a great idea, and truly indicative of one's credit status. Nowadays - not so much. There are so many "real" scores that lenders actually use, so many versions of FICO, that it is becoming a total crapshoot

Re: The many flavors of FICO:__Editions, versions, and variations

tketch — Thu, 22 May 2014 17:39:35 GMT

Re: Fico 98, Equifax Beacon 96.

A few weeks ago I applied for a mortgage and received a response showing my credit scores and models used. Lender had used Equifax Beacon 96. This seems to conflict with your statement that “Equifax stopped using this version in 2005”. The score matches closely with whatever Equifax version is presented through MyFico. We’ll see if it keeps tracking as closely as of the most recent “upgrade” of the model that happened on May 17.

Re: The many flavors of FICO:__Editions, versions, and variations

Revelate — Thu, 22 May 2014 19:29:22 GMT

@tketch wrote:
Re: Fico 98, Equifax Beacon 96.

A few weeks ago I applied for a mortgage and received a response showing my credit scores and models used. Lender had used Equifax Beacon 96. This seems to conflict with your statement that “Equifax stopped using this version in 2005”. The score matches closely with whatever Equifax version is presented through MyFico. We’ll see if it keeps tracking as closely as of the most recent “upgrade” of the model that happened on May 17.

What type of mortgage was this in particular and from what lender? That individual score wouldn't be for a conventional guarunteed unless the bank in question was portfolioing their conventional mortgages... which is pretty much unheard of for nearly the last decade or longer.