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DoJ Opens Anti-trust Investigation into Fair Issac

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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@DaveInAZ wrote:


Vantage 3 is pretty lousy, too volatile - you sneeze the wrong way and your score tanks. 


Lol, when Credit Karma or Wallethub alerts to a score drop I'm like "Yes!" cuz sometimes that means I've gained an Exp. pt or two.

I don't like Vantage 4.....it's a Tattletale to Synch.  It's not wrong; just needs to go on!

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 11 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@Nomad3 wrote:

I don't see it gaining much traction. They provide the best "product" so everyone uses them over other options


Depends, if all things being equal lenders chose to purchase FICO scoring as the better product, fine. But if Fair Isaac uses any unfair practices to prevent the use of other scoring products, not so good. And the Doh doesn't investigate anti-trust practices lightly.


Message 12 of 21
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Epic Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@GApeachy wrote:

@DaveInAZ wrote:


Vantage 3 is pretty lousy, too volatile - you sneeze the wrong way and your score tanks. 


Lol, when Credit Karma or Wallethub alerts to a score drop I'm like "Yes!" cuz sometimes that means I've gained an Exp. pt or two.

I don't like Vantage 4.....it's a Tattletale to Synch.  It's not wrong; just needs to go on!


I agree!!!  .. I do not seem to get the Synch CLI's with V4 like I used to get when they used FICO.

I am glad I got.. what I got ..when I got. (good ole splainin) 

Actually could'nt believe I was approved for care credit recently.

 

Message 13 of 21
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Community Leader
Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@M_Smart007 wrote:

@GApeachy wrote:

@DaveInAZ wrote:


Vantage 3 is pretty lousy, too volatile - you sneeze the wrong way and your score tanks. 


Lol, when Credit Karma or Wallethub alerts to a score drop I'm like "Yes!" cuz sometimes that means I've gained an Exp. pt or two.

I don't like Vantage 4.....it's a Tattletale to Synch.  It's not wrong; just needs to go on!


I agree!!!  .. I do not seem to get the Synch CLI's with V4 like I used to get when they used FICO.

I am glad I got.. what I got ..when I got. (good ole splainin) 

Actually could'nt believe I was approved for care credit recently.

 


I'll never be in bed with Sync, but trending is that much better? Does it calculate closed accounts now? I know 3 didn't factor.

Message 14 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac

Usually I'm all for competition, it's what creates reasonable porices for goods. But for scoring? I think it would just muddy the waters, and create less desirable outcome. We've already seen what can happen with differences between Fico and Vantage, not to mention all the different FICO versions. Now could you imagine of 5 or 20 more places offered their own algorithms?

 

A credit score should be a credit score, not all these seperate versions. Otherwise it doesn't really project an accurate assessment, just one's perception of the picture. Sure a person might argue that one particular CB might favor their profile better, but what's to say the Lender they want to use pulls that CB? Not that it's the same thing, but I compare it to how mnay Shampoo products flooding the market. Do we really need that many differnt scents, some that even use fruits to create all for a waste product?

 

More isn't always better.






Message 15 of 21
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Community Leader
Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@Janus wrote:

Usually I'm all for competition, it's what creates reasonable porices for goods. But for scoring? I think it would just muddy the waters, and create less desirable outcome. We've already seen what can happen with differences between Fico and Vantage, not to mention all the different FICO versions. Now could you imagine of 5 or 20 more places offered their own algorithms?

 

A credit score should be a credit score, not all these seperate versions. Otherwise it doesn't really project an accurate assessment, just one's perception of the picture. Sure a person might argue that one particular CB might favor their profile better, but what's to say the Lender they want to use pulls that CB? Not that it's the same thing, but I compare it to how mnay Shampoo products flooding the market. Do we really need that many differnt scents, some that even use fruits to create all for a waste product?

 

More isn't always better.


Thank you!! I already spend too much time with streaming decisions, not to mention all the other multiple platforms we slog through. Credit is too important not to be somewhat standardized. Confusion and headaches!!!

Message 16 of 21
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Community Leader
Mega Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@DaveInAZ wrote:

@blindambition wrote:

Who has something to gain by this? That's the question. I don't see FAKO being hurt. Practically every lender uses it in some fashion. FAKO has drastic swings. Not a good option for most credit decisions. JMHO!!


Vantage 3 is pretty lousy, too volatile - you sneeze the wrong way and your score tanks. But Vantage 4 I've been getting from Sychrony seems much more stable and reliable.


It's volatile because it updates more frequently for every little thing. Trended data adds to that. Things like if someone charges to a 85% utilization, the history shows they'll carry it for 18 months, so score drop. You can expect similar from the new FICO. Maybe not quite as volatile, but we'll see quite a few more ups and downs with scores 







Message 17 of 21
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Moderator Emeritus

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@DaveInAZ wrote:

@GApeachy wrote:

@DaveInAZ wrote:

 

As a member of MyFico it always bothered me that MyFico staff openly referred to any non-Fico credit scoring as "FAKO". 


MyFico Staff?  Do you mean the Mods and CL's?  If so, they are not paid nor are they considered "Staff".  The "play on words" can be found on any credit website that I've run across.


No, there used to be sticky threads by Admins, especially in scoring forums referring to "FAKO" scores, but they do seemed to have cleaned that up lately. I'll edit my post to just stick to the news.

I'm pretty sure those came after the general use of the term by the community at large.

 

Though honestly I don't know how it started but I doubt it was from the few FICO employees on this forum: they're nearly 100% reactionary in that regard and always have been.  Hence the volunteer moderators and CL's.




        
Message 18 of 21
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Senior Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac


@Revelate wrote:

@DaveInAZ wrote:

@GApeachy wrote:

@DaveInAZ wrote:

 

As a member of MyFico it always bothered me that MyFico staff openly referred to any non-Fico credit scoring as "FAKO". 


MyFico Staff?  Do you mean the Mods and CL's?  If so, they are not paid nor are they considered "Staff".  The "play on words" can be found on any credit website that I've run across.


No, there used to be sticky threads by Admins, especially in scoring forums referring to "FAKO" scores, but they do seemed to have cleaned that up lately. I'll edit my post to just stick to the news.

I'm pretty sure those came after the general use of the term by the community at large.

 

Though honestly I don't know how it started but I doubt it was from the few FICO employees on this forum: they're nearly 100% reactionary in that regard and always have been.  Hence the volunteer moderators and CL's.


Since you brought it up again . . .  there used to be a very prominent sticky "FICO vs. FAKO", I'm pretty sure by Barry, Admin Emeritus, in the Scoring forum, and it bothered me. I agree FICO is the gold standard in credit scoring, but dismissing the competition as "Fako" just didn't seem very professional.


Message 19 of 21
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Established Contributor

Re: DoJ Opens Anti-trust Investigation into Fair Issac

Which lenders are using Vantage scores?


Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 20 of 21
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