BEACON 09 and TU04

[CS800]

Is there a plan for myfico.com to start selling BEACON 09 and TU04?

Seems like more and more lenders out there are moving towards this model.

What percentage of lenders out there are still using the old scoring models?

[Anonymous]

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@CS800 wrote:

Is there a plan for myfico.com to start selling BEACON 09 and TU04?

Seems like more and more lenders out there are moving towards this model.

What percentage of lenders out there are still using the old scoring models?

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I don't believe anyone knows what percentage, but I can say from my own experiences it is fairly high. 

As far as using the newer FICO models once again when it is brought up only thing we usually hear is they are working on it. It is almost at the point now that the scores we receive now from MYFICO can almost be considered FAKO's since your scores with TU04 and Beacon09 can be higher and or lower then your scores received here.

[CS800]

I know for a fact that under the new BEACON 09, my score is about 35 points higher than my EQ on myfico.

A close friend of mine works as a mortgage borker and he has noticed an increase in the mortgage broker's network on the use of the new scoring models.

[Anonymous]

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@CS800 wrote:

I know for a fact that under the new BEACON 09, my score is about 35 points higher than my EQ on myfico.

A close friend of mine works as a mortgage borker and he has noticed an increase in the mortgage broker's network on the use of the new scoring models.

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Maybe some one will chime in with some news when and if they are going to start using the newer scoring models. As of now we are at the mercy of MYFICO and a few lenders who issue FICO scores. But even some of the lenders who issue scores are using the newer models.

[fused]

I don't have any news on newer scoring versions being made available to consumers, not that I'm in the know. What I can say is there are a fair number of lenders pulling TU98, with millions of them pulled last year alone. If I had it my way, I would make all scores available for purchase. All versions of EQ, EX and TU, including auto and credit card enhanced scores.

[CS800]

Fused,

Since the new models are designed by Fair Isaac and we are on the Air Isaac site, do you know the reasoning as to why to be 'Fair', Isaac doesnt sell these scores?

FICO controls what they want to sell after all. Maybe you will have an explanation as to the logic.

[fused]

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@CS800 wrote:

Fused,

Since the new models are designed by Fair Isaac and we are on the Air Isaac site, do you know the reasoning as to why to be 'Fair', Isaac doesnt sell these scores?

FICO controls what they want to sell after all. Maybe you will have an explanation as to the logic.

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I'm sorry, but I cannot answer your question. I'm not familiar with the inner workings of Fair Isaac.

[CS800]

We should get Barry drunk; maybe he'll talk??

[guydiver]

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@CS800 wrote:

We should get Barry drunk; maybe he'll talk??

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I'm buying!

[haulingthescoreup]

The credit bureaus have to sign off of having their scores sold here. It's not strictly up to FICO. (They're not called "FairIsaac" any more, btw, just FICO.)

If it were still up to FICO, we could still buy our EX FICO's here.

And that's also why we're still stuck with TU98.

I think that one of the background deciders is what the mortgage lenders pull. And they generally pull what Fannie Mae and Freddie Mac pull. They're still pulling Beacon 5.0 (EQ) and Experian 2.0, along with TU04, so that's why we have Beacon 5.0 here. If we still had EX, it would still be EX 2.0, I'll bet. And if TU would pull itself together, we'd have TU04.

Of course, having said that, we'll probably all wake up next Monday morning to find FICO08 scores here, and nothing else.