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Just wondering, are Transunion the only people employing FICO 08? Or are they?
It says so on fico.com and I was wondering. Especially since I recently became an AU on my brothers account and Transunion was the only score that did not change at all despite the new account showing up on the report. Exp FAKO went up 13 points for instance. Also, I thoughtFICO 08 was still going to consider AU accounts for scoring.
nothingman02 wrote:Just wondering, are Transunion the only people employing FICO 08? Or are they?
It says so on fico.com and I was wondering. Especially since I recently became an AU on my brothers account and Transunion was the only score that did not change at all despite the new account showing up on the report. Exp FAKO went up 13 points for instance. Also, I thoughtFICO 08 was still going to consider AU accounts for scoring.
FICO 08 is going to consider AU.
Even if TU was using it, the score you get here would not be calculated using FICO 08.
FICO won't switch over to offering FICO 08 to consumers until a majority of the lenders begin using it.
Thanks guys. This is pretty valuable information for us novices trying to figure out ways to clear and rebuild our credit legitimately. Let me organize a bit.
Right now with respect to;
1) TRANSUNION
TU has begun to offer 08 only to lenders as of now. Its March 2008 and lenders are still employing and are split between 98 and 04. Once a vast majority switch over to to 08 model, we consumers will begin to obtain 08 scores. Its going to be a quite a while. I'd imagnie it is going to cost millions in adopting/troubleshooting/implementing/training et al.
2)EQUIFAX
Not yet but will begin to offer 08 (Beacon 9.0) sometime this spring or later. Same as above. So it might be later, if not around the same time as TU.
3) EXPERIAN
Will not provide lenders the 08 scores at all and they (lenders) will have to do with the earlier models.
So one could infer that;
1) What we get is what the vast majority of lenders use and right now they are using older models
2) We are quite a few years (atleast 4+ perhaps ) before lenders widely start to provide 08 scores
3) What ever may be the case, AU ACCOUNTS WILL BE FACTORED into the scoring methodology. Of course they have to be legitimate and how they decide if the AU account is legitimate will depend upon the scoring model. Right now, they are decided by the last name and address I believe.
Yep. I remember reading that too. It kind of became an issue when lenders had to consider joint applications from say A and the AU B, and FICO 08 would score B disregarding the AU with A. Although how it prevented the lenders from making a decision I did not try to understand and can't recall the exact law to do so now. But yeah FICO reversed their decision.
So basically the lenders dont want to consider AU accounts but dont have a choice. And FICO does not yet still have a way to do that. Vantage does not even consider AUs so I dont know if anybody would even consider Vantagescore at this point. Perhaps FICO for joint apps and Vantage for single apps? lol.. Unless the law changes or one of them figures out a way to weed out AUs, AU stays and I think thats good. I would have built my credit by then to 820.
BTW I am not a fan of this AU thing.