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FICO score vs. Risk score

sotech64
New Member

FICO score vs. Risk score

I received a call from Equifax corporate and was told Equifax no longer provides FICO scores. I was told they must be ordered from Fair Isaac directly.

I was told I would be getting a refund for the fees charged for the Risk score I received. I suggested they remove the statement from their web site about ordering FICO scores.

Message 1 of 17
16 REPLIES 16
guiness56
Epic Contributor

Re: FICO score vs. Risk score

Message 2 of 17
RobertEG
Legendary Contributor

Re: FICO score vs. Risk score

I agree with Guiness.  What you were told really makes no sense to me at all.  Fair Isaac does not hold the data for generating scores, and does not directly do credit scoring.

They license their scoring algorithms to the holders of the data, such as the CRAs, who then do the actual score generation under license from FICO, and sell them.

 

Message 3 of 17
daboss28
Frequent Contributor

Re: FICO score vs. Risk score

According to this link from the EQ website it does state they are rolling out their own version of a credit score. 

 

https://help.equifax.com/app/answers/detail/a_id/244/related/1/search/1

 

This kind of backs up what the OP said originally

 

Here's the new breakdown:

 

https://help.equifax.com/app/answers/detail/a_id/138/search/1

Infact if you search EQ website you have to scroll everything in regards to as of august 13 because there is no mention of the changes before this date.

 

Chances are this could be the score you get now on with your free annual.  That sux... I hope myfico doesn't change anytime ever ... well maybe to update to '08 versions when that comes into play.

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Message 4 of 17
MarineVietVet
Moderator Emeritus

Re: FICO score vs. Risk score

Interesting information. I'm not sure at all what this means for the future. I guess we'll find out soon enough.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 5 of 17
Tazman81
Established Contributor

Re: FICO score vs. Risk score

Not that I am trying to bash FICO in ANY way, but just looking at both sides of the coin here.  What does this mean for the FICO scoring system?  We had Experian stop giving them and now Equifax.  Are the CRAs seeing something in the algorithm that they do not necessarily agree with and/or like?  Will the FICO scores still be the ones that are pulled by those giving credit?  I am just a little skeptical about where this is all heading.


Current Score: Eq: 823 Tu: 830
Goal Score: Eq: 850 Tu: 850

Wallet: PenFed Power Cash 50k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | USAA Signature Visa 25k
Message 6 of 17
zkder
Valued Member

Re: FICO score vs. Risk score

Dumb question:

 

Does this mean that Scorewatch is now reporting the Equifax internal risk score, not the FICO?

Message 7 of 17
daboss28
Frequent Contributor

Re: FICO score vs. Risk score


@Tazman81 wrote:

Not that I am trying to bash FICO in ANY way, but just looking at both sides of the coin here.  What does this mean for the FICO scoring system?  We had Experian stop giving them and now Equifax.  Are the CRAs seeing something in the algorithm that they do not necessarily agree with and/or like?  Will the FICO scores still be the ones that are pulled by those giving credit?  I am just a little skeptical about where this is all heading.


No, this is business to business merchandising.  The CRA's are gathering records at a cost to businesses to report onto all of our credit files and they are currently outsourcing to Fico for the use of the scoring algorithms that lenders came to know and trust for risk assessment.  By introducing their own scoring methods which to date has not cracked even a small percentage of lenders no matter how much they sell them to consumers. The CRA's have the hopes of  these methods catching on to lenders are atleast making a buck off them directly from the consumers. Most of  which are maybe unaware of the fact that lenders do not use these scores for risk management.  I do believe some models are pretty much resolved to being sold only directly to consumers like the experian plus model.

 

 I do not know exactly how their deals with FICO are broken down maybe they lease the rights from fico i'm not sure.  But if they can crack the Scoring algorithm market meaning if some lenders come to trust these scores that they have for extending credit then they can net profits by eliminating the expenses associated with employing FICO.

 

IMO and you can feel free to disagree with this I just don't like the idea of a reporting agency also supplying the scoring method that alot of lenders would use.  That is two different business responsibilities that should remain seperate in my opinion and shouldn't be under one tent.  That's just too much power. But others may not see a problem with this. I just think that those doing the scoring should not have direct business with those doing the lending (creditors).  Reporting agencies side with creditors the vast majority of the time so how may this impact your score when well paying creditors have a grudge against you.  Maybe it's a little bit of a conspiracy theory but I dunno.

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Message 8 of 17
MarineVietVet
Moderator Emeritus

Re: FICO score vs. Risk score

I've gotten some clarification on this.

 

It looks like EQ will no longer sell the individual FICO score product that myFICO calls myFICO Standard.  It will sell two products that include FICO scores: Score Watch and DebtWise.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


 

Message 9 of 17
daboss28
Frequent Contributor

Re: FICO score vs. Risk score


@MarineVietVet wrote:

I've gotten some clarification on this.

 

It looks like EQ will no longer sell the individual FICO score product that myFICO calls myFICO Standard.  It will sell two products that include FICO scores: Score Watch and DebtWise.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


 


Good job MV ... searching thru the sight can be a pain sometimes ...

 

However I wonder how daily is daily ....

 

Everything promises daily these days but actual daily can mean something different

EQ 715 8-4-12 // Walmart TU 720 8-11-12 // TU 04 744 (cc pull) 8-23-12 EXP (cc pull) 707 8-23-12
~~In my wallet: Chase Freedom, Discover More , US Bank, Walmart Discover, CitiDividend Platinum Select , Target Red Card

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Message 10 of 17
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