TU and FICO 08?

[Anonymous]

Does anyone know when TU is going live with FICO 08? The only information I can find says "late January 09".

[Anonymous]

There is no exact date, to my knowledge.

However, once they start offering the new version, I suspect it will be some time before creditors actually start using the version.

[Junejer]

Leaf, TU currently has two other versions out there Classic 98 and Classic 04. Right now, it's about 50/50 for both. To get users off of those is going to take some time, unless they can offer it for free or something. Heck, myfico is still on Classic 98.

[Anonymous]

ByrdMan,

Thank you for the information. Does that mean that if I pull a credit report from TU or myfico, it will use the FICO 08 calculations but if people I do business have the option to use any of the three scores?

[Junejer]

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leaf33 wrote:

ByrdMan,

Thank you for the information. Does that mean that if I pull a credit report from TU or myfico, it will use the FICO 08 calculations but if people I do business have the option to use any of the three scores?

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Uh-uh. Myfico is still on Classic 98. It won't move over to Classic 04 until over 50% of lenders are utilizing it. That has happened, but there hasn't been any word on when the transition will take place. It will likely be a very long time until myfico uses FICO 08 (applying the >50% rule). The last word I heard is that TU is supposed to start offering FICO 08 to the lenders "soon".