Who controls the Scoring??

[Anonymous]

Who is in charge of the scoring for the credit reports?! Is it the Credit Bureaus,or is it FICO??

[llecs]

I may butcher this, but FICO created the formulas (each CRA has their own) and the CRAs use it on license from FICO because they are the ones providing the data.

[awal]

If FICO created the formula for scoring, couldn't they theoretically create an EX score from EX data?

[guydiver]

uh-oh, here we go again.  Read my siggy

[cw81]

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@awal wrote:

If FICO created the formula for scoring, couldn't they theoretically create an EX score from EX data?

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They sill do but its  not sold to the consumer on this site anymore.  It is sold to lenders .

[haulingthescoreup]

The scores are joint products between FICO and each credit bureau, and both have to agree to sell them to consumers. Since EX took its marbles and went home, there's nothing FICO can do.

FICO created the formulas, but the actual generation of the scores are done at the credit bureaus when you pull. Even if FICO wanted to go renegade and start offering EX FICO's without Experian's cooperation...

* pauses to enjoy this scenario *

...it wouldn't work, because FICO doesn't have access to your Experian credit report.

[llecs]

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@haulingthescoreup wrote:

* pauses to enjoy this scenario *

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for dramatic effect?

[guydiver]

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@haulingthescoreup wrote:

The scores are joint products between FICO and each credit bureau, and both have to agree to sell them to consumers. Since EX took its marbles and went home, there's nothing FICO can do.

FICO created the formulas, but the actual generation of the scores are done at the credit bureaus when you pull. Even if FICO wanted to go renegade and start offering EX FICO's without Experian's cooperation...

* pauses to enjoy this scenario *

...

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@haulingthescoreup wrote:

The scores are joint products between FICO and each credit bureau, and both have to agree to sell them to consumers. Since EX took its marbles and went home, there's nothing FICO can do.

FICO created the formulas, but the actual generation of the scores are done at the credit bureaus when you pull. Even if FICO wanted to go renegade and start offering EX FICO's without Experian's cooperation...

* pauses to enjoy this scenario *

...it wouldn't work, because FICO doesn't have access to your Experian credit report..

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No, but I have access to my Ex report, why can't I buy it and have Fico score it???

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[haulingthescoreup]

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@llecs wrote:

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@haulingthescoreup wrote:

* pauses to enjoy this scenario *

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for dramatic effect?

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Nah, just the thought of FICO becoming a Zorro for the modern consumer.

[haulingthescoreup]

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@guydiver wrote:

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@haulingthescoreup wrote:

The scores are joint products between FICO and each credit bureau, and both have to agree to sell them to consumers. Since EX took its marbles and went home, there's nothing FICO can do.

FICO created the formulas, but the actual generation of the scores are done at the credit bureaus when you pull. Even if FICO wanted to go renegade and start offering EX FICO's without Experian's cooperation...

* pauses to enjoy this scenario *

...it wouldn't work, because FICO doesn't have access to your Experian credit report..

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Interesting point. My guess is that again, the score is a joint product of the credit bureau(s) and FICO, and they split the proceeds, including when a lender pulls your scores, btw. Since Experian ended its agreement with FICO for consumer purchase of EX FICO's, FICO probably can't legally do this.

Since I am not an attorney (thank the Lord), this is pretty wild speculation on my part.