I must interject, and I am sure that it will generate immediate consternation amongst my peers here at myFico, that I do not accept the use of the term "FAKO."
FICO scores are generated under license from Fair Isaac, and only they can bear the moniker of "FICO."
But, last time I checked, the federal trade laws did not grant a monopoly to FairIsaac as the the real, vs. fake, source of credit scoring of data contained in the banks of the CRAs. And last time I checked, this is still a captitalist country, and others are free to market scoring algorithms. Advantage scoring was not developed in a garage off of the U-St bridge by some hackster. It was developed to compete with FICO, and that is the capitalist way.
The use of the term FAKO is totally negative, and implies that it was generated by some fly in the night scammer, or by some member of the Sopranos.
Sure, FICO is the industry standard. But so once was Big Mamma Bell. Now we have Baby Bells.
If any lendor, in making a credti decision, chooses to rely upon a score other than that generated by Father FairIsaac, that is their choice, and should not be branded as a fake.
I do not encourage anyone to place value on a score that their lendor wont be using. Just not forget that not all people in the world favor chocolate over vanilla, and would thus conclude that vanilla is a FAKO flavor.
Message Edited by RobertEG on
05-03-2008 12:08 AMMessage Edited by RobertEG on
05-03-2008 12:10 AMMessage Edited by RobertEG on
05-03-2008 12:12 AM
