AU's

[Anonymous]

I have heard that being an au will not help anymore.  Does anyone have an updated opinion on this.

[Anonymous]

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bobaloo1818 wrote:

I have heard that being an au will not help anymore.  Does anyone have an updated opinion on this.

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That change is part of a new scoring formula called FICO 08.  It has not gone into effect, but is expected to begin implementation sometime this year, perhaps in the next few months.  Nobody knows exactly when it will happen.

As of this moment, AUs still count in FICO scoring at all three CRAs.

Message Edited by cheddar on 04-24-2008 08:16 PM

[RobertEG]

Hiya. Bobaloo!  The dropping of AUs from credut scoring is an advertised part of the proposed new release of "FICO 08."  The intent, as you know, is to eliminate the perceived "unfairness" in lettting one consumer take the benefits of the better credit history of another, for which they had no part.  It makes sense.  But it is far from becoming reality.

None of the CRAs have officialy adopted the new FICO 08 as the product they are purchasing from Fair Isaac, and using to generate their credit scores.  Even the home site of Fair Isaac, titled myFICO, has not adpopted it. It is not a mandated change, and it up to the CRAs to adopt of reject.  One CRA is now involved in litigation with Fair Isaac, and most certainly will not adopt FICO 08.

Prior releases of new and improved FICO algorithms have not brought widespread awe and support from their customers.  The current version is what almost all are buying from FairIsaac.. Not FICO 08.

Do not expect any changes in the next year or more.  Customer demand trumps supplier offers.

Message Edited by RobertEG on 04-24-2008 08:27 PM