Credit scoring

[Jpmack29]

How accurate is Fico 8 scoring vs other scoring models. Is this the recommended scoring model used most?

[Anonymous]

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@Jpmack29 wrote:
How accurate is Fico 8 scoring vs other scoring models. Is this the recommended scoring model used most?

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What does that mean?

For an issuer, the accuracy of a scoring model means its ability to correctly predict  risk.   FICO claims that each generation is an improvement on the previous ones (otherwise they would find it hard to sell).   Many issuers use some version of FICO 08 as at least part of their assessment, some use older versions or some non-FICO system.    (And as new ones come out, isome ssuers might track both the old and new, till they are convinced the new is doing a better job.

[Jpmack29]

Before I paid for my 3 bureau report, I was not on the fico 8, and my scores were different then they are now. Just wondering why? Is fico 8, like a "fako" score?

[tufa4311]

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@Jpmack29 wrote:
Before I paid for my 3 bureau report, I was not on the fico 8, and my scores were different then they are now. Just wondering why? Is fico 8, like a "fako" score?

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No, it's not a fako score...

All FICO's are real FICO's - remember, there are many versions, or flavors, of FICO and they are all real FICO scores. Why so many flavors you ask? Well, if they just stuck with the first version that came out that'd be like still using WIndows 95! Seriously though, each version is "supposed" to be better than the last at assessing risk. Also, there are FICO versions specific to "industry" - versions for the mortgage industry, auto loans, insurance, credit cards, etc. Each of these flavors uses a different formula that takes in a number of different factors and spits out a different 3 digit score that runs your life (kidding, sort of...). A person may have a very low risk of missing a mortgage payement but a higher risk of missing a car insurance payment.

Read up:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...