@RobertEG wrote:
I hate to contiue my own mantra, but there is no such thing as a fake crediit score.
There is no such thng as a "FAKO."
Fair Isaac vends and sells its credit scores under the copyright as a "FICO" score.
There is absolulty nothing that makes a FICO score any better than a score generated from those who have their own scoring algorithms.
FICO scores clearly have have the advantage They have been in industry longer, and are thus most often relied upon. But there s nothing to support any conclusion that they are better or worse that any other scoring algorithm.
Call then FCIO or non-FICO, but dont call them FAKO.
If those marketing such scores made it clear, then I would agree with you. But the vast majority of advertising I see for such scores does not make it remotely clear that one is buying a score of the seller's own devising and that few if any lenders use. In my opinion, this constitutes deceptive marketing. Before I started hanging around on these forums I would not have known the differences among the various scores being sold to consumers, and I think I was probably better informed generally than the vast majority of consumers.
For predicting whether I will get into financial trouble in the near future, which is a creditor's reason for buying a score, other algorithms may or may not be equally good compared to FICO; nobody that I know has made data available to the general public from which I could form such conclusions. But as a consumer, I have a different reason for purchasing a credit score: I want to know what a decision maker will see when they pull my score. And for that purpose, because the vast majority of lenders use either a FICO score or in some cases a score of the lender's own devising that is not available to consumers, a FICO score is what I must have.
In my own industry, pharmaceuticals, the FDA and their counterparts in other countries require us to obtain prior approval of the label we put on every product; any revisions we propose must be supported by valid scientific evidence. In the credit world, deceptive marketing appears to be the norm rather than the exception.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
