FICO Next Gen vs. Other FICO

[corymcd88]

How does FICO Next Gen differ from FICO '04 or '08?

[taxi818]

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@corymcd88 wrote:

How does FICO Next Gen differ from FICO '04 or '08?

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its called fico 9. not next gen. but i know what you mean. simple. it will not count any paid collection against. you. so your score could be strong even with a collection or several collections just because you paid it. under current system. paid or not. it will kill your score. in my case. i have 5 year old paid collection and i paid it last year about 10 months. ago. and my score dropped almost 80 points. from 749 to 670. so it would have been better not to pay it. that will change. also it will not count medical collections against. you. as the  way it goes. sickness is not a determination of persons. will to pay bill. which is out of consumers control . thats mostly it. its finally in the consumers favor not just the lenders favor. so there you go. but it may be several years before any lenders adopt this approach. think about it fico -08 came out 7 years ago. lenders just starting to use now. nothing can make them use it.

[corymcd88]

PenFed uses FICO 9 / Next Gen as they call it.

[Aarvard]

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@taxi818 wrote:

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@corymcd88 wrote:

How does FICO Next Gen differ from FICO '04 or '08?

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its called fico 9. not next gen. but i know what you mean. simple. it will not count any paid collection against. you. so your score could be strong even with a collection or several collections just because you paid it. under current system. paid or not. it will kill your score. in my case. i have 5 year old paid collection and i paid it last year about 10 months. ago. and my score dropped almost 80 points. from 749 to 670. so it would have been better not to pay it. that will change. also it will not count medical collections against. you. as the  way it goes. sickness is not a determination of persons. will to pay bill. which is out of consumers control . thats mostly it. its finally in the consumers favor not just the lenders favor. so there you go. but it may be several years before any lenders adopt this approach. think about it fico -08 came out 7 years ago. lenders just starting to use now. nothing can make them use it.

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FICO NextGen is not FICO 9. It was mentioned here:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...