How Common Are FICO 9 and 10 Now?

[Tiersha]

This dumps down my mtg scopre under 700 and that will tick me off.

[Horseshoez]

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@Tiersha wrote:

This dumps down my mtg scopre under 700 and that will tick me off.

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Interesting, my FICO 5, 4, 2 numbers lag my FICO 10 and 10T numbers by 40+ points.

[FlaDude]

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@AndySoCal wrote:

@Zoostation1  I agree with you. I read somewhere on the forum that JC Penney offers the  VS4 score. Since I have an account with I was able to get the VS4 score from them.

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Sync in general does, so the Lowes card and probably others will get you a Vantage 4 score.

[Zoostation1]

@AndySoCal   The 4th quarter timeline I mentioned came from an FHFA website (until fairly recently I didn't know the difference betweeen FHFA and FHA lol).  Nonetheless yep on the Fannie and Freddie stuff.

[Zoostation1]

@FlaDudeI know Synch offers a VS4.0 score for most of their product, but almost no one else does.  My main complaint is that for the vast majority of consumers there's no way to purchase or obtain any of their VS4.0 scores in any fashion. That in itself to me should disqualify it from being used alongside or as an alternative to FICO 10T.   I'm not saying it's any better or worse of a model than 10T, just that it's imperative the average consumer can obtain the scores if they're going to used for mortgage underwriting.

[AndySoCal]

@Tiersha  One of the differences is the newer models as compared to the score models that are or were being used by mortgage lenders is how the score model scores authorized  user acccounts. This difference started inFICO 5.0 or close it. Most mortgage lenders will have you remove authorized user accounts from your credit report. This will get rid of the distortion in the score attributed to authorized user accounts.

@Zoostation1 @FlaDude  The Vs 4.0 and FICO v10 are both predictive score models and both use  credit trended data. There is also  a score pricing issue as well . The cost of a credit score has gone from under a dollar to over three dollars with ten years if my memory is correct. So we will see how this works out.

[Tiersha]

I want to touch on Zoo's comment @Zoostation1  @FlaDude  and your response @AndySoCal .  I second Zoo...if VS4 is going to be used, we should have access to something but where to access that at?  This is not transparent at this time and before implementation (which it already sound like it is being implemented) we are supposed to be able to be aware of what our scores are under FCRA 1681. Section 1100F of Dodd-Frank established that consumers must be able to access their credit scores—not just when denied or at application, but in general. If we don't have that then there is a huge lack of transaprency. Any model used should be made available to consumers.  So how can they keep VS4 hidden? This literally can lead to unfair lending practices. 

[AndySoCal]

If your are JC Penney  customer you get VS4 score.

There is this

https://www.nerdwallet.com/article/finance/vantagescore-4-0 

[Patient957]

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@AndySoCal wrote:

If your are JC Penney  customer you get VS4 score.

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You have to be a JC Penney credit card customer.  You can't get your VS4 score by buying a pair of socks.   

Edit to add:  It only updates monthly, but it's free.

[AndySoCal]

@Patient957  Your VS4.0 score is in the sock drawer until you open an account LOL