New FICO Formula Start August 18 Says FICO CEO

[DI]

---

@Anonymous wrote:

---

@DI wrote:
If I get the CEO's email, I'm going to send him an email askig that he come to this site to clarify things. 

---

That's very unlikely and there's really nothing to clarify. That's also Barry's job and Barry is layers below Mark Greene.

---

Doesn't hurt to ask.  Can only respond or not respond.  Say yes or no. 

[Anonymous]

---

@Anonymous wrote:
So what exactly will change with the scoring, anyone know?

---

This is a very complex matter to go into right here. There are lots of articles available regarding FICO08.

---

@Anonymous wrote:
Will it make it harder to obtain credit?

---

No. FICO scores do not set lender's policies - lenders do. An additional scoring model is being rolled out by Fair Isaac which is intended to even more accurately predict how likely you are to meet your financial obligations. Adoption of FICO08 by lenders is another matter entirely. Lender's move very slowly so don't hold your breath!

[Anonymous]

---

@DI wrote:

---

@Anonymous wrote:

---

@DI wrote:
If I get the CEO's email, I'm going to send him an email askig that he come to this site to clarify things. 

---

That's very unlikely and there's really nothing to clarify. That's also Barry's job and Barry is layers below Mark Greene.

---

Doesn't hurt to ask.  Can only respond or not respond.  Say yes or no. 

---

The guy used to work for the Federal Reserve. No response = likely.

[DI]

Why do people treat CEOs as they are a god, and making them seem to be more important than they actually are? 

---

@Anonymous wrote:

---

@DI wrote:

---

@Anonymous wrote:

---

@DI wrote:
If I get the CEO's email, I'm going to send him an email askig that he come to this site to clarify things. 

---

That's very unlikely and there's really nothing to clarify. That's also Barry's job and Barry is layers below Mark Greene.

---

Doesn't hurt to ask.  Can only respond or not respond.  Say yes or no. 

---

The guy used to work for the Federal Reserve. No response = likely.

---

[AndySoCal]

One one the main changes in FICO 2008 is its treatment of authorized user accounts. The main reason for the change was what is called "credit rental" scam. The basis of the scam was a person would agree to make a person an authorized user on there account for $$ for a certain amount time done via a website. The person who paid the money scores would go up and they would get the loan the person was after.  I will refrain from my ususal tirade about this scam. As result FICO will mpw consider authorized user accounts in the new scoring model but the impact will not be as great if any at all in some cases.It is my understanding (could be wrong) the new model will handle tradional authorized user account. The new FICO model will not be widely used until two things happen first all the bureaus have the score ready one bureau does not have theirs ready yet. The second thing that has to happen beofre it is widely use is the big lenders have to accecpt the new model in underwriting system. There are some other changes which my memory cannot recall at this moment. As to how my/your score would change with the new model the answer is not easy. For some new model will raise their score others will see little or no change andother will see a drop in their FICO score. The sole reason for this each persons credit history is different. This has been true everytime FICO rolls out a new model of the score. Also keep in mind  there are FICO models that are customized the needs of a specific industry too.