New FICO Formula Start August 18 Says FICO CEO

[Anonymous]

Mr Greene should come to this site to give us detailes of the changes. 

[rom828]

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@Anonymous wrote:
Mr Greene should come to this site to give us detailes of the changes. 

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Amen!  Be nice of the CEO to provide subscribers with some real info.  I didn't learn much from the clip about the effect of the 08 change...just talked is general about fiscal matters but didnt really elaborate on the changes that 08 will bring to scoring.

[Anonymous]

bookmarked. Will watch when I can

[haulingthescoreup]

After finally getting my foot back out of my mouth, let me try again:

transunioncs is neither FICO 08 nor FICO TU 04 (my huge bad!) It is FICO TU 98, the same version as here on myFICO.

I didn't go back enough versions when I posted this morning, in a highly uncaffeinated state.

[haulingthescoreup]

As for when FICO 08 will be available here, I'd say it will be a long, long (long, long) time, unless FICO changes its policy.

A version has to have been adapted by 50% or more of the nation's lenders before the myFICO site switches over, and even then, there can be some delay, as we've seen with the TU 98 --> TU 04 non-transition. Since there are just now starting to be cautious nibbles at FICO 08, you can imagine how long it will take to hit the 50% national usage mark.

[Anonymous]

Why are more formulas being created, but are not being used?  FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score. 

[Anonymous]

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@Anonymous wrote:
Why are more formulas being created, but are not being used?  FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score. 

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Why on earth would you feel like that?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Why are more formulas being created, but are not being used?  FICO 08, TU 04-- I can't keep up. I feel am wasting my money on any type of credit score. 

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Why on earth would you feel like that?

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Thre seems to be confusion what score model is being used.  Seems MyFICO isn't trying to clear things up.  I would like to know if the FICO score I have is the same as the score the creditors see.   

[Anonymous]

It may not be. It also may have never been.

Don't confuse Fair Isaac and myFICO - same company - different products.

Would it be better if we went back to the old way and you had absolutely no way of knowing what your FICO scores are? You can feel free to do that if you want. No one is stopping you.

[Anonymous]

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@Anonymous wrote:

It may not be. It also may have never been.

Don't confuse Fair Isaac and myFICO - same company - different products.

Would it be better if we went back to the old way and you had absolutely no way of knowing what your FICO scores are? You can feel free to do that if you want. No one is stopping you.

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Yes, it would be better if we went back to the old way.  It sure would save me some money if we did.  I wouldn't think about my credit scores. I'll just continue to pay my bills on time.