Scoring Systems

[Anonymous]

One system of scoring isn't as accurate as others.
Example a lender may purchase an upgrade form of the FICO scoring system, but the credit reporting agencies will continue to allow what is logically outdated scoring model from other vendor/lenders.
This can create havoc on ones over all credit picture and does on a persons individual credit reporting.
Example recently Synchrony bank wen't to the Vantage scoring model, which has without no doubt negatively effected most account holders of Synchrony credit lines.
Accounts having a score of 720 are now being reported as low as 618.
This is a complete mess that's happening now, and appears to be a will fiull means on behalf of banks to start reducing available credit.
While FICO appears to be feeding such behaviors by even allowing the various scoring models to still exist.
The dangers of changing scoring models in mid stream is obvious.
It's no different than if a company changes up their accounting methods for reporting under the securities exchange midstream (after the fact of extended credit lines, such as the mistake the banks made in ripping up the interest rates back in 2008) in an attempt to hide other relevant information in regards to numbers which is always money.

This isn't a matter of consumer failing to have confidence but banks/credfitors.
Ultimately banks will blame consumers on backing off.
FICO allowing the various out dated scoring models is reason enough to question just how fair the Fair Isaac model truely is.
And how much can society depend upon not only several versions of the scoring system, but how often banks could very well seize the opportunity to downgrade a working and effective  p[ositive banking system.

[Anonymous]

Profile > Score.  It always has been and always will be.

That being said, changing the scoring model used has zero impact on what really matters - The Profile / credit report.  That's what lenders care about far more than some 3-digit number.

Synchrony already has X number of months/years of data on their customers prior to the switch from Fico 8 to VS 4.0.  That data is still the same.  However your profile was viewed prior to the switch, that's how your profile is still viewed; It's the same profile.  Score from any given model is just a way of trying to represent the risk of that profile.  As with any 2 credit scores even within the same scoring model, no two are created equal.  There are also individuals with VS 4.0 scores that are equal to or greater than their Fico 8 from the same bureau.