FICO scores and calculations

[debtfreeme]

any one else see that the three large credit bureaus are going to start using hte same calculation to determine FICO scores?

No word yet on which calculation they are going to use but that sounds promising.

[Synacle1]

Actually this has nothing to do with Fico Scores. What there doing is consolidating the algorithyms used for there own respective scoring. Each CRA was issuing scores to consumers and business based on their own models. Fico was beating them out by using one formula to rate all three agency's therefore taking most of the marketshare for scoring systems. By all three agencies using the same formula they can market Their new scoring system jointly in order to steal marketshare back from fico. This new system would be used as a predictive system to rate the possiblilities of serious delinquency within the next 24 months from date of order.

You should check out the news links

http://news.yahoo.com/s/ap/credit_sc...NlYwN5bmNhdA--

then review

http://www.vantagescore.com/

Aparently this is a major deal for investors though as Fair issac's stock dropped quickly. Not to mention its a great business move for the CRA's. If they do manage to get business to make the switch, then lure consumers with teh promise of an easier to understand system, they could in effect make millions in revenue or at least get it back from current fico customers.