myfico.com & scorecard

[kimber6337]

While surfing I hit a link that took me to myfico.com, where at the link: http://www.myfico.com/MyFICO/CreditCentral/ScoringWorks/FICOIgnores.htm

I read:

Other types of scores may consider your age, but FICO scores don't.

Your salary, occupation, title, employer, date employed or employment history.

Lenders may consider this information, however, as may other types of scores."

NOW

this website has the fair isaac logo at the top of it - so they are related - right??

Then why does the scorecard at the link below STATE that OCCUPATION is on a point scale. A PROFESSIONAL gets more points than someone in an office?

http://www.ftc.gov/bcp/creditscoring/present/sld008.htm

Aren't the FTC's mentions of Fair Isaac and the myfico.com the SAME score? from www.myfico.com

"About FICO scores: Credit bureau scores are often called "FICO scores" because most credit bureau scores used in the US are produced from software developed by Fair, Isaac and Company. FICO scores are provided to lenders by the three major credit reporting agencies: Equifax, Experian and TransUnion."

MOST scores?? And just how may "scores" are there out there - I'm reading there maybe 5 or more different sets. And just what do THEY really use to score!

QUOTE FROM myfico.com:

"FICO scores have different names at each of the three credit reporting agencies. All of these scores, however, are developed using the same methods by Fair, Isaac, and have been rigorously tested to ensure they provide the most accurate picture of credit risk possible using credit report data.

CREDIT REPORTING_____AGENCY FICO SCORE

Equifax______________BEACON®

Experian_____________Experian/Fair, Isaac Risk Model

TransUnion___________EMPIRICA® "

[Edit by kimber6337 on Saturday, October 12, 2002 @ 08:18 PM]

[Anonymous]

Thank You Kimber, good info.

[Anonymous]

Thanks for doing the dumpster jumping for us!

With that info, I still suspect these scores vary wildly because they're not all following the FICO scoring mechanism. How else can TU have me at 743, and EXP at 662? One score I should, theoretically, be able to qualify for a home loan, the other, I can't qualify to be a dog catcher.

How can consumers get standardizations passed that are fair and accurate? Shoot, your job shouldn't count for points....you can be a deadbeat doc or a perfect credit waitress. Occupation has nothing to do with it; only your willingness to own up to your own responsibilities and debt.

[kimber6337]

And I agree - but the infamous SLIDE 8 says it does. Admin - weren't you at that conference? Any insight on this? Sounds deceptive to me unless i'm looking at dated material that has since been modified.

[tulipchic]

Was at that site yesterday. Played around with the calculators. I always new paying more than the minimum on credit cards would shorten the amount of time to pay off - but had no idea how much difference $50 more a month could make. I thought I would be paying on 1 account til I died, but can cut that time in less than half! I am going to tighten the belt more and try to be debt free in 5 years!

[admin]

This conference happened in 1999 (the same week JFK, Jr. was killed - that's how I remember it), and lots of things have happened since then, most notably: scores can now be seen by consumers.

I would say that Fair Isaac and Co, like any business would be constantly honing their scoring model and gathering new information, so it's impossible to know if what was presented in 1999 is the same as today.

[kimber6337]

If its not the same - should what they use be published to the consumer? Thats like getting a ticket and not being told what its for