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Credit Scoring explained

Posted by dave_donhoff ( on
Wed, Jan 28, 09 at 19:39

Credit Scoring explained

An interesting interview explaining the technicalities of the credit scoring models of the bureaus.

Dave Donhoff
Leverage Planner

Here is a link that might be useful: Credit Scoring explained

Follow-Up Postings:

RE: Credit Scoring explained

The link says that the audio is not longer available.

Are the new scoring models now being used? I was waiting to check my credit score to see if it has changed.

RE: Credit Scoring explained

The audio interview was with a former bureau & FICO executive... and it explained that there are SO MANY DIFFERENT scoring models being used out there.

He explained that FICO publishes a scoring algorithm which is software the same way that Microsoft publishes Windows.

Each company, credit agency, and bureau then buys their license from FICO... and is SUPPOSED to pay to upgrade their license each time FICO issues a new version. HOWEVER, not everyone pays to stay updated.

SO, scores can (and are) all over the place still among companies that have not upgraded.

Its kinda nuts, in my opinion.
Dave Donhoff
Leverage Planner

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