[apexcrsrvc]

Well, it's now September and according to the data I've examined nothing has changed with respect to FICO 08'. This could be because no lenders or credit report vendors such as Kroll or First American Credco are using this model. It's hard to tell if anyone ever actually will insofar as there are a voluminous amount of FICO models on the landscape.

In any event, I've seen nothing to date and that includes Experian numbers. Perhaps, it was all a scare tactic. Perhaps, someone read the ECOA.

[hannah]

Originally Posted by apexcrsrvc

Well, it's now September and according to the data I've examined nothing has changed with respect to FICO 08'. This could be because no lenders or credit report vendors such as Kroll or First American Credco are using this model. It's hard to tell if anyone ever actually will insofar as there are a voluminous amount of FICO models on the landscape.

In any event, I've seen nothing to date and that includes Experian numbers. Perhaps, it was all a scare tactic. Perhaps, someone read the ECOA.

See this thread.

[apexcrsrvc]

I've read that but, it's inapplicable to the new scoring model in my opinion. What one creditor does doesn't bear any relation to the new scoring model which should be found invalid under the ECOA. In other words, there is no evidence to support that USAA is altering their posture towards the additions of authorized users because of the ECOA. If anything, USAA has always had stringent requirements for placing users; i.e., they had to be military to be added.

What I was commenting on was the popular opinion that beginning in September, all authorized user accounts were to be abolished for the purposes of credit scoring. Well, it's not so yet, even on Experian. My opinion, lenders will never pick up this model insofar as it will lead to less approvals in an already bleak mortgage landscape. As for auto lenders and credit card issuers, they tend to use their own models in any event. Compile that with the likely holding that the credit reporting agencies can produce and disseminate the Vantage score and this may amount to a bunch of hub-bub over nothing.

Just my two cents . . .

[jlynn]

Originally Posted by apexcrsrvc

Well, it's now September and according to the data I've examined nothing has changed with respect to FICO 08'. This could be because no lenders or credit report vendors such as Kroll or First American Credco are using this model.

Since Kroll and Credco are known to be vendors for the mortgage industry - they are obligated to not use FICO 08, because of the ECOA.

[apexcrsrvc]

You are correct but, explaining that to people is easier said than done.