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     | Saturday, June 10, 2000 - 06:01 am  Found an article in San Francisco Chronicle biz section, 6/10/00, stating that Fair Isaac is ramping up plans (due to public pressure and legislative threats) to release FICO scores direct to consumers (link at bottom of post). Also, it states that, "for the first time, FI is disclosing a comprehensive list of factors used in the score". This link is informative, and the gist is as follows, but the FI web site (link below, also) does go into more detail about explaining things. While the explanation is not a major revelation to those of us who keep up with this type of stuff, it is, nevertheless, a good sign that we are moving toward full credit score disclosure. With the CRA's moving toward a risk score to release to consumers, and now FI doing so, it is looking really good. It may be overly simplistic, but I think that we can, in large part, thank E-Loan for these developments, as the high-profile fight that was started by their releasing of FICO scores really woke up a bunch of folks (including bought & paid-for legislators). Anyway, here is the breakdown of the scoring factors from FI web site, and as I said, at the end of this post are the links to both the Chronicle article and the FI page. Payment History -35% Amounts owed -30% Length of history -15% (Taking on) New Credit (inquiries) -10% Credit type mix -10% CHRONICLE ARTICLE http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2000/06/10/BUC1050.DTL FI explanation page http://www.fairisaac.com (click on "DEMYSTIFYING FICO", and follow the links through to the discussion page)
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| | Saturday, June 10, 2000 - 04:07 pm Thanks much Lynn! I had a look at http://www.fairisaac.com/servlet/SiteDriver/Content/912 and reading those pages makes it appear that Credit Scoring is a very reasonable and logical approach to rating credit worthiness. Yet, I still don't know why Scores change from one day to the next. From the Chronicle article "... and the score explanation service is expected to be live next month." We'll see whether they can explain those tremendous differences in the Scores at http://www.bayhouse.com/FICOisFRAUD.html
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