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Farewell to Fair Isaac?

Bath, ME (PRWEB) March 16, 2006

Is this the end the end of the road for the familiar FICO credit scoring formula developed by Fair Isaac?

The nations’ three credit reporting agencies announced on Tuesday, March 14, 2006 that they have jointly created a new credit scoring system called “VantageScore”. The primary benefit of the new scoring system is that it provides a consistent credit scoring model that is identical for all three credit reporting bureaus.

In the past each credit bureau has used its own proprietary formula for creating its own credit score. This caused large variations in scores among the three bureaus. With the new VantageScore system, a single, unified formula will be used by each of the three credit reporting agencies. This will result in virtually identical credit scores across all three of the credit bureaus. The only minor differences will be caused by the slightly different data that has been collected by each of the agencies. However, for the first time the formula to interpret that data with be identical across all three bureaus. Lenders as well as consumers will be able to obtain their credit score from any of the three bureaus, and can be confident the credit score would be nearly identical at the other two credit bureaus.

The FICO credit scoring system developed by Fair Isaac Inc, a publicly traded company based in Minneapolis, was represented by a 3-digit number between 300 and 850. The new VantageScore credit score system uses the same 3-digit result, however the numbers will range from 501 to 990. Under the old FICO credit score system good credit was considered to be 720, poor credit was considered to be a credit score under 600, and excellent credit was represented by a credit score of 750 or above. Under the new system, each 100 point range will be grouped on the familiar academic scale used in the school system.

For instance, 501 to 600 will represent very poor credit and would be considered a “F”. A credit score of 601 to 700 would represent poor credit and would equate to a “D”. A credit score of 701 to 800 would be average and equate to a “C”. A credit score of 801 to 900 would represent an above average credit score and would equate to a “B”. And a credit score in the range of 901 to 990 would be an excellent credit score and equate to a “A”.

Christine Carter, owner of http://www.CreditSc0re.com, a website that provides advice and strategies for substantially improving your credit score, sates “Although the exact details of the formula and weighting of the content of the new credit scoring system have not yet been released, the same solid principles practiced to get a high credit score under the old system will be useful to build a high credit score using the new credit score system.”

Comments by David Rubinger, spokesman for Equifax, echoed that same theme, stating “the new score would reflect a consumer’s frequency of borrowing, delinquency in paying bills, and other content.” He also stated that the new credit score was expected to reduce the variance in a consumer’s credit score by about 30% compared with what it was under the old credit scoring system.

Beginning immediately the new credit score is available to mortgage lenders, banks and credit card companies. However, the new credit scores will not be available to consumers until later this summer.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Question by Kim: When getting a rental, do they check credit history from all 3 bureau or only 1?
We recently got a rental that we will move in this month and they supposedly checked both of us’ credit history but I just checked Equifax and there was no inquiry for me in the last 2 years. Do potential landlord/agency check credit history from all 3 or 1 bureau? Out of 3 credit bureaus, which one is near up to date and dependable/accurate?

Best answer:

Answer by Michael C in Las Vegas
Everything depends on the landlord, but most only check 1 bureau. While all 3 bureau’s have reports all over the country, it seems like each part of the country has a favorite one used by businesses. So, as to which one is most up to date and reliable, they all should be, but one is checked most often in your area.

Add your own answer in the comments!

Lawsuit: Credit Score Sites Mislead Consumers
Confused about your credit score and where to get it? That’s intentional, according to a new lawsuit filed in a California federal court.
Read more on WITN 7 North Carolina

Moody’s Slashes Ireland’s Debt Rating
DUBLIN — Ratings agency Moody’s cut Ireland’s credit score Friday to Baa3 — one level above junk-bond status — and warned the nation could struggle to cut its deficit because of weaker-than-expected economic growth. Moody’s issued its latest downgrade hours ahead of the Irish government’s expected announcement of a revised agreement with the European Commission, European Central Bank and …
Read more on TheStreet.com

ARMORPOINT™ launches its corporate website to support the launch of the first 3-Bureau Credit Management Software integrated with real-time Identity Theft Protection

San Diego, CA (PRWEB) August 11, 2005

ARMORPOINT, Inc. the leader and market innovator of Total Credit Management Solutions, announced today that it has officially launched its corporate website at http://www.armorpoint.com. ARMORPOINT, the creators of the first 3-bureau credit management software application with integrated identity theft protection, has made public for the first time there corporate website. This website is designed to provide consumers, business partners, and lending institutions information related to ARMORPOINT’s software and services in the consumer credit management and identity theft protection industry.

ARMORPOINT is recognized as the creators of the first 3-bureau credit management software application, which provides consumers with an easy-to-use desktop tool for managing personal credit information, credit scores and securing identity. ARMORPOINT is the first company to provide a comprehensive software solution that integrates identity theft protection with credit management, credit monitoring and identity theft insurance. The Company’s Total Credit Management (TCM) solutions deliver value through patent-pending Dynamic Credit DNA technology, which automatically customizes the user experience and redisplays personal credit information and credit scores in simple to understand formats.

“I am a big believer in first to market and our team has worked diligently to get us live in the marketplace,” said Sheldon Owen, CEO of ARMORPOINT, Inc. “We have been doing a tremendous amount of work on the development of our software and services; and we are confident that our products will offer both our clients and their consumers extended value beyond basic credit report services and credit monitoring.”

ARMORPOINT has spent the last 12 months building its patent-pending technology and is now unveiling its Total Credit Management (TCM) Solutions to the public. ARMORPOINT has developed an offer that combines the flexibility of software, the power of technology and control of personal services into a single solution. Exclusively through ARMORPOINT partners and customers, consumers will be able to purchase the ARMORPOINT Credit Kit (our 3-Bureau Credit Management Software), ARMORwatch (our Credit Monitoring), Identity Theft Protection, Identity Theft Insurance, and receive FREE 3-in-1 Credit Reports with Credit Scores every 90 days.

ARMORPOINT is the first company to deliver branded credit management and identity theft protection solutions directly to lenders of all sizes. The Company has designed its products and services to help lending organizations increase lead conversion rates, customer loyalty and bottom-line revenue.

About ARMORPOINT

ARMORPOINT is the leading provider of Integrated Total Credit Management products, offering 3-Bureau Credit Management Software, Credit Monitoring, 3-Bureau Credit Analysis, Identity Theft Detection, Identity Theft Protection and Personalized Education. ARMORPOINT’s patented approach uniquely simplifies the complexities of the 3 major credit reports and integrates them into an easy-to-use software application that enables total control and enhanced security protection. The Company provides best-in-class software and services that help consumers control their financial future and secure personal information from identity fraud. For more information please see http://www.armorpoint.com.

© 2005 ARMORPOINT, Inc. PO BOX 2017, San Marcos, CA 92079. All trademarks, trade names, service marks, and logos referenced herein belong to their respective companies.

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©Copyright 1997-

, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

Question by EagleLanding: If collection removed from credit bureau report, will credit score go up?
Hi. I have a collection which has been on my report for 3 years. It is only being reported to one of the bureaus. The other two bureaus not showing this collection have my score around 688 – 698. The one bureau showing this collection scores me at 599. I have secured a “pay for delete agreement” to which the collection agency will remove the item from my report entirely. Will that help my credit score? (because it’s then as if it never happened) Thanks.

Best answer:

Answer by Mo
If you have that in writing, you’re good to go! If not, & this was some sort of verbal agreement over the phone…DO NOT give them a dime!

Collection agencies are notorious for calling you & telling you what you want to hear.

Who is the collection agency???

Also…if they DO delete, your score will jump! But make sure you are looking at true FICO scores…everything else is fake & is not used by any reputable lender.

Know better? Leave your own answer in the comments!