Originally Posted by
itsme
If that were true, that FICO scores were not covered "to permit vastly profitable selling of scores to consumers," then why isn't Fair Isaacs realizing that profit by selling FICO scores directly to us? Why do you think the algorithm Fair Isaacs uses to generate those score is any less "proprietary" than the secret recipe/formula for Coke? There is no patent on either of those, so if you knew the "incredients" and their proportions, then you would be free to duplicate the concoction.
If the score derived from that algorithm "is almost entirely public knowledge, at least in the industy and on FT and Fat Wallet etc.," then why don't others, like the 3 credit reporting companies, offer scores that correlate much better than the FACO scores?
What is the relevance of that to what we are discussing here?
FI's "proprietary" scoring system is well known as to its ingredients in the industry. As to why FI doesn't sell scores direct to consumers--of course, it does and has been doing so for years. See
http://www.myfico.com/
FI and the various bureaus are really part of a tight little cartel. They don't compete with each other very much.
As to the background info on credit scores provided ... if it doesn't interest you, don't read it. It is certainly on topic for this thread.
By the way, anyone who thinks the formula for Coke is a secret probably also thinks that no one but KFC knows what the "secret spices" are.
