Originally Posted by
biggestbopper
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.
The New York Times and others believe Coke's recipe has remained a secret. Indeed, not too long ago, the FBI nabbed three people for trying to sell details to Coke's main revival, Pepsi, for a hefty sum. So, if you know Coke's recipe, please share it.
The same with the algorithm for FICO scores. Please share that algorithm or point us to where it can be found, so we can calculate our scores for ourselves. I have seen breakdowns of how much different factors are supposed to be weighted, e.g., 35% payment history, but nothing that would allow one to calculate their own score with any meaningful precision, e.g., within 50 points.
http://wombletradesecrets.blogspot.c...-fbi-nabs.html
http://www.nytimes.com/2008/08/07/bu...ia/07adco.html
http://www.networkworld.com/news/200...as-secret.html