Credit / Mathematics folks...Enter here...

[QuickWrench]

Does anyone out there have a version of the FICO algorithm? Why isn't it a published formula?

(If you don't know, don't ask...)

 

[XLR8]

Every time I have inquired, I have been told it's a mystery. Also since the three repositories seldem have the same FICO score for an individual, each repository may have a differnet set of perameters determining the score. I am the Underwriting Manager for the Rocky Mountain Region of a Bank.

 

[bishir]

The FICO algorithm is a mystery. WHY? Because they want to charge people to use it! I even tried to see if I could find it with google and had no such luck. I did learn 75% of financial institutions do use it and only 11% of the population has a score over 800. I was so close with my 790, but a year ago I was there!

James

 

[QuickWrench]

Originally posted by bishir
The FICO algorithm is a mystery. WHY? Because they want to charge people to use it!

/obvious

Yep, Fair & Isaac have it cornered on this one. I'm just AMAZED that in this day and age, that the formula hasn't been leaked. It can't be that well-guarded.

My main reason for inquiry was that as I'm trying to get my [and my fiance's] score well over 720, it would be nice to plug in different 'what if's into the formula; i.e. What if I pay off this account, close it, and leave that one alone, or vice-versa. Any more, with mortages, car payment(s), revolving credit accounts, student loans, etc., there are literally hundreds of potential combinations of changes that could be made. Unfortunately for Joe Q. Consumer, choosing poorly can lower your score, while seemingly helping in terms of debt consolidation, refinancing, low-interest transfers, etc.

I'm deeply surprised that a consumer advocacy group hasn't forced the matter. Maybe Tyler Durden wasn't wrong, after all...

Thanks for the responses so far, guys...