Bob

Any heard about the changes to the credit scoring system?

apparently there adding letters to the mix of numbers, A-F, where each letter is a different category of risk...A is great, F is a loser...

speaking of loser, the missus had someone on the phone who had a score of 3...yes, that's a single digit score

anotherlimey

What's the point in that?

Does the letter tell you anything extra?

BigDavyG

I believe that some organisations already use letters calling that bit the OFS - originator of Financial Stability - not sure what extra info it contains over and above the FICO though.

Bob

The letter just makes it easier to grade people I guess as there either great, okay, going down to shite...

Bob

I think it has somin' to do with general history so that if you suddenly go check out a bunch of insurance companies and what not, the sudden spike of activity won't affect your overall level...though i'm a bit hazy on the details..

Duncan Roberts

What I heard is that it will cover all credit agencies so your trans union score will be the same as your equifax and experion, which is a good thing. I can't rember the numbers exactly but its something like 900-801=A, 800-751=B, 750-701=C and so on. Like I say those are probably not 100% accurate but similar.

Angry White Pyjamas

Another way to add bureaucrocy and complication in order to befuddle Joe public more. And for credit scoring companies to make more money. At least if you were a cynical bastard thats what you'd think.

fatbrit

Google Vantagescore.

It'll be a while before it catches on if at all -- too much tied up in the FICO system.

anotherlimey

Ahhh, Google knows best:

http://www.creditbloggers.com/

Bob

already being used in some bank of america.....of course I couldn't say....

fatbrit

Trial or actual use?

Bank my OH was with until she saw the light and doubled her salary overnight by leaving the sector altogether, took forever and a week to bring in new stuff. The main database access system only moved from a telnet interface to a browser one in 2004-ish -- and its implementation was so bad she always used the old interface. Don't exactly move fast in the banks...

Bob

Well that's the thing, it was being trialed at the other place, and being in use in the other one, and with the twinning, it is being used now, but, mostly being ignored, just being used for people who have a new fico score....and yeah, taking time to do things, know about that, a mate does the stats for the state of maine, and the new place was amazed by what stats they could actually get but weren't getting, even though they were using the same system...the main one being not actually knowing how many calls they had taken in a particular day to be used to predict peaking hours and thus when to have extra people in *lol*