Free FICO

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16 posts
yfan
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Re: Free FICO

Postby yfan » Tue Aug 18, 2015 9:48 am

flan wrote:
yfan wrote:I saw it on my account today too. That completes all 3 FICO score for me, and I get them free. Citi gives me Equifax, Amex gives me Experian, and Discover gives me Transunion. :cheers:


citi is giving a bankcard enhanced score, not a regular one. So the number is not comparable to others.

Thanks for pointing it out. Still, it is good enough for monitoring and range purposes, which is what I really care about.


sakhalin
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Re: Free FICO

Postby sakhalin » Wed Aug 19, 2015 3:24 am

Sweet, just saw the link pop up in my account just now. 802, wow!

Is the Score 8 model an accurate one?
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

takeshi
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Re: Free FICO

Postby takeshi » Wed Aug 19, 2015 7:41 am

Vermonster wrote:But it does match up very well with my real FICO from Experian.

They're both real FICO's. FICO doesn't have just one model used by creditors.

sakhalin wrote:Sweet, just saw the link pop up in my account just now. 802, wow!

Is the Score 8 model an accurate one?

Accuracy depends on the intended target. Any score is accurate for its own model. However, you cannot use a score generated by one model to determine a score generated by a different model. Different models use algorithms. You should expect different algorithms to produce different results. Different models can be coincidentally close or even produce the same number in some cases but coincidental != causal.

The specific scoring model, the CRA used as a data source and the date the score was generated/data pulled can all have an impact on the number generated. The last two items are a bit redundant as both are really just a matter of the data used to generate the score. Any score is generated based on the data in a report.

flan
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Re: Free FICO

Postby flan » Wed Aug 19, 2015 7:04 pm

takeshi wrote:Accuracy depends on the intended target. Any score is accurate for its own model. However, you cannot use a score generated by one model to determine a score generated by a different model. Different models use algorithms. You should expect different algorithms to produce different results. Different models can be coincidentally close or even produce the same number in some cases but coincidental != causal.

The specific scoring model, the CRA used as a data source and the date the score was generated/data pulled can all have an impact on the number generated. The last two items are a bit redundant as both are really just a matter of the data used to generate the score. Any score is generated based on the data in a report.


If two models are reasonably accurate, they will produce similar scores at the high and low ends, because that's the people least and most likely to default, which is what the scores are measuring. IN the middle, there can be substantial variation, as different models value different sorts of data, or make use of different data. One of the complaints people on forums have with the VantageScore 3.0 is that they have a low VS score, but a high fico, because VS [hates them|sucks|is crap], when the real reason is that it's harder to game than Fico is.

rohnin
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Re: Free FICO

Postby rohnin » Wed Feb 10, 2016 4:45 pm

how do you get a real FICO score? seems they are all much higher than the ones the actual lenders get when they do a hard pull

takeshi
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Re: Free FICO

Postby takeshi » Thu Feb 11, 2016 10:35 am

There are many ways. There are also many different "real" FICO models. Don't just rely on oversimplifcations such as "real". Which specific FICO mode do you need/want?

rohnin wrote:seems they are all much higher than the ones the actual lenders get when they do a hard pull

It's not given that a creditor will pull a higher number. Again, there are many scoring models used by creditors/products -- not just one. The specific model will impact the number generated. You cannot assume that all models are equivalent and must always consider the specific model and CRA when referencing scores.

flan wrote:If two models are reasonably accurate

"Reasonably accurate" is arbitrary. Each model evaluates report data differently. One cannot assume that one model is accurate and another is not. They're just different interpretations of report data.

flan wrote:they will produce similar scores at the high and low ends, because that's the people least and most likely to default, which is what the scores are measuring.

I see what you're getting at. Sorry, I tend to end up in autoreply mode after hitting MF as everyone asks the same questions over and over and over.

However, even your use of accuracy isn't about the similarities or differences in scoring models. it's about how well the model predicts whether or not one will default. That is entirely separate from how similar two models may or may not be unless one model has been determine to be able to actually predict default. Do you have studies to cite that indicate accuracy of the scoring models or is this just academic?

From a practical standpoint, accuracy doesn't mean anything when comparing models. In any case, it's popular usage that is my concern here. One model is not accurate while all others are not despite the tendency of people to assume that there is a single accurate model. Proving whether or not a given model can predict default is not what I'm addressing. Ideally a model should be accurate.

What people are really asking when they inquire about accuracy is "Can I rely solely on this score?" and the answer is no. The credit world doesn't rely on just one model and no one model will accurately represent every scoring model in use today.



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