You Can Still Buy Better Credit (For Now)

Earlier this year, Fair Isaac, originator of the FICO score, announced it would be modifying its credit scoring calculation to exclude authorized user accounts. This came after pressure from mortgage lenders who'd been lending to borrowers with faked FICO scores.

The new model, FICO 08, was supposed to have been rolled out to Experian this September, then Equifax and TransUnion next year. Right now, FICO 08 is not in place at any of the credit bureaus.

Mercury News reports:

Fair Isaac, developer of the FICO score widely used for home loan underwriting, confirmed that its "FICO '08" scoring model is not yet available at any of the three national credit bureaus. The new model, announced with fanfare in June as an antidote to piggyback fraud, was to have been activated in September at one of the bureaus, Experian.

But Experian says it has no firm timetable to make the model available. The two other bureaus - Equifax and TransUnion - are not scheduled to receive the model until sometime in 2008, according to Craig Watts, a Fair Isaac spokesman.

Credit bureaus' delay in adopting FICO 08 gives consumers more time to start building their own credit histories without relying on authorized user accounts to give an artificial boost.

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New FICO Changes Might Lower Scores | Can You Buy Better Credit | Tips To Improve Your Score