Lenders Using Different Credit Scores Sparks Controversy

FICO CEO Will Lansing said some banks are confusing customers by using a different score which he has dubbed Fako; VantageScore, the company behind the alternative scores, says their scoring is used by thousands of lenders for credit decisions and FICO is upset over competition; FICO is the most widely used credit scoring method as trillions worth of loans have been extended using FICO; JP Morgan Chase and Capital One both use VantageScore to help customers stay alerted about their credit health and not necessarily to underwrite loans. Source.

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