Tín dụng chuyên gia John Ulzheimer, người đã làm việc cho cả hai Equifax và Fair Isaac, theo cách này: ". Nó là loại giống như chi tiêu $ để thay thế một phần $ 1, và các phần $ 1 là không thậm chí bị phá vỡ" Hơn nữa, hầu hết các khoản vay hiện nay là đóng gói và | Chapter 3 Vantagescore A Revolution or Just More of the Same 43 Credit expert John Ulzheimer who has worked for both Equifax and Fair Isaac put it this way It s kind of like spending 10 000 to replace a 1 part and the 1 part isn t even broken. Moreover most loans today are bundled up and sold to investors in a process that Wall Street calls securitization. FICO scores are used to evaluate and price these investments. Wall Street is quite comfortable that FICO-scored loans will behave as forecast. A new scoring system would have to prove itself at least as reliable if not more so to justify a switch. Nomura Securities analyst Mark Adelson pointed out that rating agencies such as Moody s and Standard Poor s also would have to retool their systems to accept Vantagescores as would major mortgage buyers Fannie Mae and Freddie Mac. Unless and until that happens he wrote we expect Vantagescore to raise only a trifling challenge to FICO s dominance. The barriers are so high in fact that Fair Isaac itself has had a tough time getting lenders underwriters and rating agencies to switch from FICO. Fair Isaac s NextGen Ulzheimer said is demonstrably better than the classic FICO more predictive and better able to separate good risks from bad ones but it hasn t been as widely accepted as Fair Isaac had hoped because switching scoring systems is such a tall order. of course the bureaus have a strong incentive to win over lenders and rating agencies money. Every time a bureau generates a FICO score for a lender the bureau has to pay a fee to Fair Isaac. It s a profitable business for the company According to Merrill Lynch analyst Edward Maguire credit scoring accounts for 20 percent of Fair Isaac s revenues but 65 percent of its operating profits. By creating and selling their own scoring system the bureaus cut out the middleman. The bureaus individually have tried to break Fair Isaac s grip on the creditscoring market before without much success. They re hoping this joint effort .
