Why Doesn´t Fair Isaac Make Lenders Use the Newest Version The question that some of you are going to ask is, “Why won Fair Isaac or the credit bureaus make the banks to update it?
” Fair Isaac has no influence on the scoring software version banks use. They can request that they update it, and can demonstrate the latest release is better than the older version—but that’s about all they can do. It’s similar to Microsoft when they update their operating system. Sure, they’d love for everyone to switch over to the latest Windows operating system, but they can’t pass a law to force everyone to do it. The credit bureaus could force banks to switch to the newest version. But that will never happen. They would basically be telling their largest customers what to do. It just won´t happen. Older Versions Calculate Scores Differently This is the issue though; the older software versions calculate everything differently. Here are just two significant changes: 1. Your credit inquiries are going to be treated more favorably in newer versions than in older versions. 2. The penalty you pay for using finance companies is less in newer versions than in older versions. Use Banks
