Comments on: Stop Blaming FICO Scores

By: cliff mays

cliff mays — Mon, 06 Jul 2009 21:03:02 +0000

One more thought. When the banks needed help from the government most would have had a poor fico score (if they were individuals). But the money flowed, billions. It it time the average person gets a break. Ban fico nonsense now.

By: cliff mays

cliff mays — Mon, 06 Jul 2009 20:55:48 +0000

FICO is nonsense period! I had a poor fico score and got 4 loans (pres of the bank was a member of my church) all of them for around $2,500. According to b.s. of fico I would not repay, but I did. The fico system is nothing more than a debtor prison. It even effects auto insurance rates, I have had zero accidents even with a poor fico. I and millions have had it with the bunk about how it predicts, it cannot and does not predict anything. Making it hard to get a better job (needed to repay loans) makes no sense. I for one want to FICO history. even the torha has a start over every 7 years when all debt is forgiven.

By: DJ

DJ — Sun, 17 May 2009 16:30:10 +0000

The problem is that FICO did not adequately gauge risk. As we see, users with high FICO scores are defaulting left and right. The response by the bankers, we’ve seen, is that no matter what your supposed risk as calculated by FICO, they have reevaluated their entire portfolio without regard to FICO. Seems like such behavior is saying a lot.

Lenders are now openly saying that they are putting much less emphasis on FICO and more on the actual credit data.

If lenders are already doing their own computerized analysis based upon the raw credit data, I don’t see how adding a “FICO” score to this practice does any good…….the score, as I’ve researched, has much less impact on a lending decision than it used to. So again, if we are already mining users actual credit data, how does FICO provide benefit to the lender/consumer?

What’s really is absurd is that the scores accessible on MyFICO.com are outdated, and not even the FICO versions used by the bureau’s and lenders.