Comments on: What You Need to Know About the FICO Update http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Bill http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187884 Bill Wed, 04 Feb 2009 18:53:58 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187884 quoted from here: <a href="http://www.fairisaac.com/NR/exeres/E098C595-545F-4DDD-A6CF-449EA685E8E1,frameless.htm" rel="nofollow">link</a> quoted from here:

link

]]> By: Bill http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187883 Bill Wed, 04 Feb 2009 18:53:35 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187883 Again, I recommend you go to the source before publishing falicies and perpetuating the spread of disinformation. Fair Isaac is very clear on what their new system will and will not do. "Prevent" is a word that was never used by the Fair Isaac Corporation. Again, I urge you to be a responsible author, and get it right, before you write. Here is their exact quote: "Fair Isaac analysts have developed patent-pending technology that includes AU data in the calculation of scores, while reducing potential impact from tampering." Again, I recommend you go to the source before publishing falicies and perpetuating the spread of disinformation. Fair Isaac is very clear on what their new system will and will not do. “Prevent” is a word that was never used by the Fair Isaac Corporation. Again, I urge you to be a responsible author, and get it right, before you write. Here is their exact quote:

“Fair Isaac analysts have developed patent-pending technology that includes AU data in the calculation of scores, while reducing potential impact from tampering.”

]]> By: Smithee http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187879 Smithee Wed, 04 Feb 2009 18:02:54 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187879 Bill, the creditcards.com story you linked to is from July 2008, and the four articles I read were all published in the last 8 days. From a fifth, <a href="http://www.creditcards.com/credit-card-news/fair-isaac-rolls-out-revised-fico-score-1270.php" rel="nofollow">more recent article on creditcards.com:</a> <blockquote>Fair Isaac scientists found a method to prevent "credit repair piggybacking" while still permitting legitimate use of authorized user accounts.</blockquote> My point is that I don't know exactly how this will impact your company, boostmyscore.net, and neither do you. Bill, the creditcards.com story you linked to is from July 2008, and the four articles I read were all published in the last 8 days.

From a fifth, more recent article on creditcards.com:

Fair Isaac scientists found a method to prevent “credit repair piggybacking” while still permitting legitimate use of authorized user accounts.

My point is that I don’t know exactly how this will impact your company, boostmyscore.net, and neither do you.

]]> By: Bill http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187878 Bill Wed, 04 Feb 2009 17:54:36 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187878 Not incorrect. Just severely outdated. Not incorrect. Just severely outdated.

]]> By: Smithee http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187876 Smithee Wed, 04 Feb 2009 17:39:27 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187876 Well, I read four different news reports in order to write my report; I'd be shocked if they were all incorrect. Well, I read four different news reports in order to write my report; I’d be shocked if they were all incorrect.

]]> By: thomas http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187875 thomas Wed, 04 Feb 2009 17:33:38 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187875 FICO controversy? FICO controversy?

]]> By: Bill http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187844 Bill Wed, 04 Feb 2009 01:51:20 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187844 Boy did Smithee get his story wrong. First, piggybacking benefits will continue for everyone. Read Fair Isaac'a written statement on page 2 of this pdf file here (sorry for the non personal site, but I think it is important for the readers of this article to know the truth): http://www.boostmyscore.net/documents/CongressionalCommitteonFinancialServices-AuthorizedUserTradelinesLiveOn.pdf ...and here: http://www.creditcards.com/credit-card-news/piggybacking-fico-credit-score-authorized-user-1265.php Second, while negative information will have LESS impact on your FICO score, it will certainly maintain the uneasy feelings an underwrite may have towards approving your loan. This distinction is not clear in your article and most certainly should be. In order to learn the correct information and the full details of this change, visit the horses mouth: http://www.fairisaac.com/NR/exeres/8263C5D1-EC25-419B-B6A9-DFEA Boy did Smithee get his story wrong.

First, piggybacking benefits will continue for everyone. Read Fair Isaac’a written statement on page 2 of this pdf file here (sorry for the non personal site, but I think it is important for the readers of this article to know the truth): http://www.boostmyscore.net/documents/CongressionalCommitteonFinancialServices-AuthorizedUserTradelinesLiveOn.pdf

…and here: http://www.creditcards.com/credit-card-news/piggybacking-fico-credit-score-authorized-user-1265.php

Second, while negative information will have LESS impact on your FICO score, it will certainly maintain the uneasy feelings an underwrite may have towards approving your loan. This distinction is not clear in your article and most certainly should be.

In order to learn the correct information and the full details of this change, visit the horses mouth: http://www.fairisaac.com/NR/exeres/8263C5D1-EC25-419B-B6A9-DFEA

]]> By: Miranda http://www.consumerismcommentary.com/2009/02/03/what-you-need-to-know-about-the-fico-update/#comment-187819 Miranda Tue, 03 Feb 2009 14:15:20 +0000 http://www.consumerismcommentary.com/?p=5215#comment-187819 While it is nice that in some cases FICO will be more forgiving, there is a darkish side to all this parsing out the score. It is clear that we have reached a point where it is possible for companies to track every expenditure. Some companies are already assigning risk scores to you, depending on what kind of purchases you are making. CompuCredit has used this to alter credit terms. If you pay to have your nails done, you are penalized more than if you pay for car repairs. Perhaps I'm being paranoid, but it seems as thought this is where FICO may be headed. While it is nice that in some cases FICO will be more forgiving, there is a darkish side to all this parsing out the score. It is clear that we have reached a point where it is possible for companies to track every expenditure. Some companies are already assigning risk scores to you, depending on what kind of purchases you are making. CompuCredit has used this to alter credit terms. If you pay to have your nails done, you are penalized more than if you pay for car repairs. Perhaps I’m being paranoid, but it seems as thought this is where FICO may be headed.

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