credit score: New Credit Scoring
- 01/06/09 01:50 AM
Hey! I couldn't be happier that at least they are LOOKING at revising the FICO system. For years I have felt that the old methods were neither fair nor accurate. Truthfully, I think the models should be constantly monitored and updated as delinquency patterns change and evolve. I have seen 700+ fico with a BK only a year out and others with dismal score but only minor dings. Ignoring a repo might be bad, encouraging car owners to let the car go into default, but ignorning collections accounts should be anything under $300-$500 (not the $100 they are using). There should … (3 comments)
Hey! I couldn't be happier that at least they are LOOKING at revising the FICO system. For years I have felt that the old methods were neither fair nor accurate. Truthfully, I think the models should be constantly monitored and updated as delinquency patterns change and evolve. I have seen 700+ fico with a BK only a year out and others with dismal score but only minor dings.;)
;)
