Reply
Regular Contributor
Posts: 217
Registered: ‎04-17-2007
0

20 FICO points = $20 billion

I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?
Established Contributor
Posts: 510
Registered: ‎04-17-2007
0

Re: 20 FICO points = $20 billion

i like that. i am on it. anybody else with me ? i know the whole forum is with me.
Established Contributor
Posts: 905
Registered: ‎05-09-2007
0

Re: 20 FICO points = $20 billion



Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?


That is probably an understated estimate... Think how much Americans would save if all Lenders were required to increase the amount of truth they told the consumer by 20% percent! :smileyvery-happy:
 
Rob
Regular Contributor
Posts: 197
Registered: ‎06-08-2007
0

Re: 20 FICO points = $20 billion



Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?




This is precisely why creditors and credit bureaus DON'T want you to have the ability to raise your score overnight. They drag their feet, telling you to allow them "30-60 days" to report IMPROVED or CORRECTED information... but when it comes time to report a negative, it's done within 24 hours.

It's a brilliant plan... it just sucks for the consumer.
Regular Contributor
Posts: 155
Registered: ‎06-12-2007
0

Re: 20 FICO points = $20 billion

It would save 20 billion per year.. But I bet if the average credit score went up 20 points.. The cut off between prime and sub-prime would jump 20 points with the national average.

Did you ever hear about the study done with homeless people? The average homeless person has a credit score of 641?
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.