Mortgage lenders seem to be the last to move to new models. I've heard of some still using the FICO 98 models....
Yeah...but if we consider that there are 10's of thousands of just CU's let alone jewerly stores furniture stores and a gazillion other
credit granting insitutions in America Mortgage lenders are just 'among' many possible slow adopters....
Look at the CC machinesand cash registers of businesses in America and you'll see a LOT of places 'stick' with whatever they use.
We pay closer attention to some types of vendors than others based upon our needs but there are millions upon millions of 'clients' that the CRA
sell their products to....we sometimes forget WE are NOT their customer, we or actually info about us is nothing more than a means to an end for them.
The government and watch dog groups have forced their hand to deal with us at all otherwise, they don't give much of a crap about the 'subjects' of these files...their in the file selling data crunching business, period.
No different than if McDonald's didn't have to talk to cows to sell burgers they wouldn't and outside of PETA why would they give a crap what the cow says or thinks, unles there are cameras around but tomorrow it's back to slaughtering cows and slinging info and crunching numbers how ever the paying clients wants to get it (yeah we're the beeef)
It's our job is learn the system and use it in our favor once we see how the sausage is made...that's why we're here to share data points...the world is so different now
We all know that 'secret sauce' is just thousand islands (ketchup and mayo) what?
