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Boscoe wrote:Both of the Mods here make good points,
Boscoe wrote:
If someone could verify that section of the ECOA that discusses spouse's rights and post it, that would add some credence to the non-removed article. I agree that these outfits have an ax to grind to prevent FICO 08, but since we live in such a litiguous society, I find it hard to believe that someone won't start filing lawsuits or maybe even injunctions to ensure compliance with ECOA.
Edit: Darn ... this is really only in regard to reporting ... I haven't found where it says what anyone has to do with what is reported. It's beyond me.
I thought the article was a little "off-base" in claiming FICO 08 to be illegal. It seems to me that the legality will revolve around what creditors do with the information that is or is not made available to them when making lending decisions.
However, I don't have a horse in this race ... I'm still keeping my life simple ... making sure I have my own accounts.
That deadly word creditor again!! FI does not loan money
Dawn wrote:Does this cover it?Passage from Regulation B ( http://www.fdic.gov/regulations/laws/rules/6500-2900.html#6500202.10 )§ 202.10 Furnishing of credit information.
(a) Designation of accounts. A creditor that furnishes credit information shall designate:
(1) Any new account to reflect the participation of both spouses if the applicant's spouse is permitted to use or is contractually liable on the account (other than as a guarantor, surety, endorser, or similar party); and
(2) Any existing account to reflect such participation, within 90 days after receiving a written request to do so from one of the spouses.
(b) Routine reports to consumer reporting agency. If a creditor furnishes credit information to a consumer reporting agency concerning an account designated to reflect the participation of both spouses, the creditor shall furnish the information in a manner that will enable the agency to provide access to the information in the name of each spouse.
(c) Reporting in response to inquiry. If a creditor furnishes credit information in response to an inquiry, concerning an account designated to reflect the participation of both spouses, the creditor shall furnish the information in the name of the spouse about whom the information is requested.
[Codified to 12 C.F.R. § 202.10]
Boscoe wrote:But if they are the ones responsible for developing a widely used method of credit scoring, they have to do it in a way that does not discriminate against anyone, especially spouses.
Good point! About all that's left is common addresses, and that doesn't cover all the legit AU's, although I suppose it would get most.
@Anonymous wrote:
FICO can't retain AU status for spouses only.
To do so, it would need to collect data on marital status. According to Fair Isaac, "sex" and "marital status" are factors that are not considering in scoring because "US law prohibits scoring from considering these facts."