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I am glad to hear from others who agree that FICO has a problem here....
Score_Watcher wrote:Again I point out that the only information credit reporting companies receive from your cards is if your minimum payment was on time (and not the amount of said payment) and your statement balances. Anything that happens between statements (interest charges, payments and purchases) is not reported.
Don't blame Fair Isaac. It's the credit card companies, mortgage lenders, car finance companies, etc. who decide when in the billing cycle they will report your balance to the CRAs. The FICO score can use only the data that is available to it on your reports.
lightnin67 wrote:
I agree with you 100 % and I think it could be fixed.Why couldn' t they report balance on due date.I ,like you charge large amounts many times and always pif.I dont feel my score fairly represents my risk to a creditor,and afterall that is what Fico is supposed to do.
masdeocho wrote:Don't blame Fair Isaac. It's the credit card companies, mortgage lenders, car finance companies, etc. who decide when in the billing cycle they will report your balance to the CRAs. The FICO score can use only the data that is available to it on your reports.
WRONG (with respect).....................................
just_curious wrote:
masdeocho wrote:
Don't blame Fair Isaac. It's the credit card companies, mortgage lenders, car finance companies, etc. who decide when in the billing cycle they will report your balance to the CRAs. The FICO score can use only the data that is available to it on your reports.
WRONG (with respect).....................................
Fair Issac is exactly who we should blame. All they have to do is ask for the interest and late fees charged (which the CCCs would be happy to provide). They would then know when accounts are PIF and could fix their system appropriately. The resulting scoring would be better - period.
OK, Congress would be reason (c) for changes by Fair Isaac. But the banks have extremely strong lobbying power ...
Score_Watcher wrote:
Unfortunately I think the only way for changes to be made throughout the Industry would be legal action by us, the consumers, or by congress requiring such changes.