Re: The Hill publishes flawed argument about FICO scores
04-12-2012 06:43 PM
I think the point of the article is that scoring system is too varied and not transparent enough. Its a poor summary of the Consumer Financial Protection Bureau report on the same issue.
I do have to agree with him that inquiries are often too damning in the current model. Sure the guy is a bit misinformed as to details that we all know as "insiders" here at myfico but I would read the CFPB report I'm refering and see if it gives you a different prospective on the article.
The gist is that people in general have very little idea what their score represents and whether or not one they buy is the "true" score or not. This causes confusion and stems from lack of transparency by the bureaus about how people are scored.