Late Payments on Consumer Loans Rise

[Anonymous]

With the rise in consumer loans going late isn't FICO going to have to revamp or change the percentage of people being late in their calculations. That would in affect change at least my credit rating to a higher score and I am sure a few more.

Instead of me being in the 14% delinquency rate is defined as the percentage of borrowers who reach 90 days past due or worse on any credit account over a two year period, with a 661 score.

I should be moving to the 5% delinquency rate, for at least a 700 FICO.

Anyone?

[ShanetheMortgageMan]

While your logic seems to be correct, it's ultimately up to the credit bureau's to make a change like that.  I'm not privy to their ways of determining when their FICO scoring algorithm changes... you might want to post this on the general credit section for those credit experts to take a look at, could be a good topic of conversation.

[Anonymous]

Will do, thanks.