FICO should release their formula

[unknown_entity]

I think FICO should release their formula and let us all determine what is best for our score.  After all, having a "secret formula"  is contrary to the  "fair credit" laws that our government has enacted to protect us, the consumer, from unfair credit reporting and issuance. 

Message Edited by cheddar on 03-30-2008 02:45 PM

[Anonymous]

---

unknown_entity wrote:

I think FICO should release their formula and let us all determine what is best for our score. After all, having a "secret formula" is contrary to the "fair credit" laws that our government has enacted to protect us, the consumer, from unfair credit reporting and issuance.

---

and maybe they'll throw open the gates at area 51 (and from you aviatar pic), you could visit some old buds. neither will ever happen.

edited this post title and following titles to get them to all match --hauling

Message Edited by haulingthescoreup on 03-30-2008 01:04 PM

[unknown_entity]

Don't bet on it. There is a contingent of people closely associated with legislators that are currently reviewing and developing a "government score model" that will be published so that everyone can decipher their score without having to "buy their own information" from companies whose sole purpose for existence is to make a profit. These same people are strongly taking the position that FICO, or rather the use of FICO by Wall Street investment firms to replace the traditionally laborious underwriting process is responsible for the mortgage mess the country is in now. Common sense states that if the government mandates "fair lending practices" then a "secret formula" can easily undermine any laws currently in place to protect the consumer.

edited post title (only) as noted above --hauling

Message Edited by haulingthescoreup on 03-30-2008 01:06 PM

[Anonymous]

---

unknown_entity wrote:

Don't bet on it. There is a contingent of people closely associated with legislators that are currently reviewing and developing a "government score model" that will be published so that everyone can decipher their score without having to "buy their own information" from companies whose sole purpose for existence is to make a profit. These same people are strongly taking the position that FICO, or rather the use of FICO by Wall Street investment firms to replace the traditionally laborious underwriting process is responsible for the mortgage mess the country is in now. Common sense states that if the government mandates "fair lending practices" then a "secret formula" can easily undermine any laws currently in place to protect the consumer.

---

ok, getting too political for me and not really why i hang here.

Message Edited by haulingthescoreup on 03-30-2008 01:06 PM

[MidnightVoice]

---

unknown_entity wrote:

These same people are strongly taking the position that FICO, or rather the use of FICO by Wall Street investment firms to replace the traditionally laborious underwriting process is responsible for the mortgage mess the country is in now.

Personally I think it has far more to do with the fact that mortgage lenders now resell mortgages. Before they made a profit in the interest payments, so they made good loans. Now they make money on commissions by selling the mortgage, so don't give a tinker's cuss about making good loans or bad loans - they get the same commission regardless.

---

unknown_entity wrote:

Common sense states that if the government mandates "fair lending practices" then a "secret formula" can easily undermine any laws currently in place to protect the consumer.

---

Essentially, it is not really secret. If you pay all your bills on time and are fiscally responsible, then you will have a good score.

Message Edited by haulingthescoreup on 03-30-2008 01:06 PM

[Anonymous]

---

MidnightVoice wrote:

Essentially, it is not really secret. If you pay all your bills on time and are fiscally responsible, then you will have a good score.

---

MV,

I totally agree...

Message Edited by haulingthescoreup on 03-30-2008 01:07 PM

[unknown_entity]

Then release the formula so there are no more secrets. The fact that FICO's formula is secret belies everything in these forums posted that says they want to help. They don't really want to do anything but protect their "cash cow" formula in order to assure that they can conspire with lenders to further exploit the American consumer. IMHO fair lending doesn't exist in America. Big business and lobbiests spend billions each year trying to find new ways to keep their proprietary secrets popular so they can continue to exploit those who aren't savvy enough to figure out that they are being had. The big thing now is "identity theft". That is a misnomer, your identity hasn't been stolen. What has been stolen is the money of the credit card company who is so eager to give you credit that they will give it to someone who isn't you. How can you hold an individual responsible for that? Let's start making the CCC's pay when they give credit to someone who isn't you. I wonder how much "identity theft" there would be then. Not much, you can bet on THAT!! Truthfully, the point of sale for any identity theft scam is the CCC's themselves, how can we as individuals be responsible for their lax lending standards?

Message Edited by haulingthescoreup on 03-30-2008 01:07 PM

[MidnightVoice]

---

unknown_entity wrote:

how can we as individuals be responsible for their lax lending standards?

---

Well, if we didn't spend money we couldn't afford to pay back (medical bills excluded)............

Message Edited by haulingthescoreup on 03-30-2008 01:07 PM

[haulingthescoreup]

Just to repeat what I added on to the second post: I went through and changed all the thread titles to the new title, because it was getting awfully confusing. I didn't edit the content of any of the actual posts.

This thread was split off from another, as it began dealing with a different topic. It was originally part of When should you care about your FICO score?: One man's opinion, over on Credit Cards.

--hauling

[MidnightVoice]

---

haulingthescoreup wrote:
Just to repeat what I added on to the second post: I went through and changed all the thread titles to the new title, because it was getting awfully confusing. I didn't edit the content of any of the actual posts.

This thread was split off from another, as it began dealing with a different topic. It was originally part of When should you care about your FICO score?: One man's opinion, over on Credit Cards.

--hauling

---

Some of us noticed