FICO should release their formula

[MidnightVoice]

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ByrdMan wrote:

I knew I was asking too much for you to just say oops.   You just had to throw in yet another jab.   That's why I love this place so much.

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What can I say?  I never claimed to be nice! 

[Junejer]

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@MidnightVoice wrote:

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@Junejer wrote:

I knew I was asking too much for you to just say oops.   You just had to throw in yet another jab.   That's why I love this place so much.

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What can I say?  I never claimed to be nice! 

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This much we know. I dub thee "Knight of Chaos".

[MidnightVoice]

ByrdMan wrote:

This much we know. I dub thee "Knight of Chaos".

Much better than "Court Jester" 

[Junejer]

Agreed, though I like that one too.

[Anonymous]

I'm going to guess that the rambling isn't normally this extensive on this site.................at least I sure hope not.

Maybe one of the mods can set up a new section below "FICO Forums Feedback"  called "Random Ramblings" where all conversations NOT having to do with credit can be had.

I suppose it is only fitting this thread end this way, given the absurdity of the title.

[MidnightVoice]

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Boscoe wrote:

I'm going to guess that the rambling isn't normally this extensive on this site.................at least I sure hope not.

Maybe one of the mods can set up a new section below "FICO Forums Feedback"  called "Random Ramblings" where all conversations NOT having to do with credit can be had.

I suppose it is only fitting this thread end this way, given the absurdity of the title.

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I am told the PRSOT forum is under consideration.

Politics, Religion, Sex and Off Topic  

[unknown_entity]

I think the bottom line is this:  If the banks are going to hold us to a meticulous inspection, then the criteria for that inspection should be revealed.  It isn't the formula to coke, no, it is the standard by which they advertise that lenders use to decide your creditworthiness.  The government can pass all the "fair lending" legislation it wants, but as long as financial institutions are allowed to use a formula that is "secret" to evaluate us for credit, then they can discriminate for any reason they want to and just notate that "you didn't score well" and shoot you off a letter saying ANYTHING it wants to say and as long as it has the "fair lending" disclaimer on it, it's perfectly legal. 

Message Edited by unknown_entity on 04-11-2008 10:08 PM

[Junejer]

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@unknown_entity wrote:

I think the bottom line is this:  If the banks are going to hold us to a meticulous inspection, then the criteria for that inspection should be revealed.  It isn't the formula to coke, no, it is the standard by which they advertise that lenders use to decide your creditworthiness.  The government can pass all the "fair lending" legislation it wants, but as long as financial institutions are allowed to use a formula that is "secret" to evaluate us for credit, then they can discriminate for any reason they want to and just notate that "you didn't score well" and shoot you off a letter saying ANYTHING it wants to say and as long as it has the "fair lending" disclaimer on it, it's perfectly legal. 

Message Edited by unknown_entity on 04-11-2008 10:08 PM

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Unknown, but that "standard" is FI's trade secret. It is what sets them apart from the competition. They are in this industry to make money and they are the leader of the industry. They should not have to give up their competitive advantage.

The bottom line is that it is up to the individual to stay on top of his/her credit and know what is contained inside of his/her credit reports. We have a system whereby we can dispute errors (granted it's flawed) and fix our baddies.

The law now provides for lenders to supply us with our credit score and disclose the source fro which they have secured that information. All in all, the law is a far cry from where it was a few short years ago, yet there is room for improvement. However, improvement shouldn't include making FI give up its competitive advantage to Vantage, Plus or any of the other pretenders.

[MidnightVoice]

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ByrdMan wrote:

The bottom line is that it is up to the individual to stay on top of his/her credit and know what is contained inside of his/her credit reports. We have a system whereby we can dispute errors (granted it's flawed) and fix our baddies.

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I hate to be boring, old fashioned and preachy, but getting a high FICO score is easy - spend less than you earn 

(Medical disasters excepted, but that is a peculiarly American phenomenon)

[Anonymous]

IMHO....Its ok for fico to have a secret way of computing. Its a business, however, I do have a concern over the unfair treatment of some, if not all, of us. examlple like, a collection agency verifies, report date changes, now it looks brand new, should not be allowed. All degros should come of after 3 yrs of perfect payment. It may not count in scores, but it sure does in manual review. You should not lose more points for 1 battie because you have a 700 score, and I lose 1 point for another battie just because I have 5 more than you.  Any way, fico is doing a business, I agree with this, but the scoring rules should change and be fair to everyone, because we all depend on credit not just the wealthy.