Why are you guys so obsessed with FICO? They are not the only scoring model.
Because the folks who hang out at OtherScoringModel.com are not nearly as cool.
llecs do you work for myfico?
Aside from the corporate jet time, the corner office, the rubber tree plant, and the recycled air, I don't get paid peanuts. Come think of it, they don't even pay me that. In fact, the only thing I get to have is the Koolaid and I have to make it myself.
Joking aside, no moderators on here get paid to help and support this community. We have never been offered payment and we are paying customers just like everyone else on here. We are average Joes (and Janes) who happened upon these forums. I can't speak for anyone else, but I came along here with FICO scores in the low to mid-500s, zero credit, and a herd of baddies to my name. I googled like most after being denied for my 30th+ time for credit in less than a few weeks and I wanted to know why I was denied and what I could do to fix it.
I'm here because myFICO offers FICO scores. I buy FICO scores because a vast majority of lenders use FICO and I wanted to know why and how FICO scoring worked. If a vast majority of lenders used a FAKO then I'd visit myFAKO.com if that ever existed.
Comparing FICO to Coca Cola completely misses the point. People can stop drinking Coca Cola without being homeless. People can't stop using mortgages without being homeless. The only fair way to do credit scoring would be to disclose the exact details of how the scores were figured, and let the victim appeal unfair scores caused by bugs and unfairness in the scoring algorithm. Therefore it should not be a trade secret.
I couldn't disagree more. If people know exactly how the score is determined they will try to manipulate their score by taking actions that do not necessarily imply good financial habits. See how messy our tax rules are because they are all written out and people put tremendous effort in circumventing them? Don't underestimate people's creativity.