1. Thursday, January 24, 2013 - 11:05 PM
Thanks much, Pearl, for the article.
"Adding to the confusion, lenders aren't always looking at the same scores either. Within the FICO category alone, lenders look at more than 49 different FICO scores to assess risk -- but consumers generally only receive the generic FICO score. And one out of five consumers is likely to receive a score that is "meaningfully" different from the score used by a lender to make a credit decision, a recent study from the Consumer Financial Protection Bureau found."
Is this a necessary complication or bored people (e.g., VantageScore folks), who have nothing better to contribute to the human society?? Take a deep breath and ask yourself: "What is wrong with this FICO picture?"
I maintain that 790 out of 850 is a great FICO score no matter how you look at it. Simply adding another measuring system does not add value at all, unless one is adding more significant metrics to the system. To simply change the scoring range in the same sampling space is both trivial and unnecessary in my humble opinion.
"Adding to the confusion, lenders aren't always looking at the same scores either. Within the FICO category alone, lenders look at more than 49 different FICO scores to assess risk -- but consumers generally only receive the generic FICO score. And one out of five consumers is likely to receive a score that is "meaningfully" different from the score used by a lender to make a credit decision, a recent study from the Consumer Financial Protection Bureau found."
Is this a necessary complication or bored people (e.g., VantageScore folks), who have nothing better to contribute to the human society?? Take a deep breath and ask yourself: "What is wrong with this FICO picture?"
I maintain that 790 out of 850 is a great FICO score no matter how you look at it. Simply adding another measuring system does not add value at all, unless one is adding more significant metrics to the system. To simply change the scoring range in the same sampling space is both trivial and unnecessary in my humble opinion.
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