The National Association of Realtors® recently called on FICO, developer of the credit scoring model of the same name, to revise some of its computations. At issue is the alleged negative impact on consumers when banks and credit card companies unilaterally reduce or cancel credit lines, even when...
Millions of Americans are being sandbagged yet again by consequences arising from the banking crisis. For the last six months or so, lenders have been wrecking havoc on many of their customers by reducing credit limits , increasing prevailing interest rates , or both. These unilateral moves have been...
The credit scoring system is being tweaked again as Fair Isaac Corporation, developer of the FICO credit score rolls out a new model dubbed FICO 08 . The new product was originally announced back in June but was not due to be finalized for a while. A demand by users in the wake of both rising mortgage...
It has been a long time since we mentioned the government mandated site at which consumers can obtain one free credit report a year from each of the three major credit bureaus. The system was phased in during 2005 and consumers flooded to the site but the necessity of keeping on top of credit histories...