Revealed…FICO Scoring Logic Specifics

Information from Fair Isaac on 'score penalties'

While everyone in the mortgage business is painfully aware of the importance of credit scores and are familiar with them, the depth of understanding and knowledge about them is, for most, fair at best. If you fall into this group (and you probably do) don’t despair: 1) you’re in good company, and 2) there is intentional mystery built into credit scoring models to uphold their proprietary value.
Surprisingly and recently, though, the “black box” of credit scoring was opened a tiny bit offering increased specifics into the FICO score. Fair Issac revealed insights and provided example score “penalties” for common credit missteps.


Read the rest of the article here: http://su.pr/2NLTEA

Post by Kathy Fontana & Marlene Arimura-Mortimer