FICO system needs facelift
Letter to the Editor
By Inman News, Wednesday, March 18, 2009.Re: 'Buyers hurt by tougher credit scores' (March 12)
Dear Editor:
The FICO score is a valid measure of our finance status, but it is an outdated system. All of the software should be deleted and rewritten based on today's regulations, technology, economical issues, rules and other measures.
I had the luxury of working with the FICO score on a daily basis and trying to make sense of it. How is it possible, with today's technology, that the information updated into the three bureaus is about 30 days behind, and when a person pays off his credit cards his FICO goes down? There are many other issues on the reporting that makes our lives so stressful to deal with, especially since many Americans have NO clue how the reporting works.
Albert Soufi
HTCS International
Corona, Calif.
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Submitted by Bill Fooks on March 18, 2009 - 3:12am.
Bill Fooks
TFT realty Marketing Service
Warwick, RI http://www.fooksteam.com
You know something is wrong when a number tells you how well a person will pay their mortgage.It has some merrit to allow a machine to interview you.This cuts down on short term lenders cost. Long term, as you can see, the market falls apart when you don't know your clients.How interesting.I guess the when the Government wants to make you a number they will decide by the number who gets the loan. Think about that. It will make you take stock of having that number with you at all times.hmmm!?