It’s called FICO 9. That’s the descendant of FICOs 1 through 8, the credit scores spawned from the Fair Isaac Corporation, the credit-scoring company. The FICO score, a number between 300 and 850 that many lenders use to judge the creditworthiness of prospective borrowers. The higher the better for borrowers since a higher score can result in a lower interest rate and possibly better loan terms. Jim Wehmann, executive vice president for scores at Fair Isaac, is quoted in a Fair Isaac news release as saying “FICO Score 9 uses […]
Read More“It’s not fair!” So goes the mantra of prospective employees and tenants who have been turned down for employment or renting because of poor credit. Is it fair? What I used to ask my children when they said that was “Why isn’t it fair?” They stopped asking soon after that. Looking at the responses of job seekers who have apparently been rejected on the basis of a credit report is even more enlightening. A letter to the editor in the Allentown, PA Morning Call in 1999 contained the following: “But […]
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