Here’s a CNN article about more strangeness in credit scoring:
Since I’m focused on getting my clients approved for mortgages, I really only care about FICO scores. An interesting and totally FALSE statement from this article:
FICO only considers a handful of factors, but they are all “incredibly predictive of risk,” Ulzheimer said.
Exactly HOW predictive are FICO scores?
A client’s mortgage broker got an Experian score of 597. At myFICO two days later, the score was 646.
The myFICO score means APPROVAL, the mortgage broker score results in DECLINE.
I’ll be posting more about this once I get done with a gazillion court filings.