What's UP with FICO Scores Lately?
The 2010 FICO (r) Scoring model which was finally introduced in 2011 didn't seem to have a lot of effect on credit reports we see. Or did it? With so much competition for mortgage loans against the backdrop of our housing crisis you'd think tinkering with the Credit Scoring system would be problematic. The purpose of these changes is to further define strong credit patterns and weed out non-issues which may cloud the picture. Lenders and other users of credit reports use scores and credit data to establish risk patterns so the new system supposedly refines some of their concerns. To date, the complex nature of scoring has left the door open to abuse by some people attempting to game the system by piggybacking their otherwise null or bad credit onto a good credit history of a relative by being named a joint user of an account. The new system cannow recognize if only your joint accounts are in good standing - so having fake joint accounts could potentially backfire. One o