FICO 08 Piggybacking Credit Score Elimination Deemed a Propaganda Scare

PRLog (Press Release) - Aug 20, 2008 -
In June 2007, Fair Isaac Corp., announced it would end credit score piggybacking http://www.boostmyscore.net/Credit_Score_Secret.html. However, as Bill Airy, President and Founder of BoostMyScore.NET discovered earlier this year, lenders are required to comply with the Equal Credit Opportunity Act when weighing a potential borrower's credit risk and the new FICO change would violate that regulation.

During a recent House Financial Services Subcommittee on Oversight and Investigations hearing entitled "What Borrowers Need to Know about Credit Scoring Models and Credit Scores", a FICO company official acknowledged this oversight and noted they will be modifying the FICO score formula to continue to recognize authorized user accounts. Thomas J. Quinn, Fair Isaac's vice president of scoring solutions stated “After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user trade lines present on the credit report".

"FICO 08" Deemed Propaganda Scare

As predicted by the credit score analysts at BoostMyScore.NET http://www.boostmyscore.net/ and aptly stated by Airy, the FICO 08 scoring changeover, which was supposed to eliminate authorized user benefits from the credit scoring system, “was simply a fear based propaganda scare tactic and good old fashioned ‘smoke and mirrors politics’”.  According to Airy, credit score piggybacking means better credit scores, lower interest rates, easier loan approvals, higher credit limits, and better terms for consumers and businesses alike.

Although the change was intended to ensure continued reliability of FICO scores, in order for lenders to consider them in their calculation, Fair Isaac Corp. could not legally implement this change. Nevertheless, they sent out press releases stating that the FICO 08 model would remove authorized user accounts from consideration. The story was picked up by newspapers, web sites, and TV stations without ever stopping to ask legal counsel whether or not they (FICO) could actually do this. When the general public saw these stories on MSN.com, NBC, and in the New York Times, they believed them to be true.
According to Airy, “It wasn't. It never was. It never will be. Piggybacking is here to stay.”
BoostMyScore.NET is a trusted credit score advisory company who has assisted hundreds of consumers with proven boosts to their FICO credit scores.

Contact Information:
Bill Airy
BoostMyScore.NET
bill@boostmyscore.net
800-531-1472 ext. 737
http://www.boostmyscore.net