Posted by Mortgage Broker on July 28, 1997 at 18:10:04:
Originally submitted 22 Nov 1996
How about another comment from an unhappy broker forced to use the absolutely ridiculous "FICO" Scores. I can only assume that an idiot designed the formulas used. How else can one explain a system that never takes into account
1> length of home ownership
2> length of employment
3> monthly income
4> ability to save money
5> loan to value ratios
6> overall debt to income ratios and etc.
I actually have had a foreclosure removed from TRW and the resulting FICO Score went down instead of up. Fair Isaac could not explain why either. Beat that!!