CLICK BELOW TO REDISCOVER HUMANITY

A DECADE+ OF STORYTELLING POWERED BY THE BEST WRITERS ON THE PLANET

It’s Time To Revisit Our Credit Scoring System

Not long ago, an interesting headline was making its way around the major news outlets: Ben Bernanke was having difficulty refinancing his mortgage. While the exact reasons were not widely disclosed, the story shed light on an issue that has perplexed me for a while now: is the credit system in the U.S. fair? Does it even make sense?

First, let’s look at how the FICO system came about. Bill Fair and Earl Isaac, who developed computer systems and software that predict outcome, founded the Fair Isaac Corporation in 1956. Today, the company still tightly controls the technology that weighs various factors found in a person’s credit report.

Fair Isaac licenses its technology to credit reporting agencies, who then use that software and add their own programs and statistical data to produce customized credit scores. The result is a three-digit number ranging from 300 to 850, also known as a FICO score. The FICO score is supposed to grade risk, letting a lender know the statistical chances of getting repaid.

via It’s Time To Revisit Our Credit Scoring System.

CLICK HERE TO GET TODAY'S BEST WRITING ON THE PLANET DELIVERED TONIGHT

BIZCATALYST 360°
BIZCATALYST 360°https://www.bizcatalyst360.com/about/
WE ARE THE AWARD-WINNING PUBLISHING DIVISION OF 360° NATION —PRESENTING OUR LIFE, CULTURE, AND BIZ MULTIMEDIA DIGEST AS A HUB OF CREATIVE EXPRESSION AND PERSONAL GROWTH. WITH AN EMPHASIS ON ACTION, OUR VAST GLOBAL CONTRIBUTOR COMMUNITY EMPOWERS PEOPLE TO TRANSITION FROM KNOWING WHAT TO DO TO ACTUALLY DOING IT —ALL COMPLEMENTED BY SYNDICATION RELATIONSHIPS WITH A CHOICE GROUP OF EQUALLY INNOVATIVE MEDIA OUTLETS. TODAY AND EVERY DAY, WE SIMPLY DELIVER THE VERY BEST INSIGHTS, INTELLIGENCE, AND INSPIRATION AVAILABLE ANYWHERE —DOING IT OUR WAY BY PLACING OUR WRITERS AND OUR AUDIENCE AT THE FOREFRONT. IT'S MAGICAL. IT'S EVERGREEN. AND QUITE FRANKLY, IT'S JUST GOOD STUFF. PERIOD.

CHECK FOR TICKETS / JOIN OUR WAITING LIST! It's not a virtual event. It's not a conference. It's not a seminar, a meeting, or a symposium. It's not about attracting a big crowd. It's not about making a profit, but rather about making a real difference. LEARN MORE HERE


   

DAILY INSPIRATION. DELIVERED.