Fair Isaac makes $200 million a year selling credit score formulas. Now it’s trying to make those scores better.
In Canada we commonly refer to FICO (Fair Isaac Corporation) scores as “Beacon scores.” Beacon scores range from 300 to 900 with an average near 720.
Here’s the thing. People with bad credit often try to boost their scores by becoming an authorized user on a more credit-worthy person’s credit card. It’s called “piggybacking.” In fact, Fair Isaac says up to 30% of consumers have at least one other person authorized on a credit account. (Not all authorized users have bad credit).
Fair Isaac says piggybacking will soon be a no-no. In other words, no longer will adding yourself to someone else’s credit card improve your score. Fair Isaac is making this change to its algorithms in September but it’s still unclear when this change will take effect in Canada. (Editors Note: Once we find out we’ll post it.)
Last modified: April 25, 2014
There are a few items I call “credit report killers” that people should be aware of that can adversly affect their credit report and credit scores.
There really isn’t too much room here to explain in detail but I have actually made a video about the top 10 credit report killers. This video was made form the .pdf version which I wrote.
In this video I answer the most common questions I get about information that appears on credit reports.
Specifically I cover information on Charge-offs, Collection Accounts, Judgments, Inquiries, Bankruptcies, Delinquencies,and more…
In the video Your clients will learn what each of these items are and how they can affect their credit report, as well as how long each item can remain on your credit report.
The video is very informative and is solid content for your readers and clients.
The Video is Free to Watch Here
The .pdf version you can downloaded here Free
Sincerely
Credit Expert Frank Bruno
http://www.DisputeDemon.com