In an effort to maintain the integrity of their credit-reporting formula, Fair Isaac Corporation (FICO) has announced a major change to their formula to be implemented later this year.
Unbeknownst to most consumers, many unscrupulous credit repair agencies have employed a practice called credit renting. This process benefits a poor credit score client by having their name added to a good credit score account as an authorized user. The agency and account holder collect a fee and the client receives the benefit of increased credit score by association. Obviously unethical, another term can be applied to this practice. Fraud.
Since FICO is looked to by the lending institutions to provide accurate assessments of individuals credit position, they were the ones to strike the first, and probably final blow in this credit manipulation battle. In late 2007, FICO will test their new formula with one of the three major credit-reporting agencies. This undisclosed agency, Equifax, TransUnion or Experian, will install the new update to FICOs formula and will thus stop applying any positive benefit to authorized user accounts. When the other two agencies install their new...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
