FICO Vs. Credit Bureaus – Let the Battle Begin

Sat, Aug 1, 2009

Boxing pic

FICO

It’s not a surprise that Fair Isaac, the creator of the good ole FICO® score got the go ahead from the court to pursue it’s lawsuit against the credit bureaus for trademark infringement. If credit score terms like beacon, empirica, and FICO® are not confusing enough consumers have to also figure out what role Vantage score (Created by America’s three major credit reporting companies) plays in the overall landscape when it comes finance.

The majority of business credit lenders acrosss the country continue to use FICO® as the their overall risk assessment tool for credit decisions but many of also adopted their own internal scoring system to compliment FICO®. In addition FICO® recently launced FICO® 08 to the mix leaving consumers in the dark as usual.

From debt to credit limit ratios, date of last activity, open accounts, closed account, new credit, old credit, payment history, credit profiling, mathematical algorithms, and on and on I’m starting to wonder if the credit system will soon be just as complex as our tax system.

So how does this lawsuit affect you?

In a nutshell FICO® is asserting that Transunion and Experian are misleading consumers with Vantage score. (Equifax has already settled out of court with FICO®) It will be very interesting to see the outcome of this court battle. In my opinion the easier the credit scoring system can become the better it is for you and I.

CLICK HERE to read more

To Your Success!

Marco Carbajo

About the Author

sp_image-435950341-1242740704.pjpeg Marco Carbajo is a business credit specialist, author, speaker, and founder of the Business Credit Insiders Circle. He is a weekly columnist for Dun & Bradstreet Small Business Solutions, a business credit blogger for All Business & American Express Small Business and author of “Eight Steps to Ultimate Business Credit” and “How to Build Business Credit with No Personal Guarantee.” His articles and blogs have also been featured in Business Week, The Washington Post, The San Francisco Tribune, Scotsman Guide, Alltop, Entrepreneur Connect, and Active Rain. Start business credit for your company and obtain the financing you need by joining BCIC today!

14 Responses to “FICO Vs. Credit Bureaus – Let the Battle Begin”

Clemento Says:
August 3rd, 2009 at 5:00 am

Thank you! You often write very interesting articles. You improved my mood.

Marco Carbajo Says:
August 3rd, 2009 at 7:22 am

Your welcome! Appreciate you’re feedback

babafisa Says:
August 3rd, 2009 at 10:59 am

Thank you for this valuable post. It changed my way

Marco Carbajo Says:
August 3rd, 2009 at 1:41 pm

Appreciate the comment and will do my best to continue to add value to these posts. Make it a great day!

ultra surf Says:
August 3rd, 2009 at 8:01 pm

I agree, this is a best article.A successful blog needs unique, useful content that interests the readers

Arsento Says:
August 7th, 2009 at 12:28 am

Valuable thoughts and advices. I read your topic with great interest.

Arsento Says:
August 8th, 2009 at 7:28 pm

Interesting and informative. But will you write about this one more?

Arsento Says:
August 12th, 2009 at 9:41 am

I read a few topics. I respect your work and added blog to favorites.

Marco Carbajo Says:
October 21st, 2009 at 9:04 am

Thanks Arsento! Will keep you all posted on what happens with this.

Nguyet Bulgin Says:
December 22nd, 2009 at 8:18 pm

Contrary to some notions, good researched articles still fetch in reviewers like me. You paraded broad understanding of the theme matter and my views are now complete after reading your post. Please sustain up the effective work and i will subscribe to your rss feed to be enlightened of any future postings.