Originally Posted by
biggestbopper
Real reason was Repubs (and many Dems) folded to industry pressure to keep consumers in the dark about their credit and to permit vastly profitable selling of scores to consumers.
Fair Issacs claimed "proprietary"algorithm is almost entirely public knowledge, at least in the industy and on FT and Fat Wallet etc. Just read a few threads on how to improve your credit score....
Scores should be freely available, but, ain't.
If that were true, that FICO scores were not covered "to permit vastly profitable selling of scores to consumers," then why isn't Fair Isaacs realizing that profit by selling FICO scores directly to us? Why do you think the algorithm Fair Isaacs uses to generate those score is any less "proprietary" than the secret recipe/formula for Coke? There is no patent on either of those, so if you knew the "incredients" and their proportions, then you would be free to duplicate the concoction.
If the score derived from that algorithm "is almost entirely public knowledge, at least in the industy and on FT and Fat Wallet etc.," then why don't others, like the 3 credit reporting companies, offer scores that correlate much better than the FACO scores?
Originally Posted by
biggestbopper
It was originally developed to try and protect the famously biased credit granting business from racial etc. discrimination lawsuits. And, it powered the vast run up in credit card junk mailings and card issuance.
What is the relevance of that to what we are discussing here?