mad, mad FICO

I had been reading a number of books recently about real estate loans and in a nut shell here is how nutty FICO scores are just in what they claim to do. FICO scores are meant to predict the likelyhood that an individual will go 90 days late within the next 2 years on a mortgage. They choose 90 days because lenders know from experience after 90 days the chance of them seeing their money back is almost nil. Now as it turns out most loans are defaulted on in the 3rd-5th year. Furthermore one of the main reasons for default is divorce. So, in essence banks are making a 30 year decision with the most important time period being 3-5 years out, based on a two year prediction that doesn't take into account one of the most important factors. Hmmm sounds like a good business plan to me! Now, I'm just waiting for the credit bureaus to start keeping track of your marriage status...
RELATIONSHIP WITH INLAWS: R-2 spat on 2/02, but currently maintained
RELATIONSHIP WITH WIFE: S-7 multiple fights with 7 months since last "relations"

 

yeah, well until I disputed it, I was apparently married to 'college'...(I wasn't even close to that dedicated to college, lol). Ahh, alas, it was a quick divorce, she kept the textbooks...

 

I get the impression that the credit bureaus might be testing the monkey and typewriter theory...Given enough time a monkey pounding away at a keyboard will come up with an 'accurate and verifiable' record of consumers debts and obligations. So everyone hold your breath, some day it'll be here!! Of course it'll only be accurate for a minute, but you can't be too critical of perfection!!!!

 

And george, is that a forced retirement at 10000 posts?? sounds like age discrimination if you ask me!