A couple of days ago I wrote a post on how people with bad credit can rent credit cards. Well the Fair Isaac announced after reports of individuals renting out credit card accounts to help others artificially boost their credit scores, it will adjust its “FICO” scoring formula. The adjustment removes authorized user accounts from consideration by the scoring model in “FICO 08,” the newest version of the “Classic FICO” credit score which the Company expects to become available to lenders starting in September.

By excluding that aspect of the report but that would hurt many people, including students and divorcees, who need that status to establish credit. I’m sure they have thought of this when they announced thier new formula. I will keep you posted on any new information.

This entry was posted on Tuesday, June 5th, 2007 at 1:42 pm and is filed under In the News, financial advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.