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3 Reasons Your FICO Credit Score, Despite The Abuse, Still Matters A Lot

forbes.com | July 24, 2016

By Nick Clements

FICO is a pioneer of credit scoring. Founded in 1496, it introduced the first credit bureau risk score in 1981. Today, “FICO” has become synonymous with credit scores in the same way that “Kleenex “ is synonymous with tissues. However, FICO has been under attack in the last few years. In particular:

  • The three credit reporting agencies have created VantageScore, a competing generic credit score that has become widely available. If you get your credit score for free from a website like CreditKarma, you are looking at your VantageScore.
  • FinTech start-ups have been trying to create alternative credit scores, and some marketplace lenders, like SoFi, have stopped using FICO completely.
  • The Consumer Financial Protection Bureau (CFPB) has been very focused on the 26 million “credit invisibles” and the additional 19 million “unscorables” who do not have a FICO. Given the inability of people without credit scores to access affordable credit, the CFPB has been focused on finding ways to integrate people without scores into mainstream financial products.

Despite these attacks and challenges, FICO remains dominant. Regularly reviewing your official FICO score remains a good idea. You can find your official FICO for free in a number of places, which are listed at MagnifyMoney. Just remember that there are multiple versions of FICO and your score can vary depending upon the credit bureau used.




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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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