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FICO is crap. All it does is indicate how well you borrow and pay it back. Your credit score should not be a measure of how well you "do what you say you are go
by chevas 13y ago
FICO is crap. All it does is indicate how well you borrow and pay it back. Your credit score should not be a measure of how well you "do what you say you are going to do" -- which is what it has become. The guy in this article is case-and-point--he had a run of bad luck.
There are better ways to measure one's reliability and maybe someone here can disrupt the transunion-equifax-experian trifecta or create a new business out of measuring candidate quality for all kinds of things (rentals, jobs, etc.) that doesn't rely on debt. Even the person who is self-made / cash-only has to contend with this buffoonery.
- eldavido 13y agoAgree 100%. There's a more general notion of conscientiousness [1] that, without evidence, seems the really deep, meaningful thing we should measure. Credit score is crappy because cash-only people won't have it and it's effectively monopolized by three data providers with who-knows-what for commercial/financial incentives. [1] http://en.wikipedia.org/wiki/Big_Five_personality_traits http://en.wikipedia.org/wiki/Big_Five_personality_traits