Fair Isaac Company Reveals FICO
by excerpted from www.CreditCards.com Posted on 11/30/2009
Disclosed for the 1st time, 'damage points' taken off for late payments
Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage.
The "damage points" data, unveiled recently by FICO, are part of the most revealing glimpse into the firm's once-secret -- and still mysterious -- credit scoring model. The new information discloses how many points borrowers' scores will drop when they make the most-common mistakes.
