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FICO to incorporate buy-now-pay-later loans into credit scores

(www.axios.com)
277 points cebert | 1 comments | 24 Jun 25 00:03 UTC | HN request time: 0.303s | source
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bediger4000 ◴[24 Jun 25 02:09 UTC] No.44362247[source]▶
FICO scores are a joke. They hint at what they use to calculate them, but the algorithms are kept secret. Fair Isaac can't reveal the algorithms, otherwise they'd get gamed. Incentives to keep bad info and wrong info in dossiers are strong, too. If allowed, Fair Isaac would put rumors and other bullshit on n your file, and never take it out.
replies(5): >>44364662 #>>44364792 #>>44366464 #>>44367057 #>>44367999 #
1. wat10000 ◴[24 Jun 25 15:07 UTC] No.44367057[source]▶
Why would they put rumors and bullshit in your file? The credit bureaus aren’t out to get you. Their goal is to help their clients (lenders and similar) to make money by identifying how risky their clients are. An accurate risk assessment is good for them. If you’re a good risk, they want your score to be high. They don’t gain anything by putting crap on your file to tank your score.