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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: 0s | 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. fred_is_fred ◴[24 Jun 25 16:34 UTC] No.44367999[source]▶
There are no incentives for Fair Isaac to promote or use "wrong info" because if the score they produce is deemed to be an inaccurate measure of credit risk, it would not be a useful product.