| By Greg Fisher
Mark Palim does not know what he is talking about.
Oh, those stupid consumers
Palim, of the United States government's Fannie Mae wrote, "As shown in Table 1, when asked about key mortgage qualification criteria (such as down payment percentage, borrower's credit score, and debt-to-income ratio), approximately half of consumers selected 'don't know' or failed to provide a valid answer (e.g., a credit score that falls within the range of possible credit scores)."
In "Table 1," Palim states (ironically), "*The above 'don't know' percentage includes respondents who provided a credit score that was out of the score range of 350-800."
Unfortunately for him, the scale is not 350-800, and 801 is a valid answer.
Dr. Palim is a Ph.D. in economics (George Mason), a CFA, and is "Vice President of Applied Economic and Housing Research, Economic & Strategic Research Group" at Fannie Mae.
To complicate things even further, another Fannie Mae (U.S. government) employee stated, "The score ranges between 350 and 850."
Complicating Fannie Mae's (and U.S. citizens') problem further, still, is this: There is no 850 credit score in mortgage lending.
Credit Score Myth 24 named
Credit Score Myth 24 (October 1, 2016) is the claim that a FICO credit score scale is 350-800. #myth24
Many of Fair Isaac's FICO credit score models represent the rank of consumers on a scale of 300 to 850.
To clarify, that is 300 (not 350) and 850 (not 800).