The other cheek, hashtag 1501h
After acknowledging creditscoring.com, Forbes contributor's outrageous error #JustDisappeared - Hashtag TUC934
| By Greg Fisher
Mary Hunt wrote an article, and Pat Robertson published it.
That item states, "The result is a three-digit number ranging from 150 to 934, also known as a FICO score, that grades risk and tells a lender the statistical chances of getting repaid."
There is, indeed, a credit score whose scale is 150-934, but it is not a FICO (#AskAudrey from Transunion about #TUC934 if you're up for it).
But the story doesn't end there. #1501h
forbes.com published, "The result is a three-digit number ranging from 150 to 934, also known as a FICO score." #SyndicatedError
Despicable
forbes.com, 2015. "Bill Fair and Earl Isaac, who developed computer systems and software that predict outcome, founded the Fair Isaac Corporation in 1956."
cbn.com, 2008. "Fair Isaac Corporation was founded in 1956 by Bill Fair and Earl Isaac, who developed computer systems and software that predict outcome."
forbes.com, 2015. Today, the company still tightly controls the technology that weighs various factors found in a person’s credit report. #WhenStockBrokersWrite
cbn.com, 2008. "The company developed and still tightly controls the technology that weighs different factors found in a person’s credit report."
forbes.com. "Fair Isaac licenses its technology to credit reporting agencies, who then use that software and add their own programs and statistical data to produce customized credit scores."
cbn.com. "Fair Isaac licenses its highly secret technology to credit reporting agencies (CRAs). The CRAs then use that software and add their own programs and statistical data to produce customized credit scores under names like Beacon, Empirica, and Scorecard."
forbes.com. "The result is a three-digit number ranging from 150 to 934,[*] also known as a FICO score. The FICO score is supposed to grade risk, letting a lender know the statistical chances of getting repaid."
cbn.com. "The result is a three-digit number ranging from 150 to 934, also known as a FICO score, that grades risk and tells a lender the statistical chances of getting repaid."
The writer claimed that the error was a "typo," and that scale in the forbes.com piece was changed to "300 to 850."
forbes.com. "With computers, there is no gray area. Everything is either black or white. There is absolutely no consideration of a person’s character or special circumstances, like a job layoff or an injury that prevents someone from working. A computer simply looks at data and assigns a number."
cbn.com. "Computers don’t care about special circumstances. Everything is either black or white. There is no consideration of a person’s basic character or allowance for the fact that people can change their lives and their behaviors. A computer looks at data and assigns a number."
forbes.com. "According to www.MyFico.com, someone with a good credit score between 760 and 850 can get a mortgage at 6.346 percent APR. But a person with a low score between 500 and 579 will pay 10.152 percent APR."
cbn.com. "For example, someone with a good credit score might secure a $500,000 mortgage at 4 percent APR, while a person with a low score might pay 7 percent APR or more."
forbes.com. Over the 30 years of the loan, the difference would be nearly $334,000!
cbn.com. "Over the 30 years of the loan, the difference would be $288,000."
forbes.com. "A poor credit score can translate to a credit-card interest rate of 20 percent or more!"
cbn.com. "A poor credit score can translate to a credit-card interest rate close to 20 percent, or more."
forbes.com. "At the very least, there should be an appeal process wherein people can meet with a human being who has the skills to assess both the assets and the character of the customer."
cbn.com. "First there needs to be an appeal process—both with FICO and every institution and company that uses its scoring model. Customers should be able to meet with a human being who has skills to assess both the assets and the character of the customer."