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Recently there was a big buzz about FICO releasing their damage points. In the article that was released by a leading publisher it supposedly revealed the FICO damage points. Damage points in this case were referring to the amount of damage that a negative action could have on your credit score. Knowing this could totally change the game of credit and credit repair for sure.
Well they did release an example of what could happen to your credit score if you fit this exact near perfect case. The key is could happen, but the author wrote the article as if this will be the case. That could not be further from the truth. FICO has so many different algorithms plus 16 score cards on their new scoring model which leave an . To fit this criteria in itself would be like hitting on some lotto numbers. An experienced professional who understands score cards and the use of credit score reason codes should be able to give an idea of the impact of items on a case by case basis. These “Damage Points” being revealed is nothing but some fools gold that was taken out of context.
The reality is this was just someone trying to get their name and face out there, which they did. The article was misrepresenting FICO Damage Points and was pulled down almost immediately . There are just too many factors that go into a FICO credit score to just give a number on score damaging actions. You can use the score simulator on myfico.com to see what could happen. This again is only an estimate and situations can change on the fly.
This article that slipped on the scene is a great example to be careful of who you listen to when it comes to credit. The publisher is one of the top news sources on the internet and let this happen. Another good lesson to be diligent with research especially on a topic as misunderstood as credit scoring.
Topics: Credit Basics | 1 Comment »
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FICO Damage Points Exposed