Comments on: 5 Credit Questions with Fair Isaac’s Barry Paperno

By: BungalowMo

BungalowMo — Thu, 04 Mar 2010 18:26:00 +0000

Mr Tough wrote: You should have asked him how many of the mortgage holders now in default had high credit scores when they purchased or re-financed.

No matter what their scores were, the lending institutions always do a manual review and make a decision based on the entire financial picture of the client.

The banks got greedy & decided to lower their standards because the $$ was flowing & life was sweet.

Then the bubble burst.

It’s not the FICO scoring system to blame. The FICO score is just another tool to be used in the process of decision making.

That would be like blaming the maker of the screwdriver for the fact that your home collapsed, because you used the screwdriver as a hammer on the 2×4’s.

Put the blame where it belongs…in the laps of those who decided to save time & use only one tool instead of the contents of the entire tool box.

By: Samuel L. Thompson

Samuel L. Thompson — Mon, 25 Jan 2010 22:35:54 +0000

Hello Barry, can you possibly give me a call at 510-774-9355 and I hope you’ll recall my name and events that you supported me, one for the ARBP’s in Oakalnd, Ca. and I pray all is well.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 23 Sep 2008 16:48:48 +0000

Mr. Paperno and his Fair Isaac profit-machine are right to be concerned. He is worried that economic events may provide a shock-cure for the millions of Amedican consumers who are addicted to credit and obsessed with credit scores. Heck, it might turn some consumers to the dark side of saving instead of spending. That would be bad for Fair Isaac and its credit bureau partners. So now he invokes his PR machine to promote a “consumer friendly” image for the credit industry.

You should have asked him how many of the mortgage holders now in default had high credit scores when they purchased or re-financed.