FICO Still Scores Authorized User Account Tradelines
Fair Isaac has changed its mind about removing piggybacked accounts from the FICO score equation.
In 2007, Fair Isaac announced a new credit scoring model - FICO 08 - that would no longer consider authorized user accounts. This decision came on the heels of the mortgage meltdown. You see, many consumers who had bad credit scores, bought better credit scores by paying to be added to someone else's positive credit account. When you're an authorized user on an account, the account's entire history appears on your credit report and is calculated in your credit score.
In a prepared testimony, Tom Quinn, Vice President of Global Scoring Solutions for Fair Isaac Corporation states:
"After consulting with the Federal Reserve Board and the Federal Trade Commission earlier this year, Fair Isaac has decided to include consideration of authorized user tradelines present on the credit report in the FICO 08’ model.”
Apex Credit Services, LLC predicted this all along. Please visit http://www.apexcreditservices.com and click on FICO 08’ Explained.
As always, please feel free to contact us at Apex Credit Services, LLC or 888-727-4815 for all your Seasoned Tradeline needs.
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