Lenders use credit scoring to predict behavior
The San Diego Union-Tribune reports:
These mathematical models – the FICO score from Fair Isaac & Co. being the most prominent – are eerily accurate predictors of borrower behavior, lenders say.
“One of the biggest changes in the game is credit scoring,” said Rob McNelis of One Stop Lending and president of the California Association of Mortgage Brokers San Diego chapter. “Credit scoring has become such a crystal ball for lenders.”
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