David Howe, the world’s highest achieving credit consumer since the founding of the Fair Isaac Corporation and the conception of the FICO score, encourages consumers to become intimate with their credit through the following public service announcement that includes insights and suggestions for improving and maintaining excellent credit.
Massillon, OH (PRWEB) April 26, 2015
SubscriberWise®, a leading provider of analytics driven subscriber decision management technology and the largest issuing consumer reporting agency of the communications industry, announced today that the company president is offering new advice, credit suggestions, and decades’ insight to the CFPB and the nation’s credit consuming population.
“Conspiracy theorists and others love to perpetuate the notion that credit scores are mysterious, secretive, and impossible to understand or control,” argued David Howe, FICO professional, child identity theft expert, and SubscriberWise CEO. “They’re none of the above. Rather, they’re complex. Extremely complex, in fact. And they’re based, in large part, on highly refined mathematical models that rely on millions of consumer credit files for empirically derived, scientific outcomes: outcomes that are not only regulated, but that are retrospectively correlated to payment performance metrics that often span multiple decades.
“Undoubtedly, transparency and access to accurate information and education concerning credit scoring did not exist in the past. The lack of information certainly contributed to the hysteria, fear, and ignorance that grew out of the emerging technology,” continued Howe. “Sadly, much of the same continues to surround scoring models today. However, unchanged are the fundamental behaviors (i.e. paying bills on time and low credit card utilization) that generated high scores in the past. These same behaviors, they remain true and predictive today just as they did in the past.
“Fortunately inadequate information is no longer a reality or concern for consumers. Collectively we should bestow individual consumers, watchdog groups, regulators, and others our appreciation and gratitude for the vast and open information that is widely available today.
“Everything a consumer needs to obtain super-prime credit ratings – across every credit scorning model on the market – exists on a myriad of commercial sites; this same information can be found on the taxpayer-owned Consumer Financial Protection Bureau’s website: http://www.consumerfinance.gov/askcfpb/318/how-do-i-get-and-keep-a-good-credit-score.html,” acknowledged Howe.
In addition to the well known guidelines – which together are sufficient for achieving and maintaining favorable credit – there are a number of other little-known suggestions for consumers who may have unexplained or significant scoring variations among different models and/or repositories. Following are many of the common-sense and well known guidelines for achieving and maintaining excellent credit:
Pay as agreed. Although life events, medical and economic hardships, and myriads of financial circumstances make this impossible for millions of consumers, paying bills on time is the single most important factor in the calculation of a credit score
Don’t get close to credit limits, particularly if you’re going to apply for new credit and a high score is essential to obtain the most favorable terms/approval. Fact: Howe generated simultaneous perfect FICO and Vantage scores across each repository with credit utilization below 5 percent of total available credit, among many other maximum scorecard indicators. It is proof that credit scores can be mastered without knowledge of advanced mathematics and without FICO’s proprietary credit scoring formula.
Apply for credit as needed. Fact: Howe’s most recent revolving credit card account was opened nearly one decade ago.
In addition to the above (particularly true for consumers who have scores that vary significantly), Howe provides these other important suggestions:
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