Time to ditch FICO for a consumer-oriented financial score: your FlexScore

    1. The FICO score serves the interests of lenders, not consumers.

    2. A FICO score is based on information supplied by your creditors.

    3. FICO is based on a few limited criteria.

    4. FICO’s scoring formula is a trade secret. Although they have indicated what factors they use in the formula, FICO has not shown how these factors relate to each other, or how the final score originates. To complicate matters more, your FICO score incorporates data supplied by the credit bureaus, which is sometimes outdated or inaccurate.

    5. Consumers typically pay a fee in order to access their FICO score.

    FlexScore is a consumer-oriented scoring system that is to Gen Y’s what the FICO was to Baby Boomers (from the 1950’s!!). Can you think of any reason to keep using a credit score to assess how you're doing? When my FlexScore reaches 1000, I don't have to go to work anymore!

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