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FICO Loses The Battle On Credit ScoresCategory: Real Estate News | Permalink Published: Tuesday, May 18, 2010 Credit scoring is very important to the mortgage process. Behind the situation, a battle is rampaging over who can place claim to that process. The Fair Isaac Corp (FICO) was rejected a new trail concerning what it claims to undoubtedly be its trademark; the act of rating an individual's credit on a scale of 300-850. However, VantageScore Solutions, the credit rating provider established by America's three main credit reporting corporations -- Equifax, Experian and TransUnion -- effectively argued that the system that rates credit on a scale between 501-990 is not in breach of the FICO trademark. Ann Montgomery, who is the presiding U.S. district judge in Minnesota, went even further and requested for FICO's trademark to be invalidated in her judgment. Her verdict addressed the jury's ruling stating, "Indeed, the jury's verdict was a wholesale, unambiguous rejection of Fair Isaac's central theory of the case -- i.e., that one can legitimately claim trademark protection in the numerical range for credit scores." CEO of VantageScore Solutions, Barrett Burns, also stated that the court's conclusion proves it's longstanding accusation that FICO's claims are "meritless" and "at every step, VantageScore has prevailed against Fair Isaac's claims." According to Craig Watts, a director of public affairs at FICO, they have every intention of appealing. He said that FICO strongly disagrees with Judge Montgomery's decision. "Nothing has changed as a result of this order," he said, "the defendants have not been held accountable for copying what it took FICO 20 years to build and consumers will continue to be victims of big-budget ad campaigns that trick them into buying knock-off scores that they think are genuine FICO scores lenders use to make decisions." Other Recent Articles1.) Before agreeing to handle a task from a client: Make sure that you're the most qualified person to deal with it. If a client wants to appoint you for a task beyond your field of knowledge, suggest someone else who could carry out the task better rather than putting your reputation at risk. Who knows, maybe later down the line that same client will call and seek help in your area of expertise. 10 Important Tips to Successful Real Estate InvestingCategory: Real Estate News Published: Monday, July 12, 2010 1. Compare property values and rents: The best way to determine the market vaulue of the property is to find out the selling prices of nearby properties in the community. The same applies to properties for rent. A low cost is regularly justified by a sensible rent; renters who can meet the expense of a higher rent can afford to buy as an alternative, so reasonably priced rent is a must. Studies Say Minorities Hurt More By ForeclosuresCategory: Real Estate News Published: Monday, July 05, 2010 According to a new study, recent African-American and Latino home borrowers were highly more likely to lose their homes to forclosure than those who are non-Hispanic whites throughout the continuing housing crisis, regardless of their income. As their income increased, in fact, minority horrowers foresaw the probability of foreclosure growing even larger in contrast to non-Hispanic white borrowers in the identical income group. Tax Credit Closing and Flood Insurance ExtensionsCategory: Real Estate News Published: Thursday, July 01, 2010 Today the National Association of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature. Should You Buy Or Rent A Home? Cost Gap NarrowsCategory: Real Estate News Published: Thursday, April 29, 2010 Housing costs and depleted interest rates have formed a perfect time for many buyers to purchase homes, and a recent week-long glance at homeownership validates it. The nationwide analysis illustrates that the variation between monthly rents and mortgage costs is at it's lowest point in just about 20 years. Call Us Today!
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