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IPFS News Link • Economy - Economics USA

FICO Gamed

06-25-2009 • arclein

The point I am making is that the industry is obviously been run by sharps who have now forced the creation of new legislation to protect consumers from abusive practice. Anyway, this is the tip of the iceberg of what has happened to our formerly robust financial system. What makes it particularly stupid, unless someone shows me different, is that the credit industry cannot go to the courts to successfully collect at all. Thus if credit card holders went of a mass revolt, the industry would not be able to ever recover. It is very much in their interest to coddle their customers who actually enjoy the service and will work hard to keep it in good order.

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Reported By robert klein

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