Tag: Credit Scoring
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Revamping Credit Scoring: Can Open Source and Transparency Break the FICO Monopoly?
The dominance of FICO in determining creditworthiness has increasingly come under scrutiny, particularly given the opacity and rigidity inherent in its scoring algorithms. Many individuals find themselves at the mercy of a seemingly implacable system, with little understanding of what affects their scores. This lack of transparency feeds a cycle of financial instability, where individuals…