Why Do Banks Use Old FICO Score Software?
Easy, it´s expensive to switch. This is the problem, using an updated version of the software isn’t as easy as simple as turning an old version off and turning the new version on. It’s quite complicated, time consuming, and very expensive. Think about what it takes to change a small part deep inside your car’s engine. The part may only be $20, but it could cost you $2,000 in labor just to get it replaced. That’s similar to how it works with the updated scoring software. What if the $20 part isn’t even broken…then is it really worth shelling out $2,000 to replace it? Most banks would say, “No!” Since they aren’t broken, they don’t want to take the time, and spend the money to swap them out for a newer version, banks will continue to use older software version…even though it’s in their customers’ best interest for them to update it. Why Doesn´t Fair Isaac Make Lenders Use the Newest Version The question that some of you are going to ask is, “Why won’t Fair Isaac or the credit bureaus
Related Questions
- My bank was not listed in the VersaCheck software when I set up my personal/business account or; my banks logo was not listed in the VersaCheck software what do I do?
- Do I need any special software to view Secure Messages sent by Brannen Banks of Florida?
- What are the Cyclic 1 and Cyclic 2 banks in the setup software?
