Funny Money Friday: FICO the Terrible

Money doesn't have to be boring! Each week, CreditBloggers.com takes a look at the lighter side of the personal finance world in a series called Funny Money Friday.

There's a lot of name calling going on in regards to Fair Isaac's recent decision to stop counting authorized user accounts. A lot of consumers are hopping mad about the negative impact this change will have on their credit scores. The comments section of our reader poll and other posts about this change are full of accusations and concerns.

Over the past two weeks, we've heard that:

• The FICO score change is discriminatory  against women.
• The FICO score change is "just another insult to the American people."
• The FICO score change is going to harm the gay community.
• The FICO score change is another sign of "modern day economic slavery" and that "America needs to wake up this economic HITLER (FAIR ISSAC)."
• The FICO score change is so bad that we should "just bring back slavery. At least I could see who my owner is that is suppressing me and my family."
• The FICO score change will cause the mortgage industry to "crumble. Just fall apart."
• The FICO score change is a "perfect storm" that will destroy the economy and devastate families.

Hold the phone! I'm not happy about the FICO score change either, but I think these readers are taking it a little too far. Yes, the FICO change is going to hurt the credit scores of many in order to stop the fraud of a few. But the change is basically logical. Why should someone get full score credit for an account that they didn't open and are not legally responsible for paying back?

And, yes, it is often married women who are the most dependent on authorized user accounts. But there is no rule that married couples need to manage their accounts this way. It's not really even a good idea. We always recommend that both people in a marriage or a domestic partnership have their own, individual credit accounts.

What do you think about the FICO change? Are you on the side of the "torch and pitchfork" folks? Are you inconvenienced, but not that mad? Or do you think the change is for the best? Share your opinion the comments section below and have a great weekend!

Comments

[Vito Maria]

The change might be logical but it is not fair. Authorized users have been included in the scoring, if Fico is going to change, after how many years of allowing this practice they should allow previous authorized users to continue as is. At the very least spouses and family members should not see a change for any account prior to the change. They could change the system for anyone going forward. That would be fair. Honest people are getting damaged because of the scammers abuse!

[Credit Repair]

Interesting. It seems as if some people are taking it quite personal.

It is sad though that as a society we abuse everything until it must be changed. It hurts all the people that were using authorized user accounts responsibly.