NEW YORK--(BUSINESS WIRE)--SubscriberWise®, the nation's largest issuing consumer reporting agency for the communications industry and the leading protector of children victimized by identity theft nationwide, announced today that its founder and majority shareholder has acknowledged that his personal credit scores best the world's wealthiest women and men - past and present.
"It's very often a source of misinformation, but it's a fact that income and wealth are never included in the calculation of a FICO score," confirmed David Howe, founder and president of SubscriberWise and the world's highest performing FICO and Vantage scoring consumer since the invention of general purpose credit scoring more than a quarter-century ago. "Although it may seem logical at first impression that income and wealth would be factored in credit scoring, it's actually a profound benefit to individuals that each is excluded entirely. While it's undeniable that financial underwriting regularly includes savings, income, and net-worth as part of approval processes, FICO scores do not.
"Basically, FICO scores have one primary purpose," explained Howe. "FICO scores are designed to determine scientifically the likelihood that the subject of the credit inquiry will reach a delinquency rate of 90 days or worse on any credit obligation during a two year period. It's really that simple and there’s no conspiracy behind the technology.
"Here's the noteworthy point," continued Howe. "Whether you're the CEO of a Fortune 100 company earning $50 million annually or whether you’re a hard working part-time employee in the service industry earning a poverty level wage, your FICO score can only consider behavior related to your credit performance (i.e. payment history, utilization, length of file, recent inquiries, and types of credit) as recorded in your credit file. FICO scores never consider income or wealth and that's a great equalizer," stressed Howe.
"It should also be noted that I'm hardly alone in terms of the probability of having a superior FICO ranking compared to Trump and the other billionaires," acknowledged Howe. "One published report indicated that Mr. Buffett had a FICO score below 740. And although I don't know what Mr. Trump's or Mr. Gates' individual FICO scores are, based on the published report for Mr. Buffett as well as FICO statistical distribution of exceptionally high scoring achievers, it's a reasonable conclusion that many millions of consumers would also outperform the world's wealthiest in a side-by-side FICO comparison.
"Beyond wealth and income, what other factors are not included in FICO scores:
- National Origin
- Zip Code
- Martial Status
- Sources of Income
And anything else that's not proven predictive of future payment behavior," concluded Howe.
About SubscriberWise and David E. Howe
SubscriberWise® launched as the first U.S. issuing consumer reporting agency exclusively for the cable industry in 2006. In 2009, SubscriberWise and TransUnion announced a joint marketing agreement for the benefit of America's independent cable operators. Today SubscriberWise is a risk management preferred-solutions provider for the National Cable Television Cooperative.
SubscriberWise contributions to the communications industry are quantified in the billions of dollars annually.
Howe is also the highest FICO achiever in worldwide banking and financial history. Howe is the only known individual – living or deceased – to have obtained and documented simultaneous perfect FICO 850 Scores across every national credit bureau. In 2014, Howe achieved simultaneous perfect Vantage Scores at Equifax, Experian, and TransUnion.
Over the past decade and counting, Howe has been consulted by the highest levels of executive management from the leading communications operators in the country including Sprint, Time Warner, Mediacom, Metrocast, Atlantic Broadband, Armstrong, Antietam, Comporium, Grande, Cincinnati Bell, BendBroadband, NPG, NewWave, GTA Teleguam, Cable ONE, Shentel, TDS, and many others. Howe’s unbridled passion and demonstrated expertise with credit and risk management can be found everywhere in the industry today.
Howe has obtained FICO Professional Certification and is also the first and only citizen of the world to describe and report the details of the perfect FICO and Vantage scores to U.S. reporters.
SubscriberWise is a U.S.A. federally registered trademark of the SubscriberWise Limited Liability Co.