Liz Pulliam is a well-known consumer finance columnist. In her recent column, Four Credit Scoring Myths, she states:
"The current FICO formula ignores any reference to credit counseling that may be in your file. That’s been true for the last three years, after researchers at Fair, Isaac, the company that created the FICO scoring system, noticed that people getting credit counseling didn’t default on their debts any more often than anyone else." (emphasis added)
It's good to know that Fair Isaac, the credit-scoring company, treats credit counseling as a constructive approach to debt problems.
For full article, see MSN Money (11/30/04):
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