In the aftermath of the housing meltdown, there's been a lot of fingers pointing at Fair Isaac. Lenders have been griping that the supposedly all-important FICO credit score has failed to accurately predict the possibility of default on loans of various types. So there are new initiatives in the works to come up with better ways to figure out who's going to pay and who's going to skip out. Dow Jones News wires reported that the new models involve looking at bounced checks, utility bill history and the ability to pay your rent in a timely manner. It turns out there's a very real correlation between bouncing checks and default on loans. But this latest wrinkle is where even if you have traditional credit, other things are still being brought into the mix to give a better overall picture of your financial health. So NO and I mean NO bouncing checks, floating checks your credit doesn't need the negative hit. Beside the fact of "NFS" fees, bouncing checks is illegal and you can be prosecuted and even be put in jail. I think we are all on the same page.
Bounced checks = "NFS" fees, Bad Credit, and possibly JAIL!
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