Fair Isaac Corporation (FICO) came up with a new score called the Medication Adherence Scoreto “accurately guess” whether a patient will skip his medicine or not.1
This is just one of the new scores that the credit agencies are coming up with to get more data for assessing credit scores. Equifax and Experian each have their own little scores, with the former offering Ability to Pay Indices and Discretionary Spending Indices and the latter offering Income Insight Scores plus another one to gauge the likelihood of a consumer filing for bankruptcy.
What is disturbing, however, is hearing the president of FICO say that “we know what you’re going to do tomorrow.”
What? Are these credit agencies starting to go around with statistics and claiming Minority Report-like predictions of what people are most likely to do?
The problem here is that these new credit assessment scores are not as completely reliable as the credit agencies would have people believe. Researchers at the Eastern Kentucky University conducted a study back in 2003 and showed that an individual’s credit score has no relationship whatsoever to job performance or chances of being fired.
That did not stop employers from believing the swill that the agency companies toss around, though.