What are the advantages and disadvantages of FICO scoring system? How is it developing in China?

I work in the field of credit cards in North America, which involves FICO. Similar to other credit reporting agencies, the Consumer Fair Lending Act of the United States requires an institution to calculate credit scores for loans from credit cards to mortgages. It not only ensures fairness, but also considers risks. The algorithm itself is fair, and the specific consideration criteria have been introduced upstairs, so I won't repeat them here. Personally, the shortcomings are as follows: lack of real-time performance. For example, if you want to buy a new house, you need to prepare to improve your credit score early in order to get a lower interest rate. Of course, some people say that reducing speculation can be discussed in another topic. The weight of each consideration criterion is fixed. Because everyone's consumption habits are different, it is difficult to guarantee the most real situation. Lack of prediction of future credit risk, the current score can only reflect the past and present, which is obviously different for everyone. We have started to do this part to increase the quantity and stability of my acquisitions.