Oh yeah, 100% proof positive...not Please oh please hegemony explain how the FICO scoring model will figure out WHO the exact original cardholder is? and PLEASE, PLEASE explain how FICO is going to know if its a spouse or child. My name hasn't been the same as my Dad's for 24 years, so will I not be his child anymore and if I choose to use my maiden name and not that of my spouse, will I not be my husband's wife for FICO scoring purposes? And since at least as of today - the owner of the AU line is not visible on my report, for this "model tweak" to be more than FICO blowing smoke up consumers' touches, I see a couple of different scenarios: 1. There is information not provided to the consumer that is in the hands of the credit reporting agency (FCRA violation) 2. Or, FICO must track the account to the OWNER's report, determine relationship to AU, and then come back to the report it is scoring for calculation purposes. Can you say the possibility of an undisclosed non permissible purpose? And please, even though we realize your ulterior motive in joining was merely to bash Apex, try and control yourself, stay on topic, and answer the questions. More of your 100% proof positives for sources would be great.
My 2 cents - Hegemony please do us all a favor and go away. Unlike you, most people on this Board ACTUALLY try to help others. All you have is insults, accusations and insinuations. In the light of your 'Doom and Gloom' reporting, what do you suggest people do 'IF' FICO is indeed going forward with this. I know little about these things so I envision a huge directory of all familial or spousal relationships in the USA that will be provided to any financial institution that requests your FICO Score. No? BTW, I personally know people who benefited greatly from Apex services. As I said, if you have nothing concrete to offer, please go away. I'm sure Fair Isaac has a forum that could use the likes of you to peddle their......(can't use that word here).
Important announcement from FICO. They have announced that their next generation software which will be rolled out in February of 2010 will enable them to trace everyone's family tree back to the year 2010 B.C. and come up with a composite score for the whole family tree which will become your new FICO. This is being done to ensure they comply with ECOA. We gotta have Equal Credit On All. (LOL)
Beware of credit score fixers Promises to raise your credit score unlikely to pay off Kayce T. Ataiyero | Consumerland February 3, 2009 With lenders becoming stingy and setting the credit bar higher, having an attractive credit score is more important than ever. So, who could resist a pitch like this one from an online credit repair service: "See you in the 700 Club!" For a fee, the company promises to deliver you from the credit sewer, boosting your score to the 700 level, the land of low interest rates and financial affirmation. Sound too good to be true? Maybe so. Many people would think there's only one old-fashioned way to boost a credit score, and that's by being responsible. Pay off your bills, on time, and don't bite off more credit than you can chew. That's what independent experts preach. Yet the consumer world is filled with offers from firms promising to help clean up your poor credit score, and the story of how the "700 Club" pitch has succeededâ??until nowâ??reveals the complexity and diversity of the credit repair business, which the Federal Trade Commission, for one, criticizes. Kayce T. Ataiyero Bio | E-mail | Recent columns The idea behind the "700 Club" is ingenious in its own way. Courtesy of a legal loophole in the credit reporting system, companies can charge a fee to match up consumers who have poor credit scores with those with stellar scores, allowing a perfect stranger to ride the good credit coattails of others. The phenomenon, known as "piggybacking," or trade line renting, exploded a few years ago when Internet entrepreneurs figured out there was money to be made. The premise relies on the same principle that allows someone to add a spouse or child to their credit line. A company recruits "investors" with good credit willing to sell slots on their credit lines. The company then sells those lines to strangers in need of a credit score boost, splitting the profits with the investor. The person buying the line of credit doesn't have any charging privileges; they're paying simply for the right to benefit from the credit history of the seller. The prices for such services vary on how much credit history you're looking to buy. Many in the lending industry consider this type of credit repair unethical because it misleads lenders into thinking a person is more creditworthy than he or she actually is. Careen Foster, director of scoring product management for Fair Issac, the company responsible for calculating your credit, or FICO, score, called the practice an "illicit manipulation" of the credit reporting system. And so now this ride may be coming to an end. Last week, Fair Isaac announced it has revamped its model for calculating credit scores, and one of the changes it made will shrink the piggybacking loophole, while allowing legitimate credit users to benefit from being added to credit accounts. One of the big credit report agencies, TransUnion, has already begun using the new FICO score. Foster said the new FICO rules don't eliminate the possibility of piggybacking, but come close enough. Fair Isaac said that instead of waiting for regulators to address the issue, it decided to act on its own. "The practice of adding an authorized user account from an unknown third party to your credit report isn't going to have the same impact, nowhere near the kind of benefit that folks are paying for," Foster said. "I don't think it will be worth the cost of the trade line renting to do it." And that could be bad for business for some of these credit repair shops. I set out to find some of the companies. One, Instant Credit Builders, advised on its Web site: "We are no longer offering Trade Lines however we will be servicing existing clients." There was a number for existing clients to leave messages. I called it. A robo-message informed me that the mailbox did not exist. Next, I called Apex Credit Services, which was advertising on its Web site 2-year-old trade lines for $399. Ten-year lines were going for $899. An affable man answered and we chatted for a bit about the FICO changeâ??he said he didn't know anything about it. He also said the company owner wasn't interested in commenting. After calling or e-mailing more than a half-dozen companies, I was starting to think no one wanted to talk to me, until Marcus Vance called me back. Vance works at Crcleanup.com, a company that sells piggybacking services. This was the one offering entrance to the 700 Club. Or at least it did. He said the FICO changes will put the company out of business. I asked Vance if he thought his service amounted to defrauding lenders. He said he was just participating in a system that has long set up consumers to fail by pushing credit on them at an early age, only to penalize them for years for the poor financial decisions they made. He said people come to him when they realize that it would take them 15 years to boost their credit scores to a level his company can reach in mere months. "When you turn 18 in college, they bombard you with credit cards," he said. "They put you on a plank and let you jump off. All we do is give people an opportunity when they get a little bit older and wiser to fix their credit." Vance put it this way: "Basically, there's a loophole and we're taking advantage of the loophole. It's the American way." While this strategy appears to be on the way out, there are plenty of other companies out there offering to help repair your credit. The FTC, however, advises consumers to be wary of any company that promises to make all your credit troubles disappear. Anything a credit repair clinic can do legally, you can do for yourself at little or no cost, the FTC says on its Web site. No one can legally remove accurate and timely negative information from a credit report. The bottom line: "You can improve a credit report legitimately, but it takes time, a conscious effort, and sticking to a personal debt repayment plan."
This is the third time I've seen this same message posted on this forum this morning. Beginning to smell like spam to me.
Nah, it's just an idiot with reading comprehension problems believing in a reporter who did not do any due diligence before she echoed the Fair Issac company line. He purports to be an expert on CB but in fact shows his ignorance here today in more ways than one.
I have a philosophy that nothing one finds posted on any web site or message board can be taken at face value. An example is that one highly respected expert recently told people that 18 U.S.C 1931 and 18 U.S.C. 1962 can be used in debt collection and mortgage foreclosure cases. Those statutes deal with the collection or attempted collection of illegal debts. Of course, we are all convinced that there must be something illegal about trying to collect huge sums of money more than we ever actually spent or received so charging so much interest and fees surely must be a violation of RICO. Let's hit them with RICO and throw the bums in jail. (LOL)
How are they going to do it? That's what they never say because it is a lie. Ain't going to happen . . .
Okay, I have to say this . . . you are simply dumb. I am sorry but, you cannot sue me for telling the truth.
I still don't understand these people. These boards are a place to help people and they act like it's warfare between consumer boards.
While I'm certainly not an advocate of credit repair by any method, your resurrection of this year or more old thread serves as an excellent illustration of how unreliable corporate fist shaking might be. In the final analysis their threats turned out to have had just about the same effect on the credit granting industry as the Y2K threat before the turn of the century had on the rest of the world. Now we are faced with a much greater and more serious threat. The end of the world in 2012 which has been predicted by every prophet since the time of the Pharaohs of ancient Egypt. The Mayan calendar predicts the end of the world in that same year, and so did Nostradamus and other great seers since time began. The time frame universally predicted is December, 2012. Better start planning for ever increasing enjoyment of each successive Christmas from now until December 2011 which will be the last Christmas on earth since we all know that sky will fall in on us in December 2012. Finally. Bye Bye world.
