It's all computer software. That is what I meant by being a system. Personally I don't think it is a con game(although you are completely entitled to your opinion). I think in order to make FICO a better system they have to make the credit reporting agencies a better system. If the legal system fails us we are allowed to appeal our case to a higher court, or petition congress for new or better laws. With FICO we are stuck with the current system, until something better comes along. Am I the only one here that thinks a form of FICO should stay in affect? Kellie
I completely understand the theory behind FICO scores. I also agree that there needs to be some sort of system in place. However, if the scores and CR are so valuable that one could be denied buying a house, car or other asset based on the report, the reports should be accurate or so much weight should not be put on the score or CR.
You may well understand what they claim about F I C O . But that covers up their real motive for using Fico and that is a profit gage and a priceing guide. This is exactly one of my reasons for saying they should be shut down. If they can't run the business right they have no business being in the business.
All of this has been such a headache. We've been dealing with incorrect things on our credit reports since the end of Oct. Most everything that was negative has been removed or is in the process of being removed. I just think that it's all a big racket for money, as no CRA will speak with you until you purchase a CR from THEM!!! To me, the same information should be on the reports and then there would not be so much confusion, or is that what they are counting on?
I don't have whole system laid out, but heres what I could think of off the top of my head. Inquiries should NOT be a factor. Late pays should only affect your score for a year. Charge offs UNPAID should affect your score for 5 years. PAID charge offs should affect your score for 1 yr from paid date. something like that. We all know NO creditor takes the time to actually LOOK at the items on our CR, they use FICO and I don't see FICO going anywhere anytime soon. Therefore screw the creditors and not us. MAKE them look at the app, instead of getting denied and calling the creditor begging them to review the app again. I also think if the CRA's are going to place negatives on your report at the drop of a dime, and then make US go through all the leg work of proving them wrong, they should be responsible for all over paid interest for the length of a loan(if say a house loan was gotten with the neg on), pay their fines, etc. We have to PROVE to the CRA's that these neg.'s shouldn't be on there, yet a creditor can call them up and just give a name and address and you're screwed. Ok done rambling
lbrown59, friendly suggestion: Consider collecting your thoughts about the various posts you read, and then post them all together in a single post like the rest of us do, LOL. KHM: I'm with you. So are many others. I think lbrown59 is pretty much alone with his idea that FICO is a conspiracy designed to kill your first-born child. Doc
Nothing= don't need anything else. Got along better before Fico so why do we we need the shell game now???
LBrown, I don't think you can have everyone have the same price. Someone who has never made a mistake on paying anything should not get penalized. Just like someone who consistantly screws up should not get awarded. Kellie
I sell houses do you think i should have more than one price on the same house ? Fair pricing is not based on penalities and rewards.It's based on fair value given for money received!
LOL, everybody followed that, I trust -- "a different home price for each interest rate." Huh? Doc wiping a tear from my eye
