quote: -------------------------------------------------------------------------------- Originally posted by GEORGE http://www.ftc.gov/bcp/creditscorin...sent/sld008.htm Why is "JUST MOVED" better than 2.49 YEARS??? -------------------------------------------------------------------------------- George included a great link to a slide on credit scoring, part of Comments made by Pete McCorkell, Senior Vice President and General Counsel of Fair, Isaac and Company in a public forum before the FTC in 1999. http://www.ftc.gov/bcp/creditscorin...corexscript.pdf PUBLIC FORUM: THE CONSUMER AND CREDIT SCORING July 22, 1999 Matter No. P994810 Federal Trade Commission Room 432 600 Pennsylvania Avenue, NW Washington, DC 19 Comments by McCorkell about Inquiries: " [begin quote] I mentioned inquiries. This has been a topic of some controversy. Fair, Isaac about a year ago redesigned our bureau systems to do what we call inquiry de-duping. We know that in a lot of cases somebody shopping for a mortgage or for an auto loan will wind up with multiple inquiries from the same transaction. And of course not many people buy more than one house in any given month, or more than one car. And so we've sort of been able to say, if we count all of the auto loan inquiries and all of the mortgage loan inquiries within any given 30 day period as a single inquiry, because it's probably only one auto or one house that they're shopping for, that that is really a better representation of their credit behavior. And then also, again in mortgage lending especially, people may wind up shopping around for some period of time looking for the best rates, going to different lenders or go through a mortgage broker who shops at the different lenders. And so in fact what we've said is, we don't count any inquiries in the 30 days before this particular score is computed. So you can have a hundred inquiries in the month before the score is computed and they won't count at all. And you can have any number of mortgage or any number of auto loans in any -- I'm sorry. It's a 14 day period at any time before the score is computed, and they'll only count as one inquiry each. Okay. If we could slip I think two slides. It's just an example of the de-duping." [end quote] XXXXXXXXXX Then slide shows example of how department store with inquiry 68 days ago, mortgage inquiries 65 and 56 days ago, and auto inquiries 17, 9, 8 days ago are counted. Title of slide: Inquiry De-dupe and Buffer Period http://www.ftc.gov/bcp/creditscorin...sent/sld034.htm XXXXXXXXXXXXX Thought these comments might provide some insight per the Fair/Isaac VP Amongst other points, it looks to me like he is saying that NO Inquiries in the 30 days prior to the score being pulled are included in the calculation of the score. Does anyone agree that this is what he means? From your experience with Creditwatch, is this correct? am I the only one who did not understand the 30 day concept on inquiries?
let's try these and see if I am doing any better http://www.ftc.gov/bcp/creditscoring/ Overview of Forum http://www.ftc.gov/bcp/creditscoring/creditscorexscript.pdf PDF includes transcript of Forum http://www.ftc.gov/bcp/creditscoring/present/sld034.htm Slide of Inquiry Explaining Dedupe and Buffer period http://www.ftc.gov/bcp/creditscoring/present/sld024.htm 5 areas of scoring http://www.ftc.gov/bcp/creditscoring/present/sld036.htm Multiple scorecard design if this isn't write, please someone email me, and I'll email the word doc with the links and you can't help me get the links on here
good grief, now I can't even spell "right," as in correct...what a ditz George, please help me. the original link was yours and I just snipped from there and worked my way back
to George "ditz" and "dweeb", interchangable terms, ditz is for MWF, dweeb for TTH, and weekends can be either. (usually directed towards others as a term of endearment.) my self directed "ditz" didn't really reflecta lack of self esteem, more like fat fingers on the keyboard. But thank you for telling me I am not, I AM trying to contribute in a positive way, and I do not claim expertise in any area. I was just trying to root out more information on scoring, based on the thread which you initially posted and which took me to the slide show of the forum, You're a good guy, George.
