<HTML>"Credit bureaus are preparing to remove the secrecy over credit scores, the three-digit numbers that help lenders decide whether to lend money and at what interest rate." Read the full story <a href="http://www.bankrate.com/brm/news/bank/20001226a.asp">here</a>. </HTML>
Experian is introducing a new in addition to the regular FICO Auto Risk Model <http://www.experian.com/corporate/press_releases/121300.html> The next will be a mortgage score, department store score, etc.
RE: Credit scores come out fro Well, it's about *&!@#!% time! The CRAs and FI's attitude about giving consumers their scores has been at worst like the secret credit police of some washed-up Eastern Bloc dictatorship and at best, overly paternalistic. ("Oh, those consumer are so naive, they just wouldn't understand....) Credit Scores are like SAT scores. No one really knows how ETS calculates the score, nor does anyone really care about the intricacies of it, but they certainly won't to know the number so they know if Junior or Missy is wasting their time applying to Stanford or Harvard instead of a school of more modest admission standards. As for FI's argument that consumers would 'manipulate' their scores, that is completely specious. "Oh let's see, I want to raise my score, so I'm going to make sure that I pay my bills on time, I'm not going to apply for lots of credit, I'm going to reduce my outstanding open, but unused credit, get rid of a couple of cards that I don't use, and make sure that I don't wind up with any liens or judgements by behaving responsibly." DUH!! Wouldn't it be in EVERYONE's best interest if people modeled their credit behavior as someone who is considered a 'good risk'? Wouldn't this encourage people to behave responsibly, since they know what 'good' behavior is in the credit world? The arguments about people manipulating their scores is just ridiculous. To manipulate their scores, people would have to engage in desirable behavior, which is what creditors want to see anyhow. It's about time the whole top-secret "we know better than you" credit scoring process came out into the light of day. Sunlight is the best disinfectant.
RE: Credit scores come out fro Hey, maybe the scoring models has some flaws that, being discovered through trial and error, will allow things like "Add 100 to your score in 5 easy steps" or "Have perfect credit in 3 months starting from 0". In which case their reputation will be gone forever Who knows, but I won't be surprised if this is what they fear so much... But anyway, security through obscurity never worked in the long run...
RE: Credit scores come out fro ("Oh, those consumer are so naive, they just wouldn't understand....) You hit the nail on the head!!! THEY THINK PEOPLE ARE STUPID!!!
RE: Credit scores come out fro They think I have too many credit cards, AND NO CAR LOAN (PAID CASH 1978), so I have a lower score than I thought I would have even though I have NO BK, NO COLLECTIONS, NO LATES, NO CHARGE OFF'S, OLDEST CREDIT LINE 1978!!!
I'll let you know I just ordered mine from TU, we shall see if I get any score with it. Will keep you posted Mom
RE: I'll let you know Believe now they changed it to early 2001 instead of now for the score. Interested to see if Worthknowing is a hard inquiry. Jamie posted one above on this matter. It looks like a soft inquiry on their website.
RE: I'll let you know Well crap, I guess I should have waited til after the new year. And I know people have said it shows up hard, but mine and also my husband's have always shown up SOFT??