Well the banks and the 3 major credit companies did it again. starting next month they have now standernized our credit scores, They all have come together and put the following as a new credit score system. in the 900 range excellent in the 800 range good in the 700 range fair in the 600 range poor in the 500 range bad For instance if you had a 675 credit score it was good now it is poor. When companies pull you credit score now all they get is excellent, good, fair, poor or bad. No more numbers. That is so nice. A class action law suit is being formed more information will follow. How do yo feel about this ? Oh and by the way it starts next month.
This scoring system is being pushed by the 3 CRAs in competition with FICO. Note that the score range is up to 990, instead of the FICO 850. It is not clear that all they get is letters. It does, however, add another layer of confusion on what scores consumers now have to purchase to ensure they are not being screwed. This is another argument for requiring that lenders disclose the scores used in their decisions, along with the CR used, just as they now have to disclose scores to consumers applying for mortgages.
