Do multipy wrong addresses & incorrect versions of your name effect you CR scores? My husbands Experian has 4 incorrect spellings of his name. 10 either incorrectly spelled addresses, addresses that don't exist or addresses he never lived at. I reguested that they delete them. Was not mentioned on the up dated results that we got the other day. What about places of employment he hasn't been at in 20 yrs? Just wondering if it was worth my time to fight with them over that too. Becky
Hi Becky, When I disputed my incorrect addresses and employment information with Equifax and Experian my reports increased about five points (could be a coincidence). My advice is it couldn't hurt to correct it and fortunately, it's one of the easiest items to dispute. Dani
============================= Can anyone tell me why where you live has anything to do with wither your good for the money or not ????????????????????????????????????????????
Yes, where you live most definitely affects one's credit. Your zip code does. True or not, the old saying "birds of a feather flock together" probably holds true in credit to a greater extent in credit granting than in almost any other facet of our lives. The rich do not move in with the poor. Even the thieves seem to know that as evidenced by the types of crimes committed in various areas of town. And the "bankers" are well aware of it too. So a person who lives on the wrong side of the tracks is not likely to come up with the funds or the credit to buy a surplus McDonnell Douglas F-18 or a Lamborgini, a Porsche, a Boxer or any of that kind of thing unless he can put down a huge deposit. Even then, he nad better be comfortably retired or have the proveable income source to warrant his desired purchase. The man living on the wrong side of the tracks or in the wrong zip code area has to be satisfied with vehicles or items of lesser value. Those living in the poorer zip codes are not likley to ever get credit card companies to bestow say $100,000 in total credit limits to him. I tend to think that there is an unwritten law, a general practice if you will, that one is capable of getting total credit limits somewhere in the neighborhood of the value of the home he lives in regardless of whether or not he owns or rents the house he lives in, based on the zip code area that he lives in. Generally speaking, and all other factors being equal, a person who lives in a zip code where the average median income is say $10,000 or less annually is not likely to be able to generate any where near a million dollars indebtedness. A person living in an area where the average median income is say a million dollars a year can generate almost unlimited amounts of creditability. It is, however, just a general type of thing, not an iron clad rule or something set in stone by any means.
===================== I see your point -but what I am saying is where I live shouldn't even enter the picture when I have the income,low debt & and a spotless credit history.WHY should I pay a higher insterest rate for a loan and higher premiums for insurance simply because where I live reduces my FICO SORE er (Score)? =============================== ================= F leece I nnocent C ustomer O pportunity --------------------------------
=========================== Another question! What does length of residency have to do with if I'm good for the money or not??? ??????????????????????????????
An illustrative little "joke" was put out back in the Kennedy years about Bobby Kennedy asking John F. why it was that whenever they played touch football on the whitehouse lawn they always had to play by John's rules. John supposedly replied "Because it's my ball, that's why." It was on one of those joke or funny type phonograph records that used to be put out from time to time.
Also, the number of addresses you have on your report seems to affect your score. I had a couple incorrect addresses removed, and my score went up a few points.. Stability seems to lend to higher scores.. jmart
The theory is that length of time at the same address and length of time at your job seems to add stability. Right or wrong, thats what they say. HOWEVER....it became 'allowed' not to long ago, mostly due to the new crop of 'consultants', that you can report your time in the same 'industry' as 'time on job'. Meaning.....you were a teacher at a middle school for 7 years. You then transfered to another district to become a HS teacher and have been there six months. You apply for a loan.....6 months on the job looks bad, BUT, as you have been a 'teacher' the whole time, you can actually put 7 yrs 6 months down as you never changed 'employement. I am sure there are 'ifs' and 'buts' associated with this, but it's how my mortgage was arranged two years ago and I have been using the same info for all my apps since. The general rule of thumb, from what I have been told, is that the score changes for 0-2.5 yrs, then approx 2.5 to 5 years, then 5 plus years. I do not have that in writing, but that's basically how my mortgage broker explained it. It seems thats one of the reasons the score's we get are not the 'real' scores...the lenders scores take in to consideration time on job, time at residence, education, job type, location, etc.....not fair, sounds like discrimination, but thats how it is. Shawn
I have always had a suspision what Bill is saying is true. I had a client I supervised and he had convinced banks and AT &T to give him astomonical amounts of unsecured loans, based on what his family did (not him mind you) and some obsure trust which had been depleted long ago. So when I hear stories of people borrowing with rare coins collections or horses and the latest cattle being used as colleteral, and they do not exist, I laugh. Yet I can't get $250 gas card! And I can verify everything from where I work, time on job, even to where my ancestors were kidnapped and brought to this country and I am told too many inquiries, new accounts or some other horses**t.
Bill,the practice you are describing is called Red-Lining ,comparing zip-codes to income.It is against Federal Law to implement such a policy in determining credit.You don't think that C.C.C,would stoop to that.do you?LOL.
Thank you for your post and good info. Seems to me I did hear something about the practice of red-lining years ago. Didn't know it was against Federal Law. Be that as it may, it would still surprise me that some do at least do their own mental redlines. Yes, I think they would do it. I think that just because I think they might do it doesn't mean mythinks hold any water. (LOL)
=====So I move from 204 my street to 206 my street and that is a valid excuse to lower my score and lessen my credit rating so that they can over charge me on insurance and loans. What a racket they have going for them! Sweet deal when you can cause damages to some one and instead of having to pay the victim the victin has to pay you-Only in America!
============ P S Another example I have lived in the same house on the same property with the same address since 1966. All this time the address has always been the same but that's about to change within the next couple of months due to a new county wide house numbering system at which time i will be asigned a new address. MY QUESTION IS : Why should this have any effect on my credit standing or the price I pay for insurance and loans ????????? ===================== The whole credit system is designed with one thing in mind.Skin The Consumer!
These are good questions to PUBLICLY ask Fair Isaac at www.planetfeedback.com Go ask them and we'll all look forward to hearing what they say to justify their formula..
