FICO "FAIR ISSAC & COMPANY" THERE ARE MULTIPLE FICO SCORES; BASIC FICO SCORE WHICH TAKES A SNAPSHOT OF YOUR OVERALL CREDIT FILE. FICO BANKCARD II MODEL: THIS TAKES A SNAPSHOT OF YOUR REVOLVING CREDIT HISTORY, AND DELIVERS A SCORE BASED ON REVOLVING CARDS. SO YOUR FICO SCORE MAY BE 720, BUT YOUR BANKCARD II MODEL WOULD BE 755. THERE ARE DIFFERENT MODELS FOR DIFFERENT CREDIT TYPES. CREDITCARDS, AUTO MODEL, INSTALLMENT LOANS, REAL ESTATE, ETC. FOR EXAMPLE, RICHARD DOE, AGE 75, HAS ONE AND ONLY ONE LINE OF CREDIT, IT IS A SEARS CARD THAT HE OPENED IN 1955. HIS BASIC FICO SCORE WOULD BE 804. WITH ONLY THAT LINE. NOW, LETS SAY MR. DOE ADDS 2 CITIBANK CARDS TO THAT, HIS SCORE WOULD DROP, BECAUSE ANYTHING YOUNGER THAN 7 YEARS IS STILL CONSIDERED A RISK TRADE LINE. SO NOW LETS SAY, RICHARD THE III, HIS GRANDSON WHO IS 23 YEARS OLD, HAS A CITIBANK CARD THAT IS 2 YEARS OLD, THATS IT. HIS FICO SCORE WOULD BE RELATIVELY LOW ABOUT, 690 UP TO 710. NOW LETS SAY THAT GRANDPA ADDED JR. TO HIS SEARS ACCOUNT, NOW IN 30 DAYS WHEN SEARS DOWNLOADS THEIR DATA ON METRO 2 FORMAT, IT WILL ALSO DUMP ONTO JR, AND SINCE JR HAS NOT HAD ANY INQUIRY'S IN 2 YEARS, AND THAT SEARS TRADE LINE NOW REPORTS ON TO HIS CREDIT FILE AS SEARS, SUBSCRIBER NUMBER1234567, OPENED, 10/55 AS OF 11/00 LIMIT IS $300, CURRENT ACCOUNT NO BALANCE. JRS FICO SCORE WOULD NOW BE, 800. THE MORAL TO THIS MESSAGE IS THAT IS SOME CASES IF A FRIEND OR FAMILY MEMBER WHO HAD A CREDIT CARD THAT IS OLDER THAN 10 YEARS OLD,WOULD ADD YOU TO THEIR ACCOUNT, IT WOULDNT HURT YOUR SCORE. UNLESS..... YOU ALREADY HAD NUMEROUS REVOLVING LINES OF CREDIT. THEN FICO WOULD ASSUME YOU HAVE TO MUCH REVOLVING DEBT AVAILABLE TO YOU, AND ASSESS YOU AS A RISK. A JCPENNY CARD WITH A $100 LIMIT OPENED IN 1985, IS WORTH 3 TIMES THE POINTS OF A PLATINUM VISA, 6 MONTHS OLD WITH A $100,000 LIMIT. NO ALL CREDITORS REPORT ADDITIONAL CARDS HOLDERS TO THE BUREAUS,BUT MOST DO. SEARS, BOFA, CITIBANK, FIRST USA, CHASE, ONES THAT DONT ARE MBNA, DISCOVERCARD, UNLESS YOUR JOINT ACCOUNT WITH SOMEONE, JUST TO NAME A FEW. MANY BANKS DO NOT REPORT THE CREDIT LIMITS TO BUREAUS BECAUSE OF ONE REASON, COMPETITION. IN THE MID 90'S, OTHER CREDIT CARD COMPANIES WOULD USE THIS DATA TO SEND OUT PREAPPROVED OFFERS TO PEOPLE AND OFFER A CREDIT LIMIT THAT MET, OR EXCEEDED THE ONE LIST FROM THE OTHER BANK, TRYING TO GET YOUR BUSINESS. SO EVEN THOUGH IT HURTS YOUR SCORES, SOME SUBSCRIBERS DECIDED NOT TO REPORT THE CREDIT LINES. ALTHOUGH EXPERIAN CONSUMER CENTER IS TRYING TO GET THE BANKS TO REPORT THE CREDIT LINES, BUT THE CREDIT BUREAUS DONT WANT TO UPSET THE MAJOR BANKS BECAUSE THEIR THE BUREAUS BREAD AND BUTTER.
RE: HOW FICO SCORES ARE ASSESS banking division: i called the numbers you gave me and they worked just like you said. thanks, i feel alot better now. david.
RE: HOW FICO SCORES ARE ASSESS banking division: i called the numbers you gave me and they worked just like you said. thanks, i feel alot better now. david.
RE: HOW FICO SCORES ARE ASSESS banking division: i called the numbers you gave me and they worked just like you said. thanks, i feel alot better now. david.
RE: HOW FICO SCORES ARE ASSESS banking division: i called the numbers you gave me and they worked just like you said. thanks, i feel alot better now. david.
Clarification is appreciated BD -your clarification in subsequent posts is very much appreciated. As you will recall, the last paragraph in my prior posts questioning your authenticity DID indeed include an apology if my conclusions were incorrect (as they appear to have been). Understand that boards such as this one do get a good bit of shysters. I don't fully understand your affiliation with Experian, but that appears to be a moot point, given your apparently wholesome motives. I, for one, thank you for lending your time to this board, as good information is ALWAYS at a premium. I do have a question: You state that Experian is trying to get lenders to report credit limits (Citibank being the most visible example). I, and others on other boards, have constantly asked how such reporting can POSSIBLY comply with the FCRA's mandate of COMPLET AND ACCURATE information to be reported. Do you have any insight as to the arguments/justifications as to why this seemingly overt and clear violation of the FCRA is allowed to continue? I mean, it seems that Experian (and the other 2 CRA's) are ABETTING subscribers such as Citibank in violating the FCRA. Again, thanks for your time & efforts, and my apologies for jumping to a cynical conclusion of your motives.
MO: heres your response apology accepted. now lets move on.. Jodie Berstein, director of the FTC, consumer protection division, is proposing an amendment that full disclosure is a requirement, in order for the big 3 to comply with FCRA. recently she won monetary damages against them in the U>S> district court for the big 3 violating the FCRA in which consumers couldnt get access by telephone to the actual bureaus themselves to dispute information on their reports, and equifax transunion experian had to come up with 2.5 million, chump change, but she making an impression on them, and she is bringing them back up on witholding. such as"violation of disclosure, based on premise that each allow creditor to withold pertinate information that will mean the difference of approved or denied for some consumers, to wit: said bureaus have allowed blocking of certain information that prevent consumers from receiving the best possible offer. not at fault is the consumer, but by failure to comply, the CRA's are allowing unfair practices with intent,". she's currently asking the US district court to sanction the big three to the tune of 24 million, to "Ensure they understand that we are serious about consumers rights:/ hope this answers your question.] oh, the court is suppose to rule on a summary judgement motion before thanksgiving so with any luck, practices may be enforced by 01-01-2001......
Youâ??re A Trusting Soul Mo: I donâ??t know who this guy is but Iâ??ll find out tomorrow, or shortly thereafter. As youâ??ll imagine from reading my other post, this worm donâ??t turn and the dog donâ??t hunt. Maybe itâ??s just my â??collectorâ??s upbringingâ? that causes such suspicions, but I canâ??t help myself â?? itâ??s in the blood. Iâ??ll let you (and everyone else) know what Iâ??ve discovered, if in the negative. Keep The Faith, Anthony Villaseñor CreditDefenses.com
TO: BANKING DIVISION What about creditors who do not report accounts to the credit bureau such as Sunoco, Amex Secured Optima, and others. Will they be effected by this Federal get tough policy?
Mo. chill out. my experiences I have exchanged several emails with this bank division person and have found them to be very educational. I personally dont care who he is or where he comes from. My information from he/she has been very, very direct. Someone has popped on the board and given out to me very good information directed to my specific question. Please dont run this person off. Does everything have to be a debate? I dont know who this person is or where they came from. If you dont like the info dont read it. That's how I look at it.
RE: Clarification is appreciat The FCRA requires only accurate reporting, not 'complete' reporting. I very much doubt that creditors can be forced by the Government to report to the CRAs unless the information they are reporting has something to do with a Government program, like an FHA mortgage, VA mortgage, or guaranteed student loan. This would be tantamount to the Government telling a commerical business that they are REQUIRED to do business with another commercial business. Generally when this type of 'requirement' exists without Government involvement, they usually swoop in with indictments for racketeering. (Hey buddy, you better buy your liquor from Whitey or your little restaurant is gonna burn down one night...) Creditors should be allowed to report or not report as they see fit. Those are business decisions for them to make. They can use it as a marketing strategy. (Yes! We report! Build your credit.) (No! We don't report, so if you screw up with us, we'll charge you alot of fees, but we won't mess up your credit score, unless we have to do a charge off.) Whatever they do choose to report, they must do so accurately. It is unlikely that any mandate by the FTC to require any and all creditors to report everything to the CRAs would withstand judicial scrutiny. There are First Amendment issues here as well. The First Amendment's freedom of speech also provides for the freedom to remain silent if one wishes.
RE: HOW FICO SCORES ARE ASSESS Credit Bureaus list birthdate on your files. Why is it that Richard III gets credit from Grandpa's sears account from 1955. He won't be born for about 23 years, surely the system should calculate that in.
They ARE required JEdgar -subscribers who DO report to a CRA ARE, indeed, required to report "complete and accurate" information. It's right in the text of the FCRA. You are, of course, correct that no entity is required to report...but IF they do report, it is incumbent upon them, per the FCRA tenets, to report "COMPLETE and accurate information".
where in the text of the FCRA? I'm not saying you are wrong, but I can't find it. The FCRA begins with 15 USC sec. 1681 and has subsections. Could you post the section your referring to, or quote it by section and subsection? Thanks. PM
RE: where in the text of the F Sure, Pat....the most specific section is copied below. Section 623(a)(2) speaks specifically to the question of "complete and accurate" (I set off the passage with a bunch of * ****** ". If you do a FIND on the text of the FCRA, it's amazing how many references one finds to completeness. The info below is elliptical, as I cut out some of the intervening material for "short reading". Of course, everyone can find the entire text at www.ftc.gov. -Mo ================== § 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]............. (a) Duty of furnishers of information to provide accurate information. (B) has furnished to a consumer reporting agency information that the person determines is not complete or accurate, shall promptly notify the consumer reporting agency of that determination ******* and provide to the agency any corrections to that information, or any additional information, that is necessary to make the information provided by the person to the agency complete and accurate, and shall not thereafter furnish to the agency any of the information that remains not complete or accurate. **********
RE: HOW FICO SCORES ARE ASSESS 100% Accurate Doug, However, I've met 19 year olds with with 790s ... explain that.
RE: HOW FICO SCORES ARE ASSESS I have been searching for various methods to raise my FICO score. I may be going about it the wrong way. I have been looking into tradeline adding so called services which charge up to $1000.00 per line when maybe all I should have been doing is offering to pay grannys bills. My cards are over 40%. Can assuming old good tradelines also help me? Is their a site or something I can read more of to become more informed. Thank you!
