Re: Study Produces Surprises on Cre Yeah Breeze, things were a lot less regulated. Or policy was very leniet. We required you to pay the interest due and $100 on the principle and we'd roll you forever!
Re: Study Produces Surprises on Cre 1=Don't vote for Politicans who support The credit Industry 2=Don't do business with the Ind. 3= Complaine -complaine-complain. 4=Become a pain the butt to them.
Re: Study Produces Surprises on Cre Write to your Congressmen/women and Senators and complain. Ask them to sponsor a bill to address consumer credit issues. Recommend the following: *Consumers to be given 45days notice of any negative information a creditor intends to report to CRA's. Consumer will then have a time window in which to investigate validity of the negative BEFORE it shows on credit report. *Removal of the penalty in FICO scoring model for shopping for credit and of any reporting of inquiries made to a persons credit file being shared with creditors. The only disclosure of who has peeked at the file should be made to the consumer. *Dates of delinquencies should be clear to the consumer on the report. TU should not be allowed to say, "in xx months since last report xx times 30/60/90 days late". If there is an item with a delinquency it should clearly read the month and year of the 'alleged' delinquency. *The FTC should insist on certain standards, practices, and procedures to be used by the CRA's to prevent comingling of credit files. One specific area needing a control is the allowance by CRA's for furnishers of information to match without a ssn# thereby resulting in a plethora of files/accounts comingled based on similar names. *and anything else you have a problem with. Let our elected officials know that you feel so strongly about this issue that you will vote based upon their actions or inactions to facilitate reform. Mist
Re: Study Produces Surprises on Cre lbrown59, FICO is not "administered" or "regulated" because it's not a government agency or program. It is a scoring model, developed by a private company -- the Fair, Isaac Company (hence, F.I.CO.). Their web address is here: http://www.fairisaac.com That company does not score anyone's credit. Rather, they license their scoring models and software to credit reporting agencies, banks, and other financial institutions who then apply those mathematical formulas to the individual consumers with whom they deal. Your suggestion that "FICO" be outlawed, then, makes as much sense as outlawing "Adobe PageMaker" or some other software package. The application of credit scores to consumer credit files seems to be what interests you, but it's hard to tease that out from your usual repetitive clarion call. Doc
Re: Study Produces Surprises on Cre I have a funny feeling that the wonderful dynamite analogy will make it to doc's "Message of the Day". You better watch your step, lbrown59 ;-)
Re: Study Produces Surprises on Cre Talk about Chasing Windmills... Outlawing credit scoring would be like outlawing my noticing what color your car is as you drive by. Anyone has a right (Under the 9th Ammendment) to observe anyone else's behavior and make a value judgment based on what they see. If they're really good at selling their insights and observations, they can become the owner of another scoring model. If they're really, really good at selling their insights and observations, and they own a couch, then Doc has some new competition (right Doc?). Meanwhile, back on the ranch there's this FICO thing that won't go away. It won't be outlawed. It won't self implode. So, the realistic strategy is learn how to play itsâ?? game. Hard to do, I realize, when they won't tell you the rules. That's certainly an area where the law may be able to address some legitimate concerns. It would be a far more productive aim of any letter writing campaign, IMNTHO (NT= Not Terribly), than trying to outlaw FICO. In the meantime, Iâ??ll keep coming to boards like Creditnet, share war stories (more listening than talking at this point, but Iâ??ll have more to share at some point) with fellow travelers over a hot cocoa (with peppermint schnapps, of course!) by the fire, make a smart-a$$ comment here and there (Better to be a smarta$$ than a dumba$$! (and before anyone gets fired up, that is not an editorial comment about anyone but me)), develop workable strategies for improving my performance in â??the gameâ?, and put them to work. As much as I like a good Windmill Chase (and I donâ??t think I should have to prove that I do- I picked this screen name quite some time ago), at some point, as distasteful as it may be, youâ??ve got to deal with reality.
Re: Study Produces Surprises on Cre LOL, Roman, that's tomorrow's. In today's message I tackle sex and violence on CreditNet. Quixote, something you wrote just now really betrays your high intelligence. (Ok, ok, I know that sounds like straight-out kissing butt. But I'm being serious, LOL! One second, while I wipe this off my face... brb.) Anyway, why not come up with a BETTER scoring model -- one that addresses some of the shortcomings we've raised on this board. For example, should inquiries or new credit count against someone? I think not. On the other hand, I don't think new credit should count FOR anything either -- you really need to take a look at the demonstrated payment history. I really don't think we're talking astrophysics either. Thoughts? Doc
Re: Study Produces Surprises on Cre LOL, I always think that people who agree with me are brilliant, too. (Thank you for the compliment, BTW.) Before I forget, how about tackling sax and violins next? Inquiring minds want to know... ;-) OK, on to more serious stuff. I would tend to agree that what FICO (th company and the scoring model) really needs is some competition. I bet we'd all be amazed at how much better FICO would get if they had someone nipping at their heels with a demonstably superior product. And, as you noted, it's not rocket science. It's the calculus word problem from hell though. Must be thirty, forty variables. Yikes! But, unless they really are using gypsies with cracked crystal balls, the problem should be solvable. The only obstacle is coming up with enough information to properly set up the equation. Without that, it would be awfully tough. What we need is for some high ranking minister of the FICOban to defect to the Credtnet Alliance and help us figure out how to set up the equation and target the laser guided validation letters.
Re: Study Produces Surprises on Cre No, I think we should just outlaw it. It's stupid. Somebody hand me the the law-writing thingy. I'll do it. Then we'll go round'em up and put 'em in jail. Then we'll go out for pizza.
Re: Study Produces Surprises on Cre One legal angle that might have a chance: What if an antitrust lawsuit were brought against FICO on grounds that FICO is a monopoly? The Bush Justice Dept. may not be very friendly to that idea (I'm a Republican, but I'm trying to be realistic here), so perhaps a RICO suit could be brought aginst them on essentially the same grounds. It would need a pliantiff. Someone who, unlike myself, with my legitimately damaged credit, has perfect credit yet still is punished by their (FICO's) monopolistic system. Sound like anyone you know, George? Who knows, maybe you could force the breakup of the company into two competing companies. They could even each keep every other letter from their acronym. One could be FC, and IO would stay with the second new company. FC IO. Go ahead, pronounce it three times fast. I dare you. BTW, Did anybody ever help Chelechele up off the floor?
Re: Study Produces Surprises on Cre Got my matte black 9mm Beretta!! grrrrrrrrrrrrrr I'm not big, but I'm mean. What you bringin', fellow tough guys? (oops, I mean tough persons)
Re: Study Produces Surprises on Cre You know things are getting goofy when I end up being the rational voice of reason. Whew! What's next? I got a shih tzu that shoots rubber bands (really!). You wanna sic him on FC, IO, or both?
Re: Study Produces Surprises on Cre 1/How did fico eliminate this? 2/So how does Fico determine what can or can not be reported to a CRA? 3/ Fico didn't replace the old system. 4/The field may be flat but now it's vertical instead of horizontal! 5/No answer needed for problems that have been eliminated. 6/Profitability is the aim of FICO not objectivity. 7/ Hanging onto Fico is like keeping bank robbery until something better comes along before we outlaw it.
Re: Study Produces Surprises on Cre lbrown59, you suffer from a few hemispheric deficits I cannot repair. Sorry. Doc
