Combined credit inquiries -- According to Fair Isaac:

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Comments:
: The word directly from Fair Isaac:

: For Experian and Trans Union: 

: For the previous 30 days all AUTO and MORTGAGE inquiries count as one inquiry.

: Inquiries prior to the 30 day buffer:  AUTO and MORTGAGE inquiries in every 14 day period count as one inquiry.

: Important: Credit card, charge card, cell phone, bank loan, insurance or ANY other credit inquiries that are NOT mortgage or auto related count separately and are NOT combined.

: Example:

: Today your Experian Score is obtained, you had several EXPERIAN auto inquiries and mortgage inquiries with the most recent one 4 days ago, you got cell phone service 2 weeks ago and you opened a department store account 3 weeks ago. (They all used Experian)

: So all the auto and mortgage inquiries in the last 34 days count as 1, + the cell phone credit check + the department store give you 3 inquiries in the last 34 days.  And then of course you have any previous inquiries, again with combined auto and mortgage inquiries for every 2 week period.

: 
: CBI/Equifax (until they install the upgrade to use the same system as Trans Union and Experian):

: AUTO and MORTGAGE inquiries in any 7 day period count as one inquiry.

: Inquiries that do NOT count:  Your own inquiries with the credit bureaus, account review inquiries by your existing creditors and inquiries for pre approval not initiated by you (The "pre-approved" credit offers you might get in the mail and never asked for.)

: -------------------------------

: I got this info yesterday afternoon from the Fair Isaac rep who called me in response to my inquiry last Friday.  

: I was also able to confirm that you will NOT improve your Scores by paying collections and charge offs.  And it makes no difference whether you have one or more collections.  Although, a collection last month lowers your Score much more than the collection 5 years ago (provided the correct date is reported on the credit report by the collection agency.) 

: If you want to know something specific about Scoring, you can submit your questions at 

: http://www.fairisaac.com/FI_Home/html/information_request.html

: It's best if you compose your question in your E-mail, mail it to yourself and then copy and paste into the Fair Isaac form.  That way you'll know what you submitted. :)  And of course feel free to post it here.

: I very much appreciate the information provided by Fair Isaac.  I'm going to update the FICO pages over the next few weeks.  

: I don't know that everybody will get a call back from a QUALIFIED rep like I did, it may have to do with my E-mail address and the fact that Fair Isaac monitors the BayHouse site extensively.  But give it a try, and let me know how it goes!

: Also, you need to know that Fair Isaac is just a corporation developing and selling the Scoring Software.   If you're upset with a lender's application of Scores, don't complain to Fair Isaac.  My main beef with Fair Isaac is the lack of information they have provided in the past.   But as long as they tell us how the Scores are composed, I don't have a problem.  I'd prefer to have Fair Isaac publish the basics on Scoring directly.  Obviously I can't guarantee information I get over the phone.

: LENDERS are NOT using the Scores as a tool to speed up processing, but instead use the Scores to categorically decline borrowers without even looking at documentation proving that the underlying credit report contains incorrect data.  Lenders have a legal obligation to the shareholders to maximize their profits. And that's what they're doing.

: Only the government can change those discriminating and unfair lending practices.

: The FTC refuses to grant consumers the right to obtain their Scores.

: No Grand Jury investigates why the FTC causes 

: * millions of Americans to pay higher interest  rates than they deserve 
:      
: * thousands of QUALIFIED applicants to be declined for home loans. 

: From the FTC Release September 1, 1995:

:     "The Federal Trade Commission said today that federal law 
:     does not require credit bureaus to disclose Risk Scores to 
:     consumers who request copies of their credit reports. ..."

: Then the FTC goes on to publish this outrageous lie: 

:     "Among other things, they noted that consumers have 
:     legal access to information much more significant than a 
:     numerical Score -- the underlying information in their 
:     credit files (under the FCRA), and a statement of why any 
:     credit bureau client rejected their credit applications (under 
:     the Equal Credit Opportunity Act)."

: Not only is there NO "much more important information more significant than the Score," the information on the credit report is entirely disregarded by finance companies and many mortgage lenders. 

: Those are the lies that SHOULD get people fired!  Instead, we're watching this circus about sex and lies about sex .... 

: If anyone has info on pending Credit Scoring legislation or wants to contact their politicians, please post here!

: Christine


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