Posted by Christine Baker on November 15, 1998 at 20:04:18:
Fair Isaac is the corporation developing and selling Scoring Software to corporations planet wide.
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 provided to the consumers about the composition of Scores. Getting the info on the inquiry count (my previous posting) was about as much fun as having teeth pulled.
I'm really tired of having to spend MANY hours to get a "somewhat" accurate description of how we are Scored. I could NOT get Fair Isaac to respond to my questions in writing.
The Fair Isaac FAQ on their web site is PATHETIC!
The reason for their refusal to provide Scoring info to the public:
As more consumers KNOW the composition of the Scores and live their lives accordingly, Fair Isaac's Scoring Models won't work anymore. They'll lose their paying clients, the blood sucking and/or cream scimming finance, insurance, auto, etc. industry.
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.
Corporate America is living the American dream at the expense of the disabled, the seniors, the minorities, the poor, the ones with a less than average IQ, and the suckers who are so BUSY going to work every day and raising families that they don't have the time to figure out how to get from paying 20% interest to the 8% they deserve.
Only the government can change those discriminating and unfair lending practices.
However, 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 for all non mortgage purposes and by 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 Baker