Re: No one's safe from FICO

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Posted by John on January 24, 1999 at 07:33:42:

In Reply to: No one's safe from FICO posted by Jon on January 16, 1999 at 22:05:41:

The credit scoring system is the most discriminating system in use. I've been doing a LOT of comparing between other peoples credit reports to compare their credit scores. (FICO and BEACON Scores) I had one credit report that was PERFECT CREDIT. No late pays, no charge offs, no collections, no nothing! The credit file showed several open major credit card accounts and a car loan. The FICO score was 630.

Then I compared it with another persons credit file. This file had NO positive credit ratings. It DID have however, 16 collection accounts that were still outstanding. The FICO score was at 634!

Now does that make ANY SENSE at all? How can a person with an EXCELLENT credit file have a lower score than a person with 16 collection accounts and not one positive credit rating? If that doesn't tell you something is majorly WRONG with this system then I don't know what would!

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: The credit scoring system is the most discriminating system in use. I've been doing a LOT of comparing between other peoples credit reports to compare their credit scores. (FICO and BEACON Scores) I had one credit report that was PERFECT CREDIT. No late pays, no charge offs, no collections, no nothing! The credit file showed several open major credit card accounts and a car loan. The FICO score was 630.

: Then I compared it with another persons credit file. This file had NO positive credit ratings. It DID have however, 16 collection accounts that were still outstanding. The FICO score was at 634!

: Now does that make ANY SENSE at all? How can a person with an EXCELLENT credit file have a lower score than a person with 16 collection accounts and not one positive credit rating? If that doesn't tell you something is majorly WRONG with this system then I don't know what would!


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