We have to stop this nonsense!

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Posted by Daeu on February 04, 1999 at 15:10:03:

Reading through the posts here, and learning more about this FICO buisness I got so upset.It's catch 22. Damned if you do and damned if you don't.
The way I see it, we must get involved in politics. Lobby for a change. FICO scores are puzzle to everyone, it seems. What gets me is that no one knows what the criteria is, no one knows how the score is generated, no one knows how to improve it, no one knows how to read it.And yet it affects people's lives on a fundumental level: the right to be able to choose how you live.
If someone works really hard, pays all bills on time, saves money and want to buy a house. The rates are good, right? Gets denied because of having a perfect credit (It happens).Get hit with higher interest rate and can afford less of a house. Is that fair?
My point is: if we have a tool(FICO score) that we all know is for the most part useless, why are we using it?

The scoring systems may not be a bad idea if everyone knows whats going on. I would like to see that
-only people you give authorization to can look at you credit,
-there are set deduction points for collections-open vs closed accounts, sliding point scale for closed collection accounts to allow less deduction for things that happened years ago and not yet droped off(based on the closed-date).--I think this would reward people who had taken the steps to improve their credit report--.
-People should be notified before if anything is going to be put on their record,and given time to dispute it.
-each credit report should have an explaination on how it has been rated(point values for each deduction) so you know what is hurting you

etc.

I would like to hear what you think of this.
But I really think that nothing with change unless we take it up with fat cats in Washington....

Take care,
Daeu

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Comments:
: Reading through the posts here, and learning more about this FICO buisness I got so upset.It's catch 22. Damned if you do and damned if you don't.
: The way I see it, we must get involved in politics. Lobby for a change. FICO scores are puzzle to everyone, it seems. What gets me is that no one knows what the criteria is, no one knows how the score is generated, no one knows how to improve it, no one knows how to read it.And yet it affects people's lives on a fundumental level: the right to be able to choose how you live.
: If someone works really hard, pays all bills on time, saves money and want to buy a house. The rates are good, right? Gets denied because of having a perfect credit (It happens).Get hit with higher interest rate and can afford less of a house. Is that fair?
: My point is: if we have a tool(FICO score) that we all know is for the most part useless, why are we using it?

: The scoring systems may not be a bad idea if everyone knows whats going on. I would like to see that
: -only people you give authorization to can look at you credit,
: -there are set deduction points for collections-open vs closed accounts, sliding point scale for closed collection accounts to allow less deduction for things that happened years ago and not yet droped off(based on the closed-date).--I think this would reward people who had taken the steps to improve their credit report--.
: -People should be notified before if anything is going to be put on their record,and given time to dispute it.
: -each credit report should have an explaination on how it has been rated(point values for each deduction) so you know what is hurting you

: etc.

: I would like to hear what you think of this.
: But I really think that nothing with change unless we take it up with fat cats in Washington....

: Take care,
: Daeu

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