Re: Can't we all just get along? Alaska is calling ....

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Posted by Sean on June 11, 1999 at 10:09:31:

In Reply to: Can't we all just get along? Alaska is calling .... posted by Christine Baker on June 10, 1999 at 16:47:52:

I would say that any discriminatory tendancies that you outlined are the fault of credit reporting, and not credit scoring.

No scoring model, regardless how precise, can output the right answer when false information is fed in. The blame for having incorrect information in one's credit report must be placed squarely on the credit reporting agencies.

Fair, Isaac has come out with new models that permit false information to be deleted and scores updated "on the fly." Fannie Mae, however, has directed that scoring system not to be used for FNMA mortgages. Since FNMA is the largest purchaser on the secondary market that means the model is unlikely to get much use.

I could join with everyone in a long, angry diatribe against Trans Union and Experian. I've been on the receiving end of some pretty unfair tactics the only purpose of which was to extort money from me by destroying my credit and I'm familiar with other, vicious practices such as the "collection inquiry" that can destroy a person's credit indefinitely (although, thank God, I've never been on the receiving end of that one). I'm not impressed with banks, savings banks, FHA, HUD or FNMA.

But I got turned down for credit before credit scores were in popular use and now that they are in popular use it's less often, I know why and I know what to do about it. Maybe I'm overanalyzing the situation, but have written down on post-its the next date I am willing to have another inquiry against my Experian report (9/22/98) and TUC (1/21/99).

As for your credit, if you're still interested when you get back, I'll see what I can do.

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Comments:
: I would say that any discriminatory tendancies that you outlined are the fault of credit reporting, and not credit scoring.

: No scoring model, regardless how precise, can output the right answer when false information is fed in.  The blame for having incorrect information in one's credit report must be placed squarely on the credit reporting agencies.

: Fair, Isaac has come out with new models that permit false information to be deleted and scores updated "on the fly."  Fannie Mae, however, has directed that scoring system not to be used for FNMA mortgages.  Since FNMA is the largest purchaser on the secondary market that means the model is unlikely to get much use.

: I could join with everyone in a long, angry diatribe against Trans Union and Experian.  I've been on the receiving end of some pretty unfair tactics the only purpose of which was to extort money from me by destroying my credit and I'm familiar with other, vicious practices such as the "collection inquiry" that can destroy a person's credit indefinitely (although, thank God, I've never been on the receiving end of that one).  I'm not impressed with banks, savings banks, FHA, HUD or FNMA.

: But I got turned down for credit before credit scores were in popular use and now that they are in popular use it's less often, I know why and I know what to do about it.  Maybe I'm overanalyzing the situation, but have written down on post-its the next date I am willing to have another inquiry against my Experian report (9/22/98) and TUC (1/21/99).

: As for your credit, if you're still interested when you get back, I'll see what I can do.


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