Not sure if this is already being talked about or not on here, but I found this interesting. I haven't seen a post on this already but this is something to monitor. Supposedly there is a bill in congress at the moment, that is proposing to add rent, cable bills, and utility bills to credit scores, heres the link.
Interesting article. My fear would just too much information could get messed up. For people that say move once a year or frequently, you cancel old utilities, start new ones. I feel lots of chances for errors. And good luck contesting a derog with an old landlord, yikes that could be ugly. It seems to me a credit score should be based on how you manage credit.
I heard about it on the radio. It will make things harder in the future for some if it passes. It wont bother me, but i know people it will for sure...
The bill referred to here is H.R. 6363 Credit Access and Inclusion Act, introduced in the previous Congress by Ohio (16th district) Republican James Renacci. It does not appear to have gone anywhere as it was referred to committee - (does not say which one) - and was never taken up. Thus far, no one has reintroduced it in the current Congress. Perhaps someone might contact his office to see if there is still any interest in doing so, but as it has not happened, the matter appears to be dead.
The passage of this law will raise the bar on FICO scores. Those whose lives are blessed in every way will enter an ultra-elite FICO class. Darwinism will ratchet up the price of admission to the privileges of a perfect FICO score, while those who thought they were "sitting pretty" may fall by the wayside.
Does seem like there will be a lot of errors but certainly very important information when extending credit. Hope they do add it.
KoolDev, May I know how well you enjoy your navy fed credit card. I intend applying for one and I do have a credit score in the high 600s with a zero balance on all other store cards and credit card. My credit history is 5 years old. How much credit limit did navy fed offer you? did you recently started building yours since u were at 538 and seem to have done so well with your score?