Reply
New Member
mrreynolds
Posts: 3
Registered: ‎11-09-2008
0

SmartMoney: Why the Credit Bureaus Can't Get It Right

[ Edited ]

I don't know if this in circulation. I just wanted to share an interesting article that I found on the procedures of the CRA's.

 

SmartMoney Article 

 

New York Times Article

 

How NYC handles CA debt validation: 

 

NYC Dept of Consumer Affairs Pages 3 & 5


Starting Score: 800
Current Score: EQU 616
Goal Score: 700


Take the myFICO Fitness Challenge
Valued Contributor
my-own-fico
Posts: 1,237
Registered: ‎01-05-2010
0

Re: SmartMoney: Why the Credit Bureaus Can't Get It Right

You have to wonder if one regulated public non-profit agency wouldn't be better than several unpredictable private for-profit agencies.

 

The lost luggage office’s trained professional, “Has your plane arrived yet?”
Moderator
Revelate
Posts: 9,477
Registered: ‎12-30-2011
0

Re: SmartMoney: Why the Credit Bureaus Can't Get It Right

[ Edited ]

my-own-fico wrote:

You have to wonder if one regulated public non-profit agency wouldn't be better than several unpredictable private for-profit agencies.

 


I'd give it a 7% chance of being successful within a decade, and maybe 19% of being successful within two decades of the project start.   That's after tremendous cost overruns too; infrastructure historically is just not something the government does well and it's likely to get worse before it gets better as well.  Forking over a bunch of tax dollars to Deloitte, Ernst, Accenture et al for yet another suboptimal system, pass.

 

Open market almost always does better: I'd rather have the banks and CRA's competing to get it right rather than take it out of their hands.  It's not ideal now, but I just don't think the government would get it right either.  Lessons learned private sector takes eons to be learned in the public one.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}