General Credit Topics

[deemonee]

We all know the 3 major credit agencies and that some lenders factor FICO scores into the equation. So as it stands, to have good credit, you need to monitor 4 "agencies". I heard that they are starting a NEW system with an alphabetical credit rating. Now let me ask you, why should we have to pay for 5 credit scores to find out how good our credit is? It's unfair, but there isn't anything we can do about it, right?

[PeggyFair]

---

deemonee wrote:
We all know the 3 major credit agencies and that some lenders factor FICO scores into the equation. So as it stands, to have good credit, you need to monitor 4 "agencies". I heard that they are starting a NEW system with an alphabetical credit rating. Now let me ask you, why should we have to pay for 5 credit scores to find out how good our credit is? It's unfair, but there isn't anything we can do about it, right?

---

Nope, unfortunately our politicians, both republican and democrat are in the hip pockets of big business. That's why it pays to only bank with credit unions and only use corporate cards for rewards, 0%, etc...things that pay YOU.

[Tuscani]

The three major CRAs are the only agencies your should care about. The new system you are referring to is a scoring system (Vantage) developed by the three major CRAs to compete with FICO. Vantage is just another FAKO. Luckily for you, 99% of lenders\creditors use FICO.