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RobertEG,
I'm glad you asked what changes I would make. Here are some:
1) Drop ALL negatives after 4 years.
2) Paid collections would have less impact than unpaid.
3) No more double jeopardy. If OC lists negative, then CA gets the account, OC has to drop. In other words, only one or the other can report at once, not both.
4) Here's the best one. ALL potential lenders would have to make their underwriting criteria available BY LAW, either embedded in the paper app, or if online, on the site where the app is located, so that we all can know if we qualify BEFORE applying, so that if you already know you will be turned down, you don't waste an inquiry.
@John1956 wrote:RobertEG,
I'm glad you asked what changes I would make. Here are some:
1) Drop ALL negatives after 4 years.
2) Paid collections would have less impact than unpaid.
3) No more double jeopardy. If OC lists negative, then CA gets the account, OC has to drop. In other words, only one or the other can report at once, not both.
4) Here's the best one. ALL potential lenders would have to make their underwriting criteria available BY LAW, either embedded in the paper app, or if online, on the site where the app is located, so that we all can know if we qualify BEFORE applying, so that if you already know you will be turned down, you don't waste an inquiry.
Why don't we just get rid of the FCRA and the FDCPA altogether. See what happens then when CAs can run wild with your CR or things never get deleted, etc.
FICO has been around for over 50 years. No one seemed to complain about it back then.
As everyone should know, getting credit is not just based on your FICO score. There is other criteria used for making a decision. Even if there was no such thing as a FICO score, it would still be up to the creditors whether or not they extend credit. Then what would there be to complain about or blame on others? I am sure people would find something.
It is a fact of life, how you choose to deal with it is entirely up to you.
I didn't say to trash it completely. Just make some of the negative effects less harsh, and for a shorter time. Even auto insurance surcharges for accidents, tickets, DUI, etc go away after 3 years. The SOL for collection suits (in Calif) expires after 4 years. Is the act of not paying bills more severe than fatal accidents or driving drunk ???
Then again, if Corporate America ran the courts, one would get 5 years for murder, and 10 years for missing a payment.
guiness56 wrote:
FICO has been around for over 50 years. No one seemed to complain about it back then.
From Wikipedia, the free encyclopedia
The Fair Isaac Corporation, known as FICO, created the first credit scoring system in 1958, for American Investments, and the first credit scoring system for a bank credit card in 1970, for American Bank and Trust.[3]
@Imhotrodcrazy wrote:@guiness56 wrote:
FICO has been around for over 50 years. No one seemed to complain about it back then.
From Wikipedia, the free encyclopedia
The Fair Isaac Corporation, known as FICO, created the first credit scoring system in 1958, for American Investments, and the first credit scoring system for a bank credit card in 1970, for American Bank and Trust.[3]
Ok, I don't get your point. I said over 50 years. Someone used it back then. Maybe not your everyday consumer.
Nobody complained about private Health Insurance then either....Look at the perverted mess we have in that area today.....just like FICO and the rest of the financial mess.
If we got rid of FICO, then I'd have to find a new message board to spend hours a day browsing through.
@Anonymous wrote:Nothing really happened other than I became aware that this FICO thing is nothing but consumer Fraud and needs to be stopped. It rally has little predictive power and is just used as justification for charging outrageous interest rates in reality its just pure slander to those like me who rarely finance tings.
In another post, you say you have no debt and that you only have one card, with no balance. It seems whatever interest rate you have is of no consequence.
This may or may not be out of line, but if you are so "ANTI-FICO", which you obviously are....why are you here????
Each & every post you've started or replied to is all against this site, these forums, and FICO in general.
So I ask again...why are you here? Man up and answer my question please.
@trdmlc wrote:If we got rid of FICO, then I'd have to find a new message board to spend hours a day browsing through.
LOL!
@guiness56 wrote:_____________________________________________________________________________________________________________________________
Ok, I don't get your point. I said over 50 years. Someone used it back then. Maybe not your everyday consumer.
Just thought you would be interested in the actual dates.