LADIES AND GENTS.....I NEED TO VENT!!!!!
FICO and all the other scoring systems are a bunch of horse caca. Plain and simple, if the scoring system was truely on the up and up, FICO and the rest of them "scoring scammers" would let the public in on the formula. I find it very hard to believe that an accurate formula can zap someone out of 20 points in an instant yet take 4 times as long to gain the 20 points back, even if the accounts were brought back to how they were prior to the 20 point zap. The banks, credit card companies in general , and the three credit reporting agencies are all playing games with the consumers. Honestly, I feel it is time to file a class action suit against all three credit reporting agencies as well as several banks (especially HSBC).
-There is no accuracy in the credit reporting system. The three reporting agencies report what is given to them without accurately varyfying the information. Pretty much it follows a GARBAGE IN - GARBAGE OUT protocol. This pretty much SUCKS since jobs, insurance and a whole lot of other things in everyday life hinges on credit reports and scores.
- Credit scores do not accurately portray the financial character of a person. If someone has a low score as in the 400 or 500's , that person could be perceived to be a dead beat or someone that can not be trusted (eg. getting a job handling money). I will argue that since the credit information is accessible to people that may not be the ones who originally requested the file, the score can be damaging in more ways than one. Perhaps a good attorney can make a case that this a type of libel. I
- I have a suggestion. Let the government have a centralized credit agency. ONE!!! just one stinking reporting agency that gets it right. No more making money selling scores and credit reports. Everyone should be entitled to see, for FREE, that which can adversely affect their lives (that includes the scores), AT ANY TIME. The way I see it, IT'S ALL ABOUT THE STINKING MONEY. A FREAKING RIP-OFF. CAPITALISM GONE CRAZY.
I challenge anyone out there to prove to me with imperical data that what I am saying is incorrect. Sway me, if you can , into believing that the system is fair and accurate. I am prepeared to start a campaign to correct the credit reporting industry in this country, to go after the financial institutions that screw the public without mercy, and to make the government accountable for allowing the banks and other financial institutions to write their own tickets without consequences. Have you seen them "change of terms" clauses in your credit card contracts? The only business enterprises that are allowed to write such open ended contracts are the credit card companies. It is UnConscienable!!
Oh, and if you are a Ra-Ra, pro credit individual, don't feed me the bs line that we signed the agreement so we are stuck. Unfortunately, without credit history you are pretty much screwed in this good ole USA. The banks know it, the credit card companies know it so the public is caught in a catch 22. IT IS AN ILLOGICAL SYSTEM. IT IS RIGGED SO THAT THE RICH GET FILTHY RICH AND THE POOR JUST GET FILTHY.
So what are you going to do about it? Am I the only one totally ticked off about this? And by the way, the 89 bucks that I spent on tracking my score, A TOTAL WASTE OF MONEY. I should have gone to the casino and played the nickel machines.
