04-14-2011 06:38 AM
Honestly a clean CR with low util would produce good scores in any system and allow you to obtain credit at good rates. While most people don't know the inner working of FICO, the rules to obtaining a good credit score are well known.
Short'n'Sweet, and totally on target. Hoo-rah!
04-24-2011 08:54 AM - edited 04-24-2011 08:57 AM
If you expect your FICO score to evaluate your total credit worthiness, then you dont understand what FICO is,
It is a repayment risk analysis, not a consumer credit worthiness analysis, Fico has never said it was otherwise, at least not to my humble knowledge.
It is up to creditors to use your FICO score for what it is, as part of their credit decision making, and not to caste dispersions on it for what it
was never intended to be,.
FICO doesnt care one whit about your bank balance, your yachts, or your income, It cares about how, regardless of your total assets, income, or liabilities, you have shown the worthiness of paying the minimum due on time,
If that is a fraud, then it is in the mind of the consumer. Consumers are not the focus of credit scoring, Creditors are.
Creditors dont create debt, consumers do, To create debt, and then complain that you cant get it removed from the vehicle that reports your delinquencies in payment of debt (your credit report) by way of such things as DVs, PFDs, SOL expiration, GW letters is putting the cart before the horse,
Inaccurcies in credit reoorting are a different thing, and are provided for by two dispute proceses under the FCRA. The (crappy) dispute process through the credit reporting agenciies under FCRA 611(a), and the superior direct dispute process under FCRA 623(a)(8)
If repayment of debt in a full and timely manner was not done, that is what FICO dings you for. That is their stated purpose, and not a fraud,
However, it postings that affect your FICO score are inaccurate, the FCRA provides two alternate disptue processes to resovle disputes.
05-03-2011 10:24 AM
I have pulled my equifax report just now and then pulled myfico score right after. Myfico is reporting a couple of negative accounts, and on my equifax report they are not reporting at all....can someone please explain this? thanks!
05-03-2011 01:22 PM
Welcome to the forum. Do you mean that the accounts do not show up anywhere on the EQ report or that they show up and are not marked as negative. Also are the number of accounts listed on each CR the same? Anything else missing. How old are the negative accounts? I would conatct MyFico CSR and also speak with EQ CSR since EQ has the most correct information. Do the accounts show up on your TU report.
I recommend a credit monitoring service that provides all 3 reports since there could be differences between them and you don't know which CR a lender might pull when applying for credit. At a minimum, you should get your 3 free credit reports each year.
09-14-2011 04:34 PM
I totally got scammed by this site, took me out of the free 10 day trial, then charged my card and wont let me cancel the account for three months. Scam artists.
Sounds like it's your fault for not canceling before the trial was up..?