03-07-2008 08:51 PM
Cheez, if CITI advertisea their product as being the end-all for credit monitoring, and then disclaim that any of their software can detect "real" problems in credit reports, then this is tantamount to corp. double talk at the least, and fraud at the worst. These companies are deluging us with scores, promises, monitoring services, and misinformation. Thus, the purpose of my prior post on this thread. What is the real deal? Who should I pay my $$ to, and what do I get?
03-07-2008 09:05 PM - edited 03-07-2008 09:10 PM
03-07-2008 09:24 PM
03-07-2008 09:29 PM
Thanks, Cheddar. Hey, I really hate to keep beating a dead horse, but let me make sure I understand! This is really, to me Credit Scoring 101 at its heart!!!So, if I order, for example, a TU score from transunioncs.com, it is run through the FairIsaac scoring algorithm, based on what is reported to them by TU, but if I order it from transunion.com (without the "cs"), I get a score that is run through the Advantage algorithm, and not the FaiIsaac FICO algorithm?Is that bottom line?
03-07-2008 10:03 PM - edited 03-07-2008 10:07 PM
03-07-2008 10:20 PM
So... ROFL! what we may also be buying is a score that is neither FICO or Vantage computer generated, and thus maybe have been generated from the back seat of a van parked in front of the nearest 7/11, using a laptop computer from tarot cards!
How could any consumer who does not read this forum ever possibly understand that the score they buy from any commercial site may not be what any lendor willl use.
03-07-2008 11:06 PM - edited 03-07-2008 11:21 PM
03-08-2008 05:27 AM
sh9730 wrote:(By the way, lenders, collection agencies and others PAY to insert data into the CRA databases and also pay to extract it. This is why sometimes items are not displayed on one CRA or another.)
Why is it we can dispute data that is on our CR but not dispute data that is missing? Here is my guess
If all three CRA's had the same accurate information, we would only need one CRA
The only reason i can see for three CRA's is to generate confusion and increase cost to lenders and consumers buying whatever score they buy.
But why would a lender pay extra for confusing data? I know,
So they can confuse the consumer and justify higher rates.
Would Congress please stop spending time worrying if a baseball player used steriods and look into the lending practices that have caused such a mess.
We consumers are just as much to blame.
03-08-2008 06:34 AM