Re: What you should know about the Dodd-Frank Act
08-06-2010 02:09 PM
I do not think it goes far enough. Can we also throw in Experian not allowing us to get our FICO scores? We should have access to every score and all information that a lender can possibly use to deny or give us worse interest rates.
I disagree. I don't think that we necessarily should have access to our credit scores. It sort of defeats the purpose if we're allowed to create entire communities dedicated to micromanaging our scores. For the algorithm to be effective, I think it should be based on consumers' typical behavior, not how they act to manipulate their scores, lol.
I'm not saying I want EQ and TU scores unaccesible, and I'm not saying I don't want access to my EX score. Just saying I don't think it's owed to us. We have access to any score when denied for credit or when given a crappy rate. That's enough to make sure that dealers and creditors aren't playing games with us.
I disagree, thrasher. We consumers never asked for this scoring system, and there's no way a simple 3-digit number can tell the whole story, nor enough pertinent parts of it to permit an intelligent decision on whether or not to extend credit or under what conditions.
This system is forced upon us and we should have the right - if not the obligation - to do WHATEVER WE CAN to make it work in OUR favor FIRST, and the lenders' second.
Insult is added to injury when we are penalized for shopping around for the best deal because inquiries count against us. THIS IS TOTALLY UNFAIR!!!
We should be able to determine, as another poster mentioned, our chances of being granted credit by a lender BEFORE WE EVER CONTACT THEM DIRECTLY!
Remember: This whole scoring system is yet another way that creditors are allowed to manipulate us and keep us in debt.