Re: What you should know about the Dodd-Frank Act
10-01-2012 03:29 PM
How about giving us our credit scores for free. always. any time. FICO has every American by the short hairs. I refuse to pay you crooks for my own personal financial information. If anything, you should have to pay me for the priviledge of gathering my info. A person could spend hundreds of dollars chasing after credit scores that don't change. FICO should be ashamed of themselves. Making me pay for my own information is like coercion, or bribery. Your conduct is criminal, and hopefully in the future you'll all be jailed like the corporate criminals you are.
I think you are targeting the wrong company. FICO doesn't have a shred of data or info about you or your finances. FICO is a formula and it is the same for everyone. The ones you should be targeting are the credit reporting agencies. They are the ones that hold your personal info, your credit past, and it is through this information that a formula is used to create a number. And if you are mad that your personal financial info is floating out there, then you should be! If you close all of your accounts then the companies that you did business with will no longer use your personal info and keep it on record.
To the defense of the consumer who expressed their opinion on the score. I believe he is partially correct. As credit reports are to be free once annually so too should be the score on the same date and report it is pulled. Now with that out of the way, as taught in college, any product, good and/or service that claims to predict or come close too "actual truth" of specific future events is suspect because IT IS NOT SCIENCE. Ask yourself these questions, does the score take into account the consumers job going out of business and is that the fault of the consumer? Does the score take into account recidivism rate of ones likelyhood to file bankruptcy? There are many factors out of the consumers control that are not factored into the score. Why did that single mother not pay her revolving credit line for three months. Perhaps it was too pay a bill that does not report, to keep the roof over the head of her family. These products are no different than "Ma'dam Zelda" down the street with her crystal ball and numerology report she would love to sell you. My opinion of course.