Re: I Wish you could bribe Experian and the gang
11-03-2012 02:58 PM
I think that the score system needs to be overhauled and be a one size fits all kind of thing. I know that the score is the result of an analysis and the 'owner' of the analysis is the one analyzing the information, but this is something that affects us in the long run and can mean thousands of dollars wasted.
If it were up to me I would consolidate all the credit bureaus under 1 company. I would then make a standard score and report system that could be made available for free once per year or pull anytime access (with monitoring) for a small fee (the company collecting/analyzing your information needs money to run so..) banks and other lenders would pay a fee to access this analysis or they could make an analysis of their own with your credit report (a smaller fee to access report only?). This way a lender has freedom to choose which category is more important for them and base their decision on that. An extra option stating likelyhood of mortgage approval, auto loan, CC, etc could be made and the company could charge a separate fee for their analysis and recommendation (such as waiting a few more months to get into the next tier or to better chances of a lower interest rate).
One can hope..
I think this is a horrible idea. You want the government to basically create a single monopoly score provider? And then what, regulate it like a utility? Every couple weeks these threads pop back up. I never understand it. Most people would never support the same kind of regulation in other areas of private enterprise that they advocate for in these threads. If you would, then at least that is consistent, but usually it seems to be a as a result of a gross misunderstanding of what a credit score is. Moreover, there's often a lack of perspective. Sure, the system isn't perfect, but it's not exactly broken beyond understanding. Pay your bills on time. If you do that, the rest mostly takes care of itself. When my credit was horrible, it was no real surprise to me.
Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720
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