topic Re: FICO unethical practices in General Credit Topics

FICO unethical practices

Anonymous — Mon, 27 Jul 2009 15:05:53 GMT

When recently viewing my credit report, I became appauled.

I noticed that several of my loans that were paid off before the term were up are not listed on my report.

I also noticed negative items that included past debts including one from a cellular phone co., a property management companies and others.

These examples were not an extension of credit, in fact they were charges I originally disputed with the business. I never applied for a line of credit either of these companies.

Also, if a property management co. can place a negative mark on my report, then where are all of the years that I paid rent on time? Another example is a friend who has a negative mark from a utility company. The only thing they report is a charged off amount, but where are all of the years that he paid them on time?

I also don't understand how it is legal any company to place a mark on my report at anytime, without any system of checks and balances.

Also, I have an LLC now. Can I go around placing negative items on companies' reports like they do me?

I am growing tired of corporate america having their hands all in my credit report.

FICO practices are unethical and unfair.

It seems like FICO is evil to me.

Message Edited by binarypub on 07-27-2009 08:05 AM

Re: FICO unethical practices

Anonymous — Mon, 27 Jul 2009 15:43:53 GMT

@Anonymous wrote:
When recently viewing my credit report, I became appauled.

I noticed that several of my loans that were paid off before the term were up are not listed on my report.

How old are these loans? Positive accounts stay for 10 years after they are closed. A creditor does not have to report to all CRAs. FCRA only stipulates that if they report it must be accurate.

I also noticed negative items that included past debts including one from a cellular phone co., a property management companies and others.

These examples were not an extension of credit, in fact they were charges I originally disputed with the business. I never applied for a line of credit either of these companies.

So, are you saying you never had a cell phone or lived at the apartments in question?

Also, if a property management co. can place a negative mark on my report, then where are all of the years that I paid rent on time? Another example is a friend who has a negative mark from a utility company. The only thing they report is a charged off amount, but where are all of the years that he paid them on time?

Rent is not something that is reported, neither is utilities. However, when you become late and it is CO or goes to collections, then they do report.

I also don't understand how it is legal any company to place a mark on my report at anytime, without any system of checks and balances.

Some states say you have to be notified before a negative item is placed on your CR. Most do not. The CRAs are supposed to make every effort to insure what is reported is accurate.

Also, I have an LLC now. Can I go around placing negative items on companies' reports like they do me?

That is a business, normally business accounts are not placed on personal credit files unless they are solely responsible for the debt.

I am growing tired of corporate america having their hands all in my credit report.

FICO practices are unethical and unfair.

These are not FICO practices. The only thing FICO does is provide the scoring model that is used to estimate someones credit worthiness. The FCRA is what determines what, how, and when something goes on a credit report. The FDCPA covers what is legal or not for a collection agency.

It seems like FICO is evil to me.

FICO only scores what it sees.

Message Edited by binarypub on 07-27-2009 08:05 AM

Re: FICO unethical practices

Math_Rocks — Mon, 27 Jul 2009 17:08:24 GMT

Welcome to the forums! You will get great advice here on how to improve your credit and your score. But, like guiness said, FICO is not repsonsible for what appears on your credit reports; the bureaus are responsible and if they have incorrect information, you can and should get them to correct it. FICO just produces a score based on the information that appears there and is neither good nor evil.

Best wishes!