topic 20 FICO points = $20 billion in General Credit Topics

20 FICO points = $20 billion

Neblett — Thu, 19 Jul 2007 23:53:40 GMT

I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?

Re: 20 FICO points = $20 billion

Anonymous — Fri, 20 Jul 2007 00:22:54 GMT

i like that. i am on it. anybody else with me ? i know the whole forum is with me.

Re: 20 FICO points = $20 billion

Anonymous — Fri, 20 Jul 2007 01:06:11 GMT

Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?

That is probably an understated estimate... Think how much Americans would save if all Lenders were required to increase the amount of truth they told the consumer by 20% percent!

Rob

Re: 20 FICO points = $20 billion

Anonymous — Fri, 20 Jul 2007 01:06:54 GMT

@Neblett wrote:
I saw an interesting story about credit on CNN this afternoon.

It presented data that proposed if every American adult worked to raise his or her FICO scores by 20 points, it would save consumers over $20 billion in a year.

How's THAT for motivation?

This is precisely why creditors and credit bureaus DON'T want you to have the ability to raise your score overnight. They drag their feet, telling you to allow them "30-60 days" to report IMPROVED or CORRECTED information... but when it comes time to report a negative, it's done within 24 hours.

It's a brilliant plan... it just sucks for the consumer.

Re: 20 FICO points = $20 billion

Anonymous — Fri, 20 Jul 2007 01:32:56 GMT

It would save 20 billion per year.. But I bet if the average credit score went up 20 points.. The cut off between prime and sub-prime would jump 20 points with the national average.

Did you ever hear about the study done with homeless people? The average homeless person has a credit score of 641?