topic Re: Inaccurate scoring in General Credit Topics

Inaccurate scoring

Anonymous — Thu, 10 May 2007 00:18:04 GMT

Fair Isaac is going to have to change the way they are scoring a consumer's credit worthiness - my score is the lowest it has ever been due to a court order in a divorce - my attorney and judge instructed me not to pay particular bills and after they were late a few times I ignored the order and began paying on time. I also had to close a military credit card at that time due to the disassociation with my husband who was in the military. Again, my score dropped. I just paid off quite a few debts, credit cards etc, and once again, this counted against me. Now whats wrong with that picture. I am extremely conscientous about paying my bills on time and in no way do I see a rational way of Fair Isaac scoring. Something is going to have to be done to be much more accurate and take into consideration circumstances that are out of a consumer's hands. I intend to see that steps are made to change this system.

Re: Inaccurate scoring

Anonymous — Mon, 21 May 2007 21:29:20 GMT

I 100% agree with you. The credit scoring system is completley unfair and unpredictable. I am interested in knowing what you are doing to change the system?

Re: Inaccurate scoring

Anonymous — Mon, 21 May 2007 22:47:32 GMT

I agree too. This system is for rich people they normally don't need there CR. People they have problems through diff. reasons, they want to get out of there mess and want to get back on track, are falling deeper and deeper. Try to get every fixed and hurt themselves without there knowledge how the score is reflected. There is no help from the bureau's and every things cost a lot of money, which they don't have. I hope it will be changed very soon. Most of all, I hope they will put all 3 CB together in One. I'm happy to found this forum.

Schnuller

Re: Inaccurate scoring

MidnightVoice — Mon, 21 May 2007 23:05:12 GMT

In my (not very) humble opinion, this forum is the best place to learn. It is all very well reading books written by very rich people on how to do it, but here you get help from ordinary folks who have "BT,DT", or are actually still there and actually doing it.

That is much better for me

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 02:16:09 GMT

@MidnightVoice wrote:
In my (not very) humble opinion, this forum is the best place to learn. It is all very well reading books written by very rich people on how to do it, but here you get help from ordinary folks who have "BT,DT", or are actually still there and actually doing it.

That is much better for me

I totally agree. Reading what people on this forum are saying and more importantly, doing, to help themselves is a real motivator for me. It is difficult for me to read a so-called expert's book or article because to me they do not have any credibility. Somebody that has taken responsibility for his own financial standing and comes clean out on the other end is who I want to learn from.

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 03:01:55 GMT

You all are totally right. But why we have to do this, why we have to spend so much time. Why is this system so complicated? Good to have this forum. It is not very long time ago as I found this forum, but since I'm on the best way to learn. I could see, that other people have the same problems. And some of the experts are very helpful. Thanks to all helper.

Schnuller

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 04:49:32 GMT

It can be unfair to have an event that you were not in control of effect you for so long. But you are here now and have found the right place. Everyone who was not pre-educated definitely including my self about how the scoring works gets burned here and there from mistakes. I've made plenty of mistakes trying to improve my score and actually dropped it long term. I think you can find many ways to improve your score as I have here. In 1 year your credit score will be much higher. And there are so many nice people here to help. I believe you can leave notes on your credit report for each account and a personal statement to creditors to read when they review your credit reports. I'm sure you will want to start disputing first before you leave any notes. Before leaving notes check to see if you can remove them later when you reach your goals.

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 08:40:04 GMT

I have been a mortgage lender for over 20 years.Your right about the way they score us.E-mail me and I will share with you how to work with the system[e-mail removed]

Message Edited by Raine on 05-22-2007 01:40 AM

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 05:30:33 GMT

Fear not, FI will be changing it's scoring model, and don't expect it to benefit you the consumer.

http://www.fairisaac.com/NR/exeres/50BA2249-362D-4334-A74A-B7E9C3B224E6,frameless.htm

Re: Inaccurate scoring

Anonymous — Tue, 22 May 2007 05:34:30 GMT

Respectfully disagreeing, while there is useful info here on MyFico forums, the places to learn are CB and CIC.

Re: Inaccurate scoring

Tuscani — Tue, 22 May 2007 11:21:10 GMT

Noah_Bodie wrote:
Respectfully disagreeing, while there is useful info here on MyFico forums, the places to learn are CB and CIC.

You are forgetting FICO forums is not a credit repair site like CB and CIC. While we give advice that can improve your situation... debt validation, disputing accurate info, and the like is not allowed here.

Message Edited by Tuscani on 05-22-2007 06:21 AM

Re: Inaccurate scoring

MidnightVoice — Tue, 22 May 2007 12:31:01 GMT

Noah_Bodie wrote:
Respectfully disagreeing, while there is useful info here on MyFico forums, the places to learn are CB and CIC.

I didn't like CB

Re: Inaccurate scoring

Tuscani — Tue, 22 May 2007 12:59:40 GMT

MidnightVoice wrote:

Noah_Bodie wrote:
Respectfully disagreeing, while there is useful info here on MyFico forums, the places to learn are CB and CIC.

I didn't like CB

To each their own.. but I gained alot of my knowledge from there. CB is invaluable for specific processes to full fledged credit repair, laws, ect.

Re: Inaccurate scoring

Anonymous — Wed, 23 May 2007 06:32:23 GMT

Tuscani,

Debt validation follows the letter the of the law. Unless Barry plans to start deleting those posts.

Re: Inaccurate scoring

Tuscani — Wed, 23 May 2007 11:40:18 GMT

Noah_Bodie wrote:
Tuscani,

Debt validation follows the letter the of the law. Unless Barry plans to start deleting those posts.

I absolutely agree. But discussions pertaining to it are not permitted here.

Re: Inaccurate scoring

Anonymous — Wed, 23 May 2007 12:13:08 GMT

Speaking with WAMU- they confirmed that their FICO score is enhanced but is based on the new FICO model- they are partners with Fair Isaac.

CREDIT SCORE CHANGE AVAILABLE

Your credit score has changed +/- 20 points since FEB 2007 and is
available online.

To access your credit score and view your score changes over time,
go to www.wamucards.com , log in and click the "Credit Profile" tab.

Although FICO(R) scores can change over time based on changes in your credit
file, we want to let you know that a recent update to the FICO scoring system
may result in an additional change to some people's FICO scores. Our system
has been updated to return the most recent version of FICO score, so you might
see a different score the next time you visit the site. We expect that most people
will see a relatively small change in their score as a result of this update.

Fair Isaac--the company that developed the FICO score--changes the scoring
model periodically to reflect the current lending environment. This updated
version of the model ensures that the FICO score continues to be reliable,
consistent, and powerful risk assessment tool.

Please do not reply to this message. For additional assistance, contact us
securely through our Customer Service area on www.wamucards.com

To update your alert preferences, go to www.wamucards.com and visit the "Manage My
Account" tab.

(c)2000 - 2007 Washington Mutual, Inc. All rights reserved.

Re: Inaccurate scoring

Barry — Wed, 23 May 2007 17:00:48 GMT

Tuscani wrote:

Noah_Bodie wrote:

Tuscani,

Debt validation follows the letter the of the law. Unless Barry plans to start deleting those posts.

I absolutely agree. But discussions pertaining to it are not permitted here.

Noah_Bodie --

Our User Guidelines state: This is not the place to exchange ‘credit repair’ advice that encourages consumers to provide untrue or misleading information to a credit bureau or lender for the purpose of raising FICO scores or otherwise improving credit ratings, credit histories or credit records.

So, for example, recommending that to improve my FICO score I should send debt verification letters to ALL of my creditors, whether I know I owe the debt or not, is recommending that I provide "untrue or misleading information to a credit bureau or lender."

Recommending these types of actions or linking to sites that promote any credit repair violate our guidelines and are not permitted here.

Fortunately, all but a few contributers seem to understand these guidelines, which is truly appreciated by those of us trying to keep these Forums going as a valuable resource for FICO scoring and general credit knowledge. And also, fortunately, we have not yet had to ban a contributer due to repeated violations of our User Guidelines of Terms of Service.

We appreciate your participation and valuable contributions, as long as they stick to the guidelines.

Thanks,

Barry

Message Edited by Barry on 05-23-2007 10:00 AM

Re: Inaccurate scoring

Anonymous — Wed, 23 May 2007 18:12:35 GMT

Hoo boy, I didn't see this thread until now, which was after I posted the forbidden link. : )

Re: Inaccurate scoring

Tuscani — Wed, 23 May 2007 21:06:11 GMT

masdeocho wrote:
Hoo boy, I didn't see this thread until now, which was after I posted the forbidden link. : )

BAN!!!!!

Re: Inaccurate scoring

Anonymous — Thu, 24 May 2007 02:42:39 GMT

Barry,

Even if a debt is within SOL, within the 7.5 year CRA reporting period, and a consumer knows it's their debt, it is still perfectly legal under FDCPA to DV a CA. Whether a CA is the owner or the assignee can matter a lot, and a CA who is not the owner of the debt sometimes cannot validate. As such, DVing isn't unethically avoiding a debt. Quite the contrary. If the CA cannot validate a debt, that in no way changes the obligation to the OC; however, it does crystalize the matter and tells the consumer one needs to contact the OC.