Then, it sounds like the information is exactly the same..... but the score they show is different
On one hand, we have an actual FiCO score of some sort that only lenders see.
then on the other hand, we have some sort of phony score they show the consumer. I don't get it..... why not just use the same score for it all.... show me what they get so I can manage appropriately. Knowledge is wealth. (its seems like a bit of un-necessary trouble to go the trouble of creating a phony score in the first place. Just stay with one... give it to consumers, give it to lenders, life is good, everybody is happy)
If they have different scores such as a score for 1) Auto 2) Mortgage 3) credit cards...... why not show them all to me. How hard could that be ? At the top of the credit report, they can show me in the following format:
General Score: 700
Auto Score: 707
Mortgage Score: 685
Credit Card Score: 712
And of course the scale. Thus, I would at least know how I am viewed and could work on improving wherever my weakness is by researching what is deemed important by each...... and fixing the problem.
I am the type of person that likes to identify a problem, then formulate a strategy of fixing the problem..... and then executing that strategy. But, in the world of credit, this is proving a little difficult. Not sure what to do aside from the general advise of just pay your bills on-time.
@Anonymous wrote:
I am the type of person that likes to identify a problem, then formulate a strategy of fixing the problem..... and then executing that strategy. But, in the world of credit, this is proving a little difficult. Not sure what to do aside from the general advise of just pay your bills on-time.
Yes, the credit scoring industry is very difficult to navigate by us consumers. But, that statement (highlighted in red) is the key to your success!
@Anonymous wrote:Then, it sounds like the information is exactly the same..... but the score they show is different
On one hand, we have an actual FiCO score of some sort that only lenders see.
then on the other hand, we have some sort of phony score they show the consumer. I don't get it..... why not just use the same score for it all.... show me what they get so I can manage appropriately. Knowledge is wealth. (its seems like a bit of un-necessary trouble to go the trouble of creating a phony score in the first place. Just stay with one... give it to consumers, give it to lenders, life is good, everybody is happy)
If they have different scores such as a score for 1) Auto 2) Mortgage 3) credit cards...... why not show them all to me. How hard could that be ? At the top of the credit report, they can show me in the following format:
General Score: 700
Auto Score: 707
Mortgage Score: 685
Credit Card Score: 712
And of course the scale. Thus, I would at least know how I am viewed and could work on improving wherever my weakness is by researching what is deemed important by each...... and fixing the problem.
I am the type of person that likes to identify a problem, then formulate a strategy of fixing the problem..... and then executing that strategy. But, in the world of credit, this is proving a little difficult. Not sure what to do aside from the general advise of just pay your bills on-time.
Like I mentioned earlier, many - myself included - have made the mistake of purchasing non-FICO credit scores without realizing the difference. It all comes down to money, in my opinion. The credit reporting agencies have created their own credit monitoring services and their own version of credit scoring to sell to consumers. So long as they can convince people to purchase these scores, they'll continue to make and market them.
As for making all scores available to consumers, you're preaching to the choir! We're coming on 3 years since we've been able to purchase a real Experian FICO score through this website. And the auto industry-specific FICO scores are also impossible to come by without actually applying for credit at a dealership. We've all lamented the fact that access to actual FICO scores is quite limited. Again, this is all related to the business of credit scoring, the nuances of which I cannot begin to understand.