@Anonymous wrote:
I feel like credit scores should.be renewed every 7 yrs. The information that.is collected across the three bureaus is not consistent. Each bureau should include positive information in all three bureaus. The fact that the scoring models differ between the bureaus causes your overall average to decrease..Also your score can drop dramatically for nothing but if you do a positve to your credit record like pay off a bill it only increases by 1 or 2 points. If a negative can bring your score down40 points a positive should increase by the same principle. Its not fair to consumers to have these bureaus which are not trying to help the consumers. All they are concerned with is purchasing of their services. Its nothing fair about their FCRA strategies.
Smh
Welcome to the myFICO forums!
Credit Bureaus exist to protect creditors which in turn allows creditors to extend credit to consumers. Most consumers are hard-working, responsible individuals who are able to take advantage of their credit history in obtaining the credit they want or need to live the life they want. Some consumers fall into financial hardship for one reason or another and work to eventually get back into the good graces of creditors. Then there are those individuals who trample on their credit like Bonnie and Clyde with no regard to how their actions affect their credit scores or the creditors who extended them credit.
The only way to be able to distinguish those deserving of credit and those that don't is through the use of credit bureaus. As we haven't had debtor's prison since the 1830s, one way to compel people to make good on their debts is to keep track of their debt history.
Credit scores are a snapshot of your current credit bureau file at any given point in time. Having a high amount of debt on a credit card can lower your credit score one day. Paying off that high debt on your credit card can raise your credit score the next day. Most creditors report the status of your account once a month. This accounts for the fluctuations in your credit scores. As creditors do not update the status of your account on the same day the fluctuations can constant. Some creditors do not report to all three credit bureaus and might only report to one. This can also cause significant differences in credit scores between the 3B.
By learning how the actions you take affect your credit scores, you can be in better control of the score that is reported by the individual credit bureaus.
