@Anonymous wrote:
This forum is OWNED by Fair Issac (the people who've brought us FICO scoring). If they were to allow people on THEIR forum to discuss ways to UNETHICALLY circumvent the system, that would, if you think about it, be an extreme disservice to the lenders, creditors and such that they serve/sell their services to.
I saw someone online make the argument that sending goodwill letters is an unethical circumvention of the system, because you're asking creditors to delete valid information in order to make yourself look better.
I'll have to find the blog, but I don't think I'd be able to name him because he's also someone who gives advice on credit repair -- making it a moot point.
So, is it ultimately a matter of degree?
(EDIT: I found the blog article. Per TOS here, I will not add the hyperlink. But this is an excerpt of this person's argument. Can find it using google 'goodwill letters fico'. Why does FICO accept this exception, or is this person's reasoning off in the first place according to FICO? Also, this person mention's 'liar's loans'... I don't think they're discussing 'authorized users', which is another way to game the system, and was accepted by FICO before FICO 08 is supposed to make that null and void. But I may be wrong. Again, it's all a matter of degree?)
"""""""Goodwill adjustment - Influence: Media, lying
Anarchy, and media's unethical suggestion to usurp the credit reporting system
...The Fair Credit Reporting Act states
"The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system."
That initial sentence-- and the premise-- of the nation's credit reporting law was written decades ago, but today, the media thumb their noses at those words.
The system has to be based on accuracy, or it loses its credibility. In 2007, in a climate of lies, Fair Isaac took action to nullify the practice of some slick operators: Selling others' good credit histories. Liar loans, in large measure, ended in 2007, too. But you don't have to look far to find another scam: The suggestion to try to get your creditors to lie to the credit bureaus. It's on television, radio, and in print.
Experian says that changing accurate, negative information is grounds for kicking a creditor out of the credit reporting system, and that it might even be illegal (not that they understand what illegal is):
" There are very strict laws governing what a business must do if it reports information to a credit reporting company. If a business were to intentionally do what you describe, it likely would be in violation of those laws."
Doing so also would be a violation of their contract with Experian and grounds for cancelling the business’s ability to report or receive information. Legal issues notwithstanding, the foundation of credit reporting in the U.S. is essentially the honor system.
The "Goodwill Adjustment": Examples of media suggesting your creditors lie to credit bureaus"""""""
(and then there are a bunch of news articles, and a link to the State of West Virginia and to FICO's boards itself, all of which I have not repeated here.)
Message Edited by Nonaii on
08-07-2008 08:11 AM