What you should know about the Dodd-Frank Act

[algorithmslave]

This is a classic example of how far out of control and yet soooo important these scores have become. Once upon a time, the score could be likened to that of the label around a bottle of water. Today, I believe this same score is more like that of the water in the bottle. See, these scores determine if one obtains housing whether the application for this housing is to rent or to buy. Burden your mind with this, although the score is used to determine whether you obtain housing or not, it does not take into account ones rental history but hits one negatively if you do not have a mortgage. For this reason, I believe in full disclosure of all information that may or may not be used against me on the underwriters desk. In fact, lenders should allow the consumer to see their guidelines and pull the same score they will pull before them. I want my right to shop around without having to buy and/or be penalized for doing so. 

[algorithmslave]

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@llecs wrote:

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@Anonymous wrote:

How about  giving us our credit scores for free.  always.  any time.  FICO has every American by the short hairs.  I refuse to pay you crooks for my own personal financial information.  If anything, you should have to pay me for the priviledge of gathering my info.  A person could spend hundreds of dollars chasing after credit scores that don't change.  FICO should be ashamed of themselves.  Making me pay for my own information is like coercion, or bribery.  Your conduct is criminal, and hopefully in the future you'll all be jailed like the corporate criminals you are.

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I think you are targeting the wrong company. FICO doesn't have a shred of data or info about you or your finances. FICO is a formula and it is the same for everyone. The ones you should be targeting are the credit reporting agencies. They are the ones that hold your personal info, your credit past, and it is through this information that a formula is used to create a number. And if you are mad that your personal financial info is floating out there, then you should be! If you close all of your accounts then the companies that you did business with will no longer use your personal info and keep it on record.

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To the defense of the consumer who expressed their opinion on the score. I believe he is partially correct. As credit reports are to be free once annually so too should be the score on the same date and report it is pulled. Now with that out of the way, as taught in college, any product, good and/or service that claims to predict or come close too "actual truth" of specific future events is suspect because IT IS NOT SCIENCE. Ask yourself these questions, does the score take into account the consumers job going out of business and is that the fault of the consumer? Does the score take into account recidivism rate of ones likelyhood to file bankruptcy? There are many factors out of the consumers control that are not factored into the score. Why did that single mother not pay her revolving credit line for three months. Perhaps it was too pay a bill that does not report, to keep the roof over the head of her family. These products are no different than "Ma'dam Zelda" down the street with her crystal ball and numerology report she would love to sell you. My opinion of course. 

[Anonymous]

This is good and it is about time - it could go much further. The average citizen is in need of protection from predatory billionaires, including corporate CEOs who use money to "keep score" because they think life is a game about money. If people want to go live by themselves in the woods, that's fine, but when people live together in a social group, they need a government to keep the playing field level and protect the good, kind, and honest people from the selfish, greedy, amoral ones who will do anything they can get away with, for money, even if they have already grabbed much more than they could possibly spend in seven lifetimes.

[Anonymous]

It is not true that if you close your accounts, the company will remove you from their database and cease to "share" (i.e. sell) your information. They keep your information and continue to "share" anything they can legally get away with - which is a lot. Read the fine print in their so-called "privacy" notices.

[algorithmslave]

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@Anonymous wrote:
It is not true that if you close your accounts, the company will remove you from their database and cease to "share" (i.e. sell) your information. They keep your information and continue to "share" anything they can legally get away with - which is a lot. Read the fine print in their so-called "privacy" notices.

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That is why I am a firm believer in Competitive Intelligence. The companies spy and house data on us, why not a company that does the same with companies and provides those reports to consumers? 

[Lasardo]

I used to do refi's, we would always put a couple extra points on when the consumer actually qualified for a lower interest rate, for example at the time 9% was an excellent rate and if that particular consumer qualified for that rate but we gave him a 12 % rate to make extra commission. Additionally we gave loans to people we knew could not afford it but we wanted the commission.
Pre-payment penalties are such a Sham, glad to see they are gone.

[wanttobeintneknow]

I think Barry was talking about change in the law.  If the law changes, people will have to respect the change regardless of their viewpoint.  I think Barry hit the nail right on the head.

[Volunteerz]

A good start but it could definitely use a little bit more teeth to it though.

[1652m]

I don't think this small tribute to people is enough. Predators still exist, being. charged to use your card is left up to the merchants discretion, one charge for store goods, and another extra charge added on from your card for gas. Like 10 cents extra per gal. because you used your card. See how they get around limits.

[1652m]

For years I didn't use credit. I worked through life very well without it. I don't do mortgage people at all. One bad experience was enough. It took a lot of study to find I don't need some strangers taking me for a financial hiking. I owned 5 homes without being taken on that hike. Think out of the box, save you score for that new sofa with the money you saved from that hike you didn't take. DO NOT GET STUCK IN THAT BOX. The small protection out there are just speed bumps in the way of those who chase paper with ink on it. Buying a sofa won't take you on a hike.