Suggestions for a change to the simulator model

[Anonymous]

I like the simulator, at least gives me some hope that a combination of paying down debts, paying off collections accounts, and consistent on-time payments will get me where I want to be, but it is incomplete in one aspect:

What about the removal of items?  It would be great to see an option where you could model the removal or update of inaccurate information.  I know it cannot be exact, but to be able to speculate;  "What if I got these 30 day lates removed" or "This account is showing up twice, if I remove the duplicate, what happens" or better yet, "this account isn't even mine, what happens once I get rid of that?"

I think a company that can craft such remarkably complicated formulas as that used to generate the FICO score, surely could offer a few more practical features to the tool.

Or better yet...why not make it completely interactive?  There is no (technological) reason why it cannot look at your credit, have you model some changes, and then produce the score it would give.  Let me delete/update/change/age a specific account and then have it recalc and see where I would end up.  THAT way, I would be able to correct my credit without shooting myself in the foot.  The only reasons I can imagine why this service is not available is either because nobody at FairIsaac has thought of it yet (hard to believe), or because they are so obstinately stubborn about their formula that they don't want people being able to use such a tool to figure it out.  OR...perhaps they really are in cahoots with the credit industry and hate consumers.

[smallfry]

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@Anonymous wrote:

I like the simulator, at least gives me some hope that a combination of paying down debts, paying off collections accounts, and consistent on-time payments will get me where I want to be, but it is incomplete in one aspect:

What about the removal of items? It would be great to see an option where you could model the removal or update of inaccurate information. I know it cannot be exact, but to be able to speculate; "What if I got these 30 day lates removed" or "This account is showing up twice, if I remove the duplicate, what happens" or better yet, "this account isn't even mine, what happens once I get rid of that?"

I think a company that can craft such remarkably complicated formulas as that used to generate the FICO score, surely could offer a few more practical features to the tool.

Or better yet...why not make it completely interactive? There is no (technological) reason why it cannot look at your credit, have you model some changes, and then produce the score it would give. Let me delete/update/change/age a specific account and then have it recalc and see where I would end up. THAT way, I would be able to correct my credit without shooting myself in the foot. The only reasons I can imagine why this service is not available is either because nobody at FairIsaac has thought of it yet (hard to believe), or because they are so obstinately stubborn about their formula that they don't want people being able to use such a tool to figure it out. OR...perhaps they really are in cahoots with the credit industry and hate consumers.

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Monty I'll take Door Number Two and Door Number Three.

[Momof5]

I wonder if the simplistic nature is because most companies treat IT personnel like liabilities and they don't want an IT person (or a lot of IT persons) to know the formula!

BTW,  my main change would be to be able to do the simulation on EX.  What's up with that?

[Anonymous]

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@Momof5 wrote:

I wonder if the simplistic nature is because most companies treat IT personnel like liabilities and they don't want an IT person (or a lot of IT persons) to know the formula!

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Yep!

[Anonymous]

It's not just their own staff they have to worry about. Fair Isaac makes a lot of money charging businesses and consumers for fico scores. If they let the public change specific inputs and get unlimited accurate FICO calculations, it would not be hard at all to reverse engineer the formula or something very close to it. I think that's why the simulator is so broad.

[Anonymous]

Give us some EX sim functionality!