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Do you think that they need to revamp the way credit scores are decided?

It is pretty simple IMO. For 20+ years I have lived some where & paid rent or a payment of some type to someone. Never have I been evicted for non payment, thus I have carried all the utilities & necessary insurances. For 20+ years I have paid off cars & carried insurance, once AGAIN never a loss due to non payment. My transportation & housing credit history is A+. Medical bills & a few luxury credit cards have shot my credit score. Now I ask if the President wants to free up some of this credit, why not revamp the way credit scores are decided. My credit score for housing & transportation history is way past 700, way past & WTH does he state on National TV that the medical system in the USA is in crisis, but yet we still have it marked against our credit scores? Makes no sense to me. Wonder what you ladies thought. Thanks for reading my question.

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strongmom40

Asked by strongmom40 at 8:39 PM on Feb. 25, 2009 in Politics & Current Events

Level 3 (25 Credits)
Answers (7)
  • The need rules to govern it in the first place. Your credit score is arbitrary and each reporting agency is free to figure it any way they want. Similarly, your creditors are not required to report anything - good or bad. You and your neighbor could have identical finances, only use different banks, and have credit scores 200 pts apart simply because one bank reports more things than the other.
    NotPanicking

    Answer by NotPanicking at 8:42 PM on Feb. 25, 2009

  • We have been screaming for this in the mortgage industry for years!!!! There are laws in place but nothing happens when the bureaus don't follow them. No one regulates the regulaters who regulate the creditors or the bureaus...it's complete crapola
    mamakirs

    Answer by mamakirs at 8:44 PM on Feb. 25, 2009

  • No one regulates the regulaters who regulate the creditors or the bureaus...it's complete crapola

    And that's not even addressing the people who do the data entry into EOSCAR to begin with *shudder*
    NotPanicking

    Answer by NotPanicking at 8:47 PM on Feb. 25, 2009

  • *nods* There is no penalty for inaccurate reporting of anything from the top of the food chain down. In over 10 years of being in the mortgage business. Honest to God I have probably on seen 3-5 tri merges that were correct. It's a freaking joke.
    mamakirs

    Answer by mamakirs at 8:55 PM on Feb. 25, 2009

  • At my former employer, who shall remain nameless, standard procedure for any contested item that was deleted was immediate reentry into the system. They didn't even investigate them. They got a stack of deletions from the CB, handed the stack to a temp, and had them look up each acct and re-report it exactly as it appeared in our system. They wouldn't officially delete something until there was an attorney or a judge involved.
    NotPanicking

    Answer by NotPanicking at 8:58 PM on Feb. 25, 2009

  • And YET...this is how Obama will tackle the mortgage crisis!!!


    "The plan would provide a $1,000 fee to mortgage servicers for each successful loan modification, while borrowers would receive up to $1,000 to reduce their loan principal each year if they stay current on their payments.


    http://biz.yahoo.com/rb/090218/business_us_obama.html?.v=22


    So, once again, for those of us who paid our mortgages consistently and on time, there is no "reward" for doing the right thing and what was expected! Obama wants to continue to handhold those who bought too much house, made a poor loan choices (ARMs and 0 down payments, interest only).  Why should any of us try to do the right thing anymore?  What's the incentive?!

    LoriKeet

    Answer by LoriKeet at 9:09 PM on Feb. 25, 2009

  • I agree, the credit scoring crap needs to be sh*t-canned and something much more honest and plausible as a replacement. Today, just about every employer, apt owner, apt complex, etc., is pulling credit reports and doing background checks. Both can be chock-filled with errors. One credit report had me married to my son, with his SS#!! And another credit report, reported the correct spouse, my husband with his SS#. These credit reports and background checks can most definitely stop you from obtaining a decent job. Many a potential employer doesn't even bother to question the information (many times in error) they have in their hands. Enter these people now being laid off and/or permanently losing their jobs, thru no fault of their own and falling behind on payments of any kind. Their chances of gaining decent employment will become far less, as their credit score is tanking. The Fair Credit Report Act needs to be repealed!
    LilLizaJane

    Answer by LilLizaJane at 9:15 PM on Feb. 25, 2009

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