doctorpcar

Agree. I pay $14/month just so I can get an updated score *daily* as any changes take affect. The moment there is a change on any 3 of the agencies I am notified.

mitch236

Same here. It is such a racket! This country is in dire need of credit reform.

Likemystoppie?

Hear! HEAR!

Happy, Dave?

doctorpcar

Yeah I agree. We should be able to obtain day by day updates for free, or for a much more nominal fee. It is a total racket.

mitch236

Not only that but obtaining credit should be a process and absolutely never immediate. That would prevent most identity thefts. One way it could work is that you apply for credit and are then notified by the method you set up originally to allow the credit inquiry and then it would proceed. Right now if someone knows your SS# and mother's maiden name, he could start buying on your credit today!

Likemystoppie?

The real crime is that the 3 reporting companies are 'FOR PROFIT' companies and will not divulge the 'exact' ways that they arrive at their credit scores. I've never seen 2 scores exactly alike between two, very similar individuals.


Personally I think it's a damn crime at what they do to some people. And good luck getting your credit fixed once it's been illegally, neg. affected. Such a load......

911Dave

credit card offers are from banks, not "credit card companies". And they pre-qualify people to receive their offers based, in part, on the credit scores (FICO) that they obtain LEGALLY and WITHOUT YOUR KNOWLEDGE OR CONSENT. Take a look at your credit reports next time you get them and notice how many "inquiries" were made that you had no knowledge of. Banks, insurance companies, department stores, and I think I even saw a local utility or phone company once or twice.

There is also a point of clarification that needs to be made for some: there is a big difference between obtaining a copy of your full credit report (which IS illegal without your consent), and simply getting your score (which is not illegal and does not impact your score negatively unless it is an application for credit). The score is what most companies are interested in, including your car dealer, so it should be no big deal at all if your dealer obtains it. They have a legitimate reason for doing so - you're out driving their $100k piece of property and they'd like to know if you're a legitimate prospective customer or if you're just out joyriding. If I were a dealer, I wouldn't let you sit in it without finding out who you are first.

911Dave

Don't you realize that if they publicized the calculation that people could manipulate their scores deliberately? That's the whole point of keeping it secret. A credit history and score is meaningless unless it gives a reasonably accurate picture of a person's behavior and attitude towards credit.

It would be like having a private investigator tell you beforehand that he's going to be spying on you, vs. just doing it secretly. If you knew he was spying on you, you would put your halo on to try to fool him.

911Dave

The phrase is "Hear! Hear!", as in "listen to that!". Note the spelling.

doctorpcar

Glad you agree with me

Seriously I don't think we are disagreeing on anything here at this point. Somewhere in all the typing there's been a misunderstanding.

And no need to nitpick on "credit card companies" or "here here", in both cases I think people here knew what we were talking about. Banks do have separate legal companies setup to run their credit card business BTW, if you really want to get specific. But that kind of specificity is not adding much value to this discussion.

mitch236

That's why I suggest you spend some time on the forums about credit reporting and how the FICO is calculated. Although you won't get a fomula per se, you can get some insight about how you can affect your score. I wonder just how many Porsche owners here know (roughly) their FICO scores. I fear not many.

Likemystoppie?

No **** Capt. Obvious, and Thank You for correcting me. Just to make you feel better, I edited my post. Feel special now?

Oh lemme guess, you work for the 3 Buerau's?


...and as far as giving an 'accurate picture of a persons's behavior and attitude towards credit'- You couldn't be more delusional on it's "accuracy".

It's a Farce- Only no one, but the people who stand to gain from other's misfortune are the only one's laughing.

Accurate? That's laughable.

Likemystoppie?

That's a very arrogant attitude. And one, if you're in the business of earning referrals- that will get you into trouble. Quick....and possibly unemployed with that company.


I had a client last night buy a CPO'd Mercedes Benz SL500 from me. Ripped jeans, trashy sneakers, and not so well fitting T Shirt.


Oh by the way.....

He makes $1.3M a year. - Treat a guy like that and he'll not only NOT buy a car from you; he'll make sure his friends - who make a lot of money as well- don't buy from you either.

mitch236

I'll bet his FICO was above 700. I agree that I would want to know a FICO before I gave a $100k vehicle for a test ride. Where I shop, I go on test rides without the salesman. I wouldn't do it any other way. I wouldn't blame the dealership for at least getting a sense of me before they let me drive one off the lot. Of course, I wouldn't let them run a full credit check but if they want to pull a FICO without my permission (which I don't think they need for an unsolicited FICO), that would be acceptable.

Likemystoppie?

Actually, his FICO was not over 700. Not even close. He's lived in the same area for 40+ years, paid everything on time. Didn't have much debt at all, and didn't have a single derogatory.


And if anyone is interested, he's made over a $1M/year for several years.


So, I ask you- The fact that he's not over 700 or close: Does that seem like an ACCURATE system to you?

I think not.