ladelfina
Thinks s/he gets paid by the post
- Joined
- Oct 18, 2005
- Messages
- 2,713
On the "stupid debtor" thread, some people started talking about financial literacy and Citric Acid brought up FICO as a litmus test.
I had come across a couple of interesting threads in the past week or so of surfing:
Elizabeth Warren on the Credit Card Industry : NPR
CreditBloggers: FICO's Credit Score Change will Cause Mortgage Industry to "Crumble"
I have always been virtually debt-free so I never gave a second thought to my FICO score. I did hear though, that the very act of checking one's own score will lower the score (requests for credit checks = bad)!
Just to tweak the noses of the anti-gov. folks.. I'll throw out the question of whether something that has so much to do with people's daily lives and financial universe should rest solely in the hands of a couple private companies with little/no recourse and no accountability? If not, are there ways to obtain civil damages against them if they put a stick through your wheels without justification, through their own error?
What are people's FICO experiences? Copacetic? Minor difficulties? Nightmarish?
With so many potentially unrelated and unknowable (proprietary) factors going into someone's credit score, besides just the level of erroneous data.. do you think it is very/marginally/not very accurate in gauging credit-worthiness?
I know CFB recounted some nonsense he went through; it would be interesting to know whether that is the rare exception or the norm.
I had come across a couple of interesting threads in the past week or so of surfing:
Elizabeth Warren on the Credit Card Industry : NPR
CreditBloggers: FICO's Credit Score Change will Cause Mortgage Industry to "Crumble"
I have always been virtually debt-free so I never gave a second thought to my FICO score. I did hear though, that the very act of checking one's own score will lower the score (requests for credit checks = bad)!
Just to tweak the noses of the anti-gov. folks.. I'll throw out the question of whether something that has so much to do with people's daily lives and financial universe should rest solely in the hands of a couple private companies with little/no recourse and no accountability? If not, are there ways to obtain civil damages against them if they put a stick through your wheels without justification, through their own error?
What are people's FICO experiences? Copacetic? Minor difficulties? Nightmarish?
With so many potentially unrelated and unknowable (proprietary) factors going into someone's credit score, besides just the level of erroneous data.. do you think it is very/marginally/not very accurate in gauging credit-worthiness?
I know CFB recounted some nonsense he went through; it would be interesting to know whether that is the rare exception or the norm.