cmjdisanto
1st Class Member
Colonial Heights, Virginia
Foreman
Posts:206
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 | | 01/09/2008 7:13 PM |
| This is not what you think so no we haven't been victims of credit fraud where someone has stolen our identity. It something entirely different!
Basically there is a critical form of deception (I prefer to call it fraud) against and fleecing of consumers being performed by the credit bureau on.....really everyone that has, is or will ever apply for a loan. As most of you are aware there is a big push by the credit reporting agencies (credit bureau to have you pay to monitor your credit. It's a probably a very responsible thing to do if you do a large amount of INTERNET purchases or the like. Yet there is one part of this service that is misrepresented...... It's your credit score.
I'm not sure how many of ya'll actually are aware that we have more than one credit score. It's not actual versus what is called your Generic score since that is basically the average taken from the score provided by the three, It's actually one report that the credit bureau issues you for the credit monitoring programs and another one that is actually used by the bank to determine whether or not you qualify for a loan, also known as your lending score. There also can be as much as a 100pt difference (to the negative since it is never higher than) from what the credit bureau provides the bank and what they provide you.
Recently we found this out in true jaw dropping fashion. Plus............... In order to maintain a high credit score,it's no longer enough to be responsible and pay all you bills, at higher than the minimum payment, on time. Oh no there is so much more that these people use to determine or to consider and track record has little or nothing to do with it....unless it's derogatory. (not to brag or give too much in-necessary info.....I am happy to say we have none of that )
So what's the dilemma you say?
Basically it stems from not all is what it appears to be! The other side of the coin is that there is nothing we can do about it. 
The credit bureau dictates to the bank lending standards and in order for the banks to keep their lending status they have to under no uncertain terms follow the guidelines set forth by the credit bureau. If they set the minimum lending score for the bank at....let's say 690. So you check you report and find your score is 757 yet you don't get the loan because your lending score provided by the bureau is actually 679! This is all hy"pathetic"al of course yet we are advised to purchase all of these credit monitoring (some as much as $50 a month) programs from the credit bureau and in reality they offer us no more ability to be on-top of things than not having it at all. What a friggen rip-off. 
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 MLS Member since September 2005 | |
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Boiler
Brakeman
Posts:19
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| | 01/09/2008 7:27 PM |
| You might want to have a look at www.fool.com
Credit scores are just one factor a lending organisation takes into account. They decide their own lending policies, not the credit bureaus. | | | |
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Skip
Ontario, Canada
Foreman
Posts:172
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| | 01/10/2008 5:12 AM |
| | Credit ratings are not what the bank uses to loan you money, its the excuse they use to deny your loan... | |
Paul
Greensville-Crook's Hollow Railway Company
building the finest mongrel short line in S. Ont.
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Dan Pierce
1st Class Member
South Eastern MA, USA
Foreman
Posts:382
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| | 01/10/2008 5:47 AM |
| Note that having too many credit cards even if they have $0.00 balance lowers your score!!!
Lenders do not like the possible liability of you maxing out a lot of cards instantly.
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cmjdisanto
1st Class Member
Colonial Heights, Virginia
Foreman
Posts:206
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| | 01/10/2008 6:54 AM |
| Never mind. Way too much has to be held back in the interest of protecting yourself to have a good conversation about this in the first place. Stoopid of me to try and have one at all. Doohhh!!!! | |
MLS Member since September 2005 | |
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