Comments on: Is the Credit Scoring System Fair? A Viewpoint Which Disagrees

By: Eileen

Eileen — Tue, 20 Sep 2011 16:51:56 +0000

Unfortunately, for a majority of people, the credit scoring systems are so corrupted with erroneous information that it affects their very existence! Credit card companies are using such ploys as reporting a person as deceased when they are not and they can do this without providing any proof! The credit scoring systems are seriously flawed and something needs to be done about it. More creditors need to get involved as well as the people affected. It is a sad situation when you walk into your local bank with whom you have dealt with for many years and they cannot or will not give you a loan because your credit report says you are deceased! Even the manager of the bank has known you personally for years but cannot take it upon themselves to lend you a dollar! Your whole life can be ruined in a day..can’t get a loan, can’t get a credit card, can’t rent an apartment, can’t get insurance which means you can’t drive a car, you can’t get a job! Come on…is there something wrong with this scenario?

By: Steve Walters

Steve Walters — Sun, 26 Jun 2011 23:32:08 +0000

Hello

Thank you for the post about the credit system. I find the system to be vailed–secretive and a tool for lenders. I had relatively minor late payment issues due to 10 months of unemployment. I have been used unaware in some slight of hand and illegal avticity, i.e., scams such as illegit companies using credit card information for memberships to fake travel clubs and similar membership fees which were hidden and debiting my credit accounts unknown to me. As a result I am paying the price in a bad credit score for an undetermined period(7 years most likely). Experian in particular has serious misinformation and ideneity theft issues on my report and hasn’t responded to my inquires in over 18 months. Their information is static–frozen and inaccurate–an we consumers seems powerless unless connected apparently. Who is Experian anyway? A vailed entity? I do not owe any of the so called ‘write offs’ a nickle. They got their interest, penalties and pound of flesh. What gives–the system is crappy–frought with errors and a means of branding a consumer. Unemployment, medical bills and bills which couldn’t be paid during unemployment plus closing of credit accounts during unemployment should be more easily purged from a consumers files. The grading system has advantages for the informed and punishes us who are learning the hard way.

I am paying the most credible credit counseling company in the world a monthly fee? Nothing has changed in 1.5 years? The whole system secretive and glacially slow.

By: Michael Dunn

Michael Dunn — Mon, 02 Nov 2009 16:05:12 +0000

With regards to the point that credit bureaus will not help with error correction, it seems that the credit bureaus are setting themselves up for a lawsuit. If they claim that they have the ability to dispute, but it is basically useless, that sounds like fraud.
I have disputed many times, but I have never succeeded. I ultimately had to write a demand letter to the creditors to fix the problems. It should not be this way.

By: Nancy Tossell

Nancy Tossell — Wed, 28 Oct 2009 23:23:07 +0000

The last 2 articles regarding the fairness of the credit scoring business is some of the best information I have seen on this site. As far as it being a good thing, there has to be some sort of standardization so people have something they can measure themselves against. It would also be chaotic for creditors to have to make their own judgments about a person’s credit without having a yardstick to measure by. Talk about law suits!!
On the other hand, I agree that 7 years (and up to 10) is a very long time to penalize a person for a negative action. It is also true that once something has been corrected, it does take a long time for this to show up on the reports and in the digital age we live in, there’s no reason for this.
So far, I have never seen a law, or a system, that is completely fair or unfair. What people need is the education to know how financing works and learn how best to make it work for them. It is this lack of education that has so many people paying way too much for things and missing the opportunities they might otherwise have. This country has made credit too easy, pushed the idea that we are entitled to whatever we want, and have hidden the real cost of this lifestyle. Although not rocket science, it has been our experience that most people we work with don’t realize how big the impact of mismanaged credit has on their lives. Once they learn this, it is now up to them take control of their credit and to live within the lifestyle they can afford.