Haifers REJOICE, your credit score is about to change

[TJones]

OK, so the credit card companies and credit scoring agencies have gotten together to form a NEW credit scoring application. New scoring will range from 501 to 990. The current range is about 350 to 860. So now a 700 beacon will be a "C" credit person, where as right now it is considered "A" credit. Thanks to a few bad apples. Oh well.

http://moneycentral.msn.com/content/Bankin...61.asp?GT1=7915

Edited March 15, 2006 by TJones

[Parrothead]

My guess is that if you have a 700 FICO score, your Vantage Score will be relative on their scale, say, a 850 or 900.

To me, this is just like fanning the flames...it's nuts...just fix FICO, don't add more problems to the mix.

The credit scoring system and the companies that make money off of all of us are thieves and liars. Here's another opportunity for them to extort cash from the American people under the guise of "you MUST have this one too!"

Vomit.

[RedScare]

I don't see how this competing credit score will cost consumers anything, but the conspiracy of credit card companies, retailers and their marketing firms berating consumers into 'keeping up with the fictional Jones' is burying everyone with junk they don't need and can't afford.

[TJones]

That is exactly what it is going to do Red. I believe these guys are gonna shoot themselves in the foot. Mortgage companies especially. I think that if banks that give car loans use this system, that they too will feel the effects.

[Parrothead]

I don't see how this competing credit score will cost consumers anything, but the conspiracy of credit card companies, retailers and their marketing firms berating consumers into 'keeping up with the fictional Jones' is burying everyone with junk they don't need and can't afford.

I def agree with everything here, but I think they'll just put together the same kind of monitoring packages that FICO has. They'll charge out the wazoo for you to know information about...YOURSELF (shocking!). Wow, why isn't that free of charge under the freedom of info act? Just curious...?

[TJones]

I found out today, that this actually may or may not happen. There has been no "scuttlebutt" from the corporate office about this taking place in the auto industry after all. We'll see how this plays out.

[editor]

I don't see how this competing credit score will cost consumers anything, but the conspiracy of credit card companies, retailers and their marketing firms berating consumers into 'keeping up with the fictional Jones' is burying everyone with junk they don't need and can't afford.

Amen. The problem is that it's too easy to get needless credit (store credit cards, etc...) and too hard to get credit you actually need (home loans, auto loans, etc...).

I def agree with everything here, but I think they'll just put together the same kind of monitoring packages that FICO has. They'll charge out the wazoo for you to know information about...YOURSELF (shocking!). Wow, why isn't that free of charge under the freedom of info act? Just curious...?

The Freedom of Information Act applies to government agencies only. These are private companies.

But under a different law they are required to give you a copy of your credit report once or twice a year for free. I called an 800 number (direct to the credit companies, not some middle-man) and did it once. It was pretty easy and comprehensive, but didn't tell me anything I didn't already know.

[Parrothead]

Ah, yes, but if you have a screw up, then you have to keep re-ordering it to make sure it's right! That sucks. I just finished doing that for two erroneous items. They expect US to be so perfect, but when it comes to their mistakes or the mistakes of the creditors, holy crap, they won't budge without drawing at least a little of your blood, and your money. It's ridiculous!