Do you think the current credit score system is fair/unfair? Do you think it needs updated?

SSG(P) Private RallyPoint Member — Thu, 26 Oct 2017 18:51:59 -0400

Do you think the current credit score system is fair or unfair? Do you think the system of reporting or calculating credit needs updated? What can we do or should we do to make it more accurate or fair?

Response by CA Delete D. made Oct 26 at 2017 7:12 PM

CA Delete D. — Thu, 26 Oct 2017 19:12:49 -0400

Fair-Isaac guards the exact function for calculating credit score -
Can't be certain which bureaus accurately know it or could manipulate it. The legislation (not to mention developing new system altogethrr) would take years to work through Congress....and then the federal government will wanna take charge permanently. We are probably due for another revolution of sorts - folks need to rise up, write their congressman and lobby like hell to rearrange the credit bureaus. The govt should sue the shit out of the executives that cashed in millions worth of stock around the equifax breach and INCARCERATE THEIR SHADY ASSES. Lastly, we are all gping to need to find a new alternative to SS #s, and have the IT personnel and procedures audited thoroughly to determine better OPSEC safeguards and procedural concerns. Personally, I am worried about future quality of life since personal info continues to get stolen by major agencies that are supposed to be staffed with significantly more competent people than then has appeared to be the case within recent years.

Response by SSG James Behnke made Oct 27 at 2017 3:32 AM

SSG James Behnke — Fri, 27 Oct 2017 03:32:27 -0400

Rigged.

Response by CSM Eric Biggs made Oct 27 at 2017 6:21 AM

CSM Eric Biggs — Fri, 27 Oct 2017 06:21:42 -0400

I think the whole concept is screwed up. The more times I borrow money and the more money I borrow ends up giving me a better credit score. By having a better credit score I can borrow more money. Our whole society has fallen for this scam. You have to borrow money so you can get a credit score. If you have a good credit score you can qualify to borrow even more money. I have a CRAZY idea! How about if we simply buy what we can actually afford with cash, and if you want something a little better, save up for it, sell what you already have, add it to what you saved and go buy that something better. I get how this is probably not possible for a mortgage, but with everything else it works. It's amazing how much money you have at the end of the month when you get to keep it instead of having to pay it to the bank, credit card company, car dealer, etc.

Response by SGT David T. made Oct 27 at 2017 8:04 AM

SGT David T. — Fri, 27 Oct 2017 08:04:06 -0400

I think it has some issues. I had a few credit cards with balances over 30% and my score was negatively impacted. I took out a fixed rate loan for more than I owed on the credit cards then paid them off. My score jumped over 100 points despite actually being more in debt.

Response by Sgt Wayne Wood made Oct 27 at 2017 12:11 PM

Sgt Wayne Wood — Fri, 27 Oct 2017 12:11:20 -0400

Rigged... what if you have no loans or credit cards but have a 6 figure income? Bad credit rating.

Response by SFC Richard Bennett made Oct 28 at 2017 3:16 AM

SFC Richard Bennett — Sat, 28 Oct 2017 03:16:00 -0400

I have gone to court and won, but it was a hollow victory. Equifax has me living at 123 Fake lane in Maryland ! Discover Card had me owing $30,000 on a SUV, that started phone calls from people wanting me to pay for that SUV, and so it goes . It is a nightmare, You have to prove a negative to get them to correct their mistakes . On the bright side I wonder how much Junk mail goes to 123 Fake Lane!