Seven Different Credit Scores for Sale Cause Confusion

SmartMoney reports there are now seven different credit scores for sale available on more than 20 websites inevitably leading to confusion among consumers. Experian, Trans Union, and Equifax each sell their own credit scores. The FICO traditional score is the one used by the great majority of lenders. A class action recently filed in a federal court in San Diego alleges that Experian’s subsidiary Consumerinfo.com that operates www.freecreditscore.com is deceiving customers in selling Experina’s PLUS credit score. The lawsuit alleges the score is not one typically used by lenders. Read more: Which Credit Score is Best? – SmartMoney.com http://www.marketwatch.com/story/which-credit-score-is-best-1302212043057#ixzz1JEVwu8Eh

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New Report on Credit Bureaus’ Electronic Dispute System & How it Frustrates Consumers

Inaccuracies plague the credit reporting system. The FCRA established a process to enable consumers to dispute the inaccuracies and force the credit bureaus and companies that provide the data to investigate the disputes and make corrections. A new report from the National Consumer Law Center shows that the system is a travesty. The three major credit bureaus conduct investigations in a perfunctory manner. The bureaus translate consumers’ detailed dispute letters into two or three digit codes and send the codes to the companies that furnished the information. The bureaus fail to send supporting documentation to the companies in violation of...

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New Credit Score Formula for 2008

Credit scores are determined using formulas designed to predict how likely a consumer will pay his or her bills. Fair Isaac is the leader having created the FICO credit-scoring formula. Fair Isaac has announced its formula will be revised this year. The new formula will deemphasize the effect of one late payment on your credit score on an otherwise unblemished record. Fair Isaac states the company’s analysts pulled reports of 5 million consumers to see how their credit profiles fared over time. More information may be found in a recent issue of SmartMoney magazine.

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