dougpratt
http://cbs.marketwatch.com/news/story.asp?guid=%7B97C9F023%2D23DA%2D4BA7%2D8DF1%2D47024DD9F511%7D&siteid=mktw&
check this one out--- it's a link to an article published today by cbs news on their website about FICO, and i found it on aol as i was looking at their stock, ticker symbol FIC. i'm very happy to see that anyone considering investing in this company will have a chance to get a glimpse of what they are doing, and planning for the future.
not long from now, your mother or baby may find themself sitting at the curbstone rather than being treated for a life threatening medical condition. the authors of this madness may never have intended for their product to be abused to this extent, yet they defend its use even as it continues to destroy lives of their fellow americans, and corporations seek additional venues to apply it. "suck the blood right out of 'em," they snicker.
the logic behind increasing interest rates, car or home insurance premiums, and now utility costs, based upon credit scores, has it all ack-basswards. that glorious c- i pulled in economics 101 at harvard is going to serve me well when i get these bastards into federal court. the purpose of the implementation of FICO scoring into the credit system has not been to protect lenders-- when a home buyer steps in with less than 20% equity, they pay PMI--an insurance company charges them a premium to cover the lender's exposure in the event they default. lender's risk is 0-- ZERO!-- 0. FICO control over the mortgage industry, implemented in 1996, is the cornerstone of a lending system that allows the industry legal permissions to price-gouge consumers at every income level and price point-- it has cost me over $250,000 over the past 3 years, and i have owned properties worth well over a million dollars and had income approaching $150,000 anually. i wouldn't even know about this God-forsaken thing if i weren't self employed and used my real estate and perfectly legitimate deductions such as capital improvement, mortgage interest, and depreciation to shelter this income, simply by putting it back into the properties themselves. never once have i made a late payment on any credit account. as we all well know, this is not sufficient to generate an acceptable credit score under the New Order laid down by FICO et al.--:mad:
if i made this same kind of money as a salaried employee, i might never know of FICO-- at least a third of it would go off to the IRS in taxes. if my career were someting other than real estate, i'm sure i wouldn't have a clue how scoring models build in silent rate increases to the mortgages of just about everybody, how errors in credit reports affect what you pay on every dollar you borrow, or the fact that even when you have proof from past lenders that a mistake has been made, and they put it all in writing, there is no provision of any kind for this to be considered until it has been processed and assimilated into the credit scoring system, and the numerical spitout of FICO's quackware reflects the correction. the previous creditor could strip to underwear and put on baudeville in front of your new lender-- "sorry, the only thing that is allowed to be considered is your numerical, FICO generated credit score." computers process data very well, at least when data provided is accurate. that's what they do, and that's all they can do.
my arguements are getting very tired, and so am i. i don't have to sit up until 5 am, and i've just started my 3rd drink, so i haven't yet started to babble, though you might see a typo or 2 here and there. when i post to bulletin boards, chat, or newsgroup, i don't use punctuation, edit, or observe much of anything else i learned at harvard in expository writing class, and my french is probably a bit better than my english-- i also speak german, and read italian fairly well, but never built a vocabulary in that language. not only do i speak modern french, i also read and translate the monastic variety back to about the 14th century.
as for FICO, here's a biblical reference which i'm translating from the french, circa 1486:--
"the apocalypse of john, after original greek and hebrew texts, chapter thirteen, verses 11-18; the beast who comes up from the earth.
then i saw another beast come up from the earth, who had two horns resembling those of a lamb, and who spoke like a dragon.
it wielded all of the authority of the first in its presence, and it made it such that all of the earth's inhabitants should worship the first beast, whose fatal wound had been healed.
it wrought great marvels, even bringing fire from heaven down upon the earth, within sight of men.
and it won over the inhabitants of the earth by way of the marvels it had been given to work in the beast's presence, telling the earth's inhabitants to make an image of the beast who had been wounded by the sword, yet lived.
and it was given unto him to empower the image of the beast, so that the image might speak, and that all who wouldn't worship the image of the beast be killed.
and it was made that all, small and great, rich and poor, free and enslaved, receive a mark on their right hand or on their forehead,
and that no one could buy or sell, without having the mark, the name of the beast or the number of his name.
here is wisdom. let the one who has intelligence figure out the number of the beast. for this is a man's number, and its number is six hundred sixty six."
this is an "on-the-fly" translation i've made directly from a french text in about 15 minutes. i'm happy to post the original and open myself up to arguments by any interested party in a forum other than this one-- we're here to deal with FICO scoring and what it is doing to the american consumer, not to debate medieval french and how i translate it. biblical reference is relevant as the book of revelation seems to presage the numerical credit scoring systems of today, and how they affect everyone's abilty to conduct normal business in ways previously considered unremarkable. something really stinks here, and it isn't your regular kind of scam or trickery. modern technologies can imprint holograms, tatoos, or implant a microchip under the skin identifying/quantifying every person on the planet, and here we sit in what we think of as a moral leader of the free world, with our lives controlled by a pack of defective computer programs authored by an even less competent and/or socially irresponsible hackpack that somehow weasled into favor with fannie mae and freddie mac.
one day, some guy whose mother or baby died on a stretcher as a computer-generated score denies life-saving medical treatment isn't going to wait for legal redress, and another tragedy will hit the nightly news, most probably in san rafael, ca. i don't advocate or condone violence under any circumstances-- if {UN}fair isaac ever makes me homeless, i'll picket their offices by day and pitch tents on their front lawn by night. others may not excercise such restraint as their lives are destroyed, marriages fall into ruin, and their kids are put into foster care, because of FICO.
i avoid the {UN}fair isaac website like the plague--- it's like taking a tour through auschwitz. this company may be flourishing, but it does so at the expense of the american consumer and all it sucks out of us. once it is widely understood what they represent and how much consideration they have for their victims, i would rather invest in tobacco than buy shares of FIC. how about zyklon B, bin laden preferred, or rid-o'-nigg pest control?? every dollar in {UN} fair isaac is a dollar invested in the death of the american dream. litigation has already started, and once fannie mae and freddie mac have to answer for their role in this magnificent swindle, who do you think is next on the cutting block? nobody in the petfood business i'm sure, but it'll be nice to have my cat purring off the remains of FIC-0 as she goes to sleep in my arms. i'll sleep better too, knowing that my mortgage is the best available, my lines of credit aren't subject to instavaporation, and i can maintain the relationships built over the years with my banker and mortgage broker, knowing that they won't be taken out of the picture in favor of somebody's defective computer program.
with this, i wish you all a good night---:cool:
check this one out--- it's a link to an article published today by cbs news on their website about FICO, and i found it on aol as i was looking at their stock, ticker symbol FIC. i'm very happy to see that anyone considering investing in this company will have a chance to get a glimpse of what they are doing, and planning for the future.
not long from now, your mother or baby may find themself sitting at the curbstone rather than being treated for a life threatening medical condition. the authors of this madness may never have intended for their product to be abused to this extent, yet they defend its use even as it continues to destroy lives of their fellow americans, and corporations seek additional venues to apply it. "suck the blood right out of 'em," they snicker.
the logic behind increasing interest rates, car or home insurance premiums, and now utility costs, based upon credit scores, has it all ack-basswards. that glorious c- i pulled in economics 101 at harvard is going to serve me well when i get these bastards into federal court. the purpose of the implementation of FICO scoring into the credit system has not been to protect lenders-- when a home buyer steps in with less than 20% equity, they pay PMI--an insurance company charges them a premium to cover the lender's exposure in the event they default. lender's risk is 0-- ZERO!-- 0. FICO control over the mortgage industry, implemented in 1996, is the cornerstone of a lending system that allows the industry legal permissions to price-gouge consumers at every income level and price point-- it has cost me over $250,000 over the past 3 years, and i have owned properties worth well over a million dollars and had income approaching $150,000 anually. i wouldn't even know about this God-forsaken thing if i weren't self employed and used my real estate and perfectly legitimate deductions such as capital improvement, mortgage interest, and depreciation to shelter this income, simply by putting it back into the properties themselves. never once have i made a late payment on any credit account. as we all well know, this is not sufficient to generate an acceptable credit score under the New Order laid down by FICO et al.--:mad:
if i made this same kind of money as a salaried employee, i might never know of FICO-- at least a third of it would go off to the IRS in taxes. if my career were someting other than real estate, i'm sure i wouldn't have a clue how scoring models build in silent rate increases to the mortgages of just about everybody, how errors in credit reports affect what you pay on every dollar you borrow, or the fact that even when you have proof from past lenders that a mistake has been made, and they put it all in writing, there is no provision of any kind for this to be considered until it has been processed and assimilated into the credit scoring system, and the numerical spitout of FICO's quackware reflects the correction. the previous creditor could strip to underwear and put on baudeville in front of your new lender-- "sorry, the only thing that is allowed to be considered is your numerical, FICO generated credit score." computers process data very well, at least when data provided is accurate. that's what they do, and that's all they can do.
my arguements are getting very tired, and so am i. i don't have to sit up until 5 am, and i've just started my 3rd drink, so i haven't yet started to babble, though you might see a typo or 2 here and there. when i post to bulletin boards, chat, or newsgroup, i don't use punctuation, edit, or observe much of anything else i learned at harvard in expository writing class, and my french is probably a bit better than my english-- i also speak german, and read italian fairly well, but never built a vocabulary in that language. not only do i speak modern french, i also read and translate the monastic variety back to about the 14th century.
as for FICO, here's a biblical reference which i'm translating from the french, circa 1486:--
"the apocalypse of john, after original greek and hebrew texts, chapter thirteen, verses 11-18; the beast who comes up from the earth.
then i saw another beast come up from the earth, who had two horns resembling those of a lamb, and who spoke like a dragon.
it wielded all of the authority of the first in its presence, and it made it such that all of the earth's inhabitants should worship the first beast, whose fatal wound had been healed.
it wrought great marvels, even bringing fire from heaven down upon the earth, within sight of men.
and it won over the inhabitants of the earth by way of the marvels it had been given to work in the beast's presence, telling the earth's inhabitants to make an image of the beast who had been wounded by the sword, yet lived.
and it was given unto him to empower the image of the beast, so that the image might speak, and that all who wouldn't worship the image of the beast be killed.
and it was made that all, small and great, rich and poor, free and enslaved, receive a mark on their right hand or on their forehead,
and that no one could buy or sell, without having the mark, the name of the beast or the number of his name.
here is wisdom. let the one who has intelligence figure out the number of the beast. for this is a man's number, and its number is six hundred sixty six."
this is an "on-the-fly" translation i've made directly from a french text in about 15 minutes. i'm happy to post the original and open myself up to arguments by any interested party in a forum other than this one-- we're here to deal with FICO scoring and what it is doing to the american consumer, not to debate medieval french and how i translate it. biblical reference is relevant as the book of revelation seems to presage the numerical credit scoring systems of today, and how they affect everyone's abilty to conduct normal business in ways previously considered unremarkable. something really stinks here, and it isn't your regular kind of scam or trickery. modern technologies can imprint holograms, tatoos, or implant a microchip under the skin identifying/quantifying every person on the planet, and here we sit in what we think of as a moral leader of the free world, with our lives controlled by a pack of defective computer programs authored by an even less competent and/or socially irresponsible hackpack that somehow weasled into favor with fannie mae and freddie mac.
one day, some guy whose mother or baby died on a stretcher as a computer-generated score denies life-saving medical treatment isn't going to wait for legal redress, and another tragedy will hit the nightly news, most probably in san rafael, ca. i don't advocate or condone violence under any circumstances-- if {UN}fair isaac ever makes me homeless, i'll picket their offices by day and pitch tents on their front lawn by night. others may not excercise such restraint as their lives are destroyed, marriages fall into ruin, and their kids are put into foster care, because of FICO.
i avoid the {UN}fair isaac website like the plague--- it's like taking a tour through auschwitz. this company may be flourishing, but it does so at the expense of the american consumer and all it sucks out of us. once it is widely understood what they represent and how much consideration they have for their victims, i would rather invest in tobacco than buy shares of FIC. how about zyklon B, bin laden preferred, or rid-o'-nigg pest control?? every dollar in {UN} fair isaac is a dollar invested in the death of the american dream. litigation has already started, and once fannie mae and freddie mac have to answer for their role in this magnificent swindle, who do you think is next on the cutting block? nobody in the petfood business i'm sure, but it'll be nice to have my cat purring off the remains of FIC-0 as she goes to sleep in my arms. i'll sleep better too, knowing that my mortgage is the best available, my lines of credit aren't subject to instavaporation, and i can maintain the relationships built over the years with my banker and mortgage broker, knowing that they won't be taken out of the picture in favor of somebody's defective computer program.
with this, i wish you all a good night---:cool: