dougpratt
... and my scores went down!
i've tried twice to post this thread to the "credit scoring causes defaults" section, and it doesn't show up.
the difference was only a few points, but i'm still 5 short of YES, defined by the magical quackware as 680.
publicity is the best policy, and these heartless bastards should have picket lines with protestors carrying signs in front of their offices-- if i had my way, it would continue througout the night at their homes, nonviolently, in a manner that wouldn't prompt local police to makes arrests for disorderly conduct or disturbing the peace. draw out the media, and bring this great, federally funded SCAM into the spotlight, so everyone can know exactly how they are being CHEATED and RIPPED OFF, and decide for themselves if Big Brother's defective quackware control over their lives is Fair, or not. the world should know about this FRAUD.
FICO scores fluctuate arbitrarily because everybody is evaluated by computer programs that place them on a bell curve; as profiles change in real time, individual scores may improve or deteriorate, based upon how other people sitting on the same curve conduct their finances. this is why FICO scoring CAN NEVER BE FAIR!!-:(:mad:
given that this defective automated system has been delegated complete CONTROL over the lending industry, all consumers must understand that their ability to borrow, drive, insure their homes, and provide basic utility services such as telephone and electricity now rests in the hands of one company, {UN}fair, isaac, based in san rafael, california. shielded under a veil of federal government sanctioned secrecy, no one is allowed to challenge or even know how they are being judged, or what to do to address an inferior categorization once it has occured.
slowly but surely, consumer rights are being eliminated. a pattern of corporate abuse is rapidly taking shape, and FICO has become the cornerstone of its design and implimentation. the next step i forsee is a wholescale takeover of the health care industry. you'll live or die, or watch your baby starve, based entirely upon a FICO score-- and if you do get care, somebody else will suffer the same fate for the very same reason.
as graduated penalty is applied to mortgage rates based upon a credit score, authors and proponents of this system can proclaim its benefits and accuracy-- borrowers forced to pay more interest on their loans because of their score will statistically default more often, and it becomes a self-fulfilling prophecy. the evaluation of true risk to the lender provided by FICO is nil-- its substitution for normal underwriting process provides a legally acceptable excuse to price-gouge all consumers, eliminating fair market competition among lenders who would otherwise offer their best products to get the business, earn trust, and build confidence to assure client loyalty, and form mutually beneficial relationships over extended periods of time. as FICO removes the human component, it also undermines and destroys the personal aspects of banking, as the underwriter is no longer given any choice, lattitude, or ability to negotiate rate and terms, or consider extenuating circumstances, either in favor or against the loan applicant. with 680 FICO score, a convicted felon or homeless drunk can get a mortgage with no money down, subject only to a satisfactory property appraisal. i have been denied 70% LTV loans on my primary residence with a flawless credit history going back 15 years, $130,000 income, and $300,000 or more in equity, also based solely upon FICO scoring. this puts me into a sub-prime category, with mortgages several points above prime fannie/freddie rates, and there is no provision
whatsoever for anyone along the way to intercede in absence of that required 680 middle FICO score. tonight i'm at 675, and that still means NO!
every member of congress should be informed of this outrage, as should every state attorney general throughout the country. slow moving class action lawsuits have been filed against fannie and freddie, those who first bought into the FICO madness, with the rest of the lending industry, and now insurance companies and utility providers following suit. lower FICO scores supposedly means greater risk [it actually means virtually nothing], so they can jack up your rates on everything. {UN}fair isaac has been splitting their stock as the rest of the economy languishes-- it doesn't take an MBA to figure this one out.
the roman empire came to an end, and built upon fraud and false pretenses, FICO is enjoying their hour, but will also follow in due course. this company has cost me more than $200,000 over the past few years, wiped out my retirement, and forced me to sell a very lucrative property to put a stop to the outrageous interest rates i was forced to pay on my mortgages simply because my scores made it impossible to refinance at the normal, competitive rates i was always offered before they took over this industry. it will be one glorious day when they file chapter 7-- if the principles this country was founded upon and stands for still hold true, that day is not very far in the future.
goodnight--
:cool:
i've tried twice to post this thread to the "credit scoring causes defaults" section, and it doesn't show up.
the difference was only a few points, but i'm still 5 short of YES, defined by the magical quackware as 680.
publicity is the best policy, and these heartless bastards should have picket lines with protestors carrying signs in front of their offices-- if i had my way, it would continue througout the night at their homes, nonviolently, in a manner that wouldn't prompt local police to makes arrests for disorderly conduct or disturbing the peace. draw out the media, and bring this great, federally funded SCAM into the spotlight, so everyone can know exactly how they are being CHEATED and RIPPED OFF, and decide for themselves if Big Brother's defective quackware control over their lives is Fair, or not. the world should know about this FRAUD.
FICO scores fluctuate arbitrarily because everybody is evaluated by computer programs that place them on a bell curve; as profiles change in real time, individual scores may improve or deteriorate, based upon how other people sitting on the same curve conduct their finances. this is why FICO scoring CAN NEVER BE FAIR!!-:(:mad:
given that this defective automated system has been delegated complete CONTROL over the lending industry, all consumers must understand that their ability to borrow, drive, insure their homes, and provide basic utility services such as telephone and electricity now rests in the hands of one company, {UN}fair, isaac, based in san rafael, california. shielded under a veil of federal government sanctioned secrecy, no one is allowed to challenge or even know how they are being judged, or what to do to address an inferior categorization once it has occured.
slowly but surely, consumer rights are being eliminated. a pattern of corporate abuse is rapidly taking shape, and FICO has become the cornerstone of its design and implimentation. the next step i forsee is a wholescale takeover of the health care industry. you'll live or die, or watch your baby starve, based entirely upon a FICO score-- and if you do get care, somebody else will suffer the same fate for the very same reason.
as graduated penalty is applied to mortgage rates based upon a credit score, authors and proponents of this system can proclaim its benefits and accuracy-- borrowers forced to pay more interest on their loans because of their score will statistically default more often, and it becomes a self-fulfilling prophecy. the evaluation of true risk to the lender provided by FICO is nil-- its substitution for normal underwriting process provides a legally acceptable excuse to price-gouge all consumers, eliminating fair market competition among lenders who would otherwise offer their best products to get the business, earn trust, and build confidence to assure client loyalty, and form mutually beneficial relationships over extended periods of time. as FICO removes the human component, it also undermines and destroys the personal aspects of banking, as the underwriter is no longer given any choice, lattitude, or ability to negotiate rate and terms, or consider extenuating circumstances, either in favor or against the loan applicant. with 680 FICO score, a convicted felon or homeless drunk can get a mortgage with no money down, subject only to a satisfactory property appraisal. i have been denied 70% LTV loans on my primary residence with a flawless credit history going back 15 years, $130,000 income, and $300,000 or more in equity, also based solely upon FICO scoring. this puts me into a sub-prime category, with mortgages several points above prime fannie/freddie rates, and there is no provision
whatsoever for anyone along the way to intercede in absence of that required 680 middle FICO score. tonight i'm at 675, and that still means NO!
every member of congress should be informed of this outrage, as should every state attorney general throughout the country. slow moving class action lawsuits have been filed against fannie and freddie, those who first bought into the FICO madness, with the rest of the lending industry, and now insurance companies and utility providers following suit. lower FICO scores supposedly means greater risk [it actually means virtually nothing], so they can jack up your rates on everything. {UN}fair isaac has been splitting their stock as the rest of the economy languishes-- it doesn't take an MBA to figure this one out.
the roman empire came to an end, and built upon fraud and false pretenses, FICO is enjoying their hour, but will also follow in due course. this company has cost me more than $200,000 over the past few years, wiped out my retirement, and forced me to sell a very lucrative property to put a stop to the outrageous interest rates i was forced to pay on my mortgages simply because my scores made it impossible to refinance at the normal, competitive rates i was always offered before they took over this industry. it will be one glorious day when they file chapter 7-- if the principles this country was founded upon and stands for still hold true, that day is not very far in the future.
goodnight--
:cool: