Forum
|
|
Forum
|
     | Thursday, December 30, 1999 - 03:09 pm  Okay, so where do I find my FICO score? I hear the online services are not a good idea, and getting a credit report from Trans Union, etc. does not show the score on it. Where then, without applying for credit, can I find out my score? For that matter, if I DID apply for a mortgage now, the lender probably wouldn't divulge that information to me. I know my payment history is very good, however my credit cards (due to a divorce and significantly reduced income) have been maxed out for about 2 years. Where can I go to find out my credit score?
|
| | Thursday, December 30, 1999 - 04:11 pm you can retrieve your scores and a full credit evaluation @ www.carreonandassociates.com
|
| | Thursday, December 30, 1999 - 05:39 pm Kristi: At the FTC credit scoring forum last summer, one of the panelists said the agreement they had was that they "are not to release that score." http://creditscoring.com/pages/forumtranscript.htm#page297 What does your contract say in that regard? How long have you been selling the scores? What sentiments do you think the CRAs and Fair, Isaac have about you selling the score? We will probably hear stories about how we can all get the scores on the sly, but advertising them is an entirely different thing. You must be swamped with orders.
|
| | Thursday, December 30, 1999 - 06:27 pm Greg: We are not selling just scores. We are a licenced finance Broker so we run credit all day every day. The client signs the consent that says they have asked to receive their credit reports for either finance reasons or leasing reasons or the credit evaluation. Just as a few of our Credit unions we work with run credit and get scores, we do the same. We have been a licenced finance broker for 7 years. Our clients order by web or they come in and we go over them. We Also work with a super broker, so we don't order the reports direct, they do, so they are the ones releasing the reports to us. we operate as finance brokers and we have multiple lenders. Just as people order credit reports online thru web companies,we do the same except our reports are ran for lenders which happens to include the score. If our clients don't sign a waiver that they are requesting the credit report for a possible lending purpose or leasing purpose, then we do not release the scores but rather the consumer friendly copies without. and yes, we get alot of requests, but rarely do we have someone contact us for just a score. Usually they want our interpretation of their credit and the self help pack or they are applying for a loan. This is the difference between a finance broker and a "credit Repair"company. We make it clear that our credit Department handles those clients and our leasing dept. handles loans.
|
| | Thursday, December 30, 1999 - 07:54 pm Greg: additionally, FairIsaac has no information stating that it is illegal or unethical for a finance broker or lender to release scores. excerpt from FairIsaac: How can I find out my score? Some lenders may tell you your score. However, a score in isolation does not provide much information. Scores are dynamic and change when new information is added to the credit file. Also, lenders use different types of scores with varying numeric scales. In addition, other factors, like application information, impact lenders' credit decisions. Remember, what's considered an acceptable score varies from lender to lender depending on the loan or credit card applied for. I have been corresponding with the FTC about this issue as myself and several politicians and probably you want to know why consumers cannot see it, or if it is in fact illegal for them to see it. FairIssaac says it is not illegal,but feelings are mixed. I think it is ridiculous that a consumer should not be privy to his own score. What do you think?.
|
| | Sunday, January 02, 2000 - 11:53 am kristie, I agree. I attended the convention of credit professionals in April and over 200 credit union,banks and mortgage lenders were there. They were all voicing their opinions on how credit scoring is privy info to the consumer and should be released. Furthermore, if you do not have a direct agreement with the creditbureaus and you get your credit reports through a third party, then there is no violation of you releasing the scores, especially sinc you are brokers. I feel very strongly that the consumer should have access to their scores so that they can figure out how to improve them and in the iterum,learn valuable information on avoiding debt overload and debt ratio budgeting. ps: none of the big three attended. I guess they are to big to be bothered.
|
| | Thursday, January 06, 2000 - 12:11 pm My husband and I got married 4 months ago and would like to buy a home as soon as possible, but we haven't a clue where to begin. Where can we get credit counseling? If it takes us a year or two to get into a home, what other options do we have besides renting an apartment? Is rent with option to buy a good idea?
|
| | Thursday, January 06, 2000 - 03:12 pm You would like to purchase a home and you're not sure where to begin. Here's my suggestion: 1. Obtain your credit reports, check them for accuracy and dispute anything you find to be inaccurate. In my state (California) credit reports can be obtained for $8.00 a copy or within 60 days of being denied credit. 2. Contact a residential loan center and ask to be pre-qualified to purchase a home. They will pull your credit on you and you should ask them what your scores are. It's entirely possible that they may pre-qualify you right there for a loan. If not, you need to either work on fixing whatever's wrong with your credit or to explore more creative options. 3. Although a rent-to-own situation can be advantageous it isn't a panacea for home purchasing problems. A variety of pitfalls await you in that situation that you won't encounter in a normal sale situation, for example: What do you do if you have signed a 3-year rent-to-own agreement and: 1. The seller dies? 2. The seller files bankruptcy? 3. The seller enters foreclosure? 4. The seller divorces? 5. The seller is rendered mentally incapacitated? 6. The seller disappears and you discover he never held legal title to the property? 7. The seller becomes a victim of an income tax lien? 8. The property is condemned? 9. Unbeknownst to you the seller sells the property to someone else who was unaware you had an option to purchase? 10. The property burns down and the insurance proceeds are given to the seller? 11. The seller is arrested, puts his house up for bail money and skips town? If you do decide to go for a lease-purchase or contract for deed arrangement make sure you have a good attorney involved who will help protect you against the legal pitfalls you may encounter. And once you are in the rent-to-own situation proceed immediately to improve your credit so that you'll be in a good position to qualify for a mortgage when the period expires.
|
Credit Forum CreditCourt Forum 2003 Credit Suit CreditFactors Order Credit Reports |