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     | Thursday, February 17, 2000 - 06:29 am  OCC letter of 2/15/00 to Banks re: Credit scoring effects when there is missing or unreported credit history. http://www.occ.treas.gov/ftp/bulletin/2000-3a.txt
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| | Friday, February 18, 2000 - 12:02 am Did I miss the part where the OCC is concerned with consumers being declined and paying higher rates/fees due to missing/unreported credit data? And for those of you who (like me) wondered who the OCC is: "The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a safe, sound and competitive banking system that supports the citizens, communities and economy of the United States." Aren't we so lucky! I think it's been mentioned here that some creditors are reporting the current balance instead of the true credit limit, which obviously seriously lowers scores as the used/available credit ratio is always 100%. It's nice to see that the OCC thinks that the nonreporting of entire accounts is screwing up the Scores. Of course Scoring has always been screwed up, among other reasons due to incorrect data on the credit reports as well as many obligations and accounts not ever being reported. Could this OCC document be used as evidence in a law suit to establish that scoring is not valid?
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| | Friday, February 18, 2000 - 06:01 pm I've just been "enlightened" on the world of credit scoring. My score went from the 700's down to the mid 600's with NO CHANGE ON ANY OF MY ACCOUNTS. If you think that's incredible, my husband's is down to 570!!!! NO CHANGE IN CREDIT!!! My mortgage broker could not believe it. The change occured on 1/4/00. On 12/28/99 we "were" A+ people. Now my broker wants me to pay a second mortgage rate of 14%!!!!!!!. And I'm being told there's nothing that can be done. Any experts feel like giving some advise? Or do you need any assistance in bringing these bastards down?
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| | Saturday, February 19, 2000 - 06:31 am Christine McKee: Talk about a Y2K problem. A very real problem in exposing the inadequacies of credit scoring is that nobody wants their credit reports splayed all over the media. However, if you want some action, a good place to start would be Congressman Chris Cannon's office. I don't know how they are handling the presentation of the new bill to release scores to consumers, but I presume they are looking for actual cases. The last status is that it was referred to the Subcommittee on Financial Institutions and Consumer Credit on September 24. Public discourse is needed. Would you be willing to let us, and Congress, follow your case-- step by step-- in this forum?
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