Fico scores and mortgages

**IggysListing** · 09-16-2007, 05:45 PM

In the recent past months with all the talk about subprime mortgages,
credit scores etc, the impression one gets is that credit scores, fico
scores, are about people with bad credit and it is their fault. Anyone
who has been involved in the business for a while knows that the system
is flawed and anyone can be affected by credit hits that are mistakes,
vengeance or whatever. With restrictions on mortage loans tightening,
it is time the public contacted their congress persons and demand
fairness and corporate accountability.
It is not uncommon for credit card companies to be slow in processing a
payment, thus taking it across a payment cutoff date, reporting a late
payment, this in turn changing the fico score and this in turn giving
justification for raising their interest rate. This is one of many examples I
have encountered.
I would like to hear your comments and stories.

**IggysListing** · 10-01-2007, 07:24 AM

This should be a hot topic!
It will be affecting agents even more than it used to and it is
a real problem in this country.
How about a response.

**Jaysonnhs** · 10-02-2007, 12:09 AM

Iggylistings!

I like the follow-up post. This is definitely a good topic but I'm not sure we could do much other than spend years developing a plan, years getting it approved and years implementing it. I think its a great idea. We also need to start educating people about the importance of credit and its role in our financial future. I think a lot of people ruin their credit and don't realize the consequence until is too late.

Everyone's worried about getting elected right now so it'll take awhile for them to get around to their promises...if they ever do.

Nice posts -

**Jaysonnhs** · 10-02-2007, 12:10 AM

Oh and by the way - I'm not a pro! sorry for stumbling into this forum

cheers!

**IggysListing** · 10-02-2007, 06:31 AM

You sound as pro as anyone else!
I am a bit of a credit reporting crusader, due to my personality, my
number of transactions, injustices done to me and people I know.
The system is still pretty screwed up.
Accountability is one of my favorite words and concepts. Certainly,
maintaining good credit falls under personal accountability, however,
when it comes to credit reporting, there is very little corporate
accountability.
I know at least 2 attornies who had trouble with AT&T cell phone bills,
a close relative lost out on a $200,000 gain on a property in 3 years
due to inaccurate credit reporting by AT&T as well. This relative had
pristine credit and got frustrated dealing with AT&T and dropped the real
estate transaction. AT&T is one of thousands of companies that are
irresponsible in their credit reporting. Cell phone companies seem to be
some of the worst. I have had attornies get involved on several
occasions to fix errors.
Check out Palisades credit problems on a G_____ search. I had an error
fixed by an attorney and it got rereported by Palisades Collections. They
may be buying junk debt.
I can go on and on. The average person doesn't have a chance.
The point I am making is, fico scores, which are inherently unfair
and quirky, are being taken even more seriously.
We all need to be screaming at congress for real reform.

**Jaysonnhs** · 10-02-2007, 10:02 AM

I agree IggysListing - we can benefit from reform and there's no organization (in theory - LOL) more capable than our congress. Credit reporting is a huge issue and if we're going to tighten lending practices we'll need to enforce more responsible credit reporting.