Do you feel if the financial system is gonna be overhauled that they should re-do the fico credit score?
One thing that needs to be changed on Fico is the fact that if you have paid a debt in full, it should come off your report- why is it when I have paid my debt, the only hope of raising my score is to dispute it. The paid debt should become good and Ipeople should be rewarded for doing so. The fact that even if you pay the debt, your score still stays bad and barely goes up. The bad paid debt still remains. This is not rright and if the credit system would change this factor, more people would be encouraged to pay thier old bad debts to help restore a clean name.
Public Comments
- You are wrong.
- The organizations who collect the data for FICO scores have no stake in fiscal policy. The government has little say so in how they report their scores. They are run by private companies as a service, not to YOU, but rather to the institutions who want to know who is a credit risk. They are in it for the money, not to change anyone's behavior. The fact of the matter is that if you have a bad credit history, the companies that loan out money will want to know that.
- make use of the SE like google or yahoo to get some ideas first if you want to get the massive information,however if you do not want to spend so much time,here is a direct and good resource for your questions.http://credit-score.onlinebestoffer.info/credit-repair.html
