People Search credit bureaus for the job?

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I’m crazy. Check my FICO score from one of the three major credit bureaus, I see a much lower score than I expected. After examining the factors that my clients are most affected two new factors that I’ve never seen before. Both revolve around the idea that my mortgage too little credit on the loan. Everyone says that the house is anders.Meine refinance a loan. The amount financed not the value of my house. Therefore, the “available” credit is technically much higher than you on my equity in the rendered image. In addition, as a refinance, there was not a deposit. I got back with my first loan, for many years. Because they know many homeowners refinanced recently, is how they help to bring more consumer credit lenders want to lend to credit. Stack the chips against us. The fact that I pay my bills on time and for many years and I have no negative marks appear less weight than my “new refinanced mortgage. It is absurd and unfair.Credit Bureau Auto Insurance mandatory, the IRS, several overlapping taxes … These are the organizations and legal requirements which have repeatedly demonstrated that it is not sufficient protection in place for the average citizen. Remove the “power “to establish the age or better Verbraucherschutzbehörden.Das loans is about 2 years. Since that time, and now my score is way down. I have no new requests for credit, no debts, and all payments will be notified ontime. The only thing new is that the two factors do not seem t before 2 years ago, when my loan was NEU.DE different scoring methods seem much more complicated than it should be, as does important consumer never understand what the implications of their credit when the rules of the game seems to change under your feet like. Keep it simple: I pay my bills on time information. I have no bad debts. I am of Agreement on the basis of available credit, but no new reasons to refinance lower my score comfortably around the time of the mass of recent years. Something is rotten.

  1. Reply
    May 1, 2011 at 6:17 am

    >Their own interests, same as any other monopoly.<

  2. Reply
    May 1, 2011 at 6:34 am

    They work for the banks. Who else profits from there services?

  3. Reply
    May 1, 2011 at 6:45 am

    Well from personal experience i know what you r talking about. I think credit bureaus work for bill collectors and collection agencies.businesses- anywhere you spend money or finance something even credit card companies. We are trying to purchase a big rig and they turned my husband down because he has no credit built up. They are adding me on tomorrow, to try again but i have a bankruptcy on my credit from b4 him . they also told us his credit wasnt comparable with any loans meaning he has no loans out equivelent to the amount of the truck and thats the other reason he was denied

  4. Reply
    May 1, 2011 at 7:44 am

    Each credit bureau is a private company. They don’t “work for” anyone. They do have to abide by the rules in the Fair Credit Reporting Act.

    Are you looking at a real FICO score or is it a Fako. Equifax is the only one that uses FICO. The other two have there own system and a different scale. If you just want to check your score, is the best place — straight from the source.

  5. Reply
    May 1, 2011 at 8:00 am

    The credit bureaus are no more than repositories of financial data supplied from a wide variety of sources, from lenders to collectors to courts to tax agencies. Any entity needing the information pays for a report. They have no prejudices. They are not malicious.

    The score is computed by a third party, Fair Isaac (FICO), Beacon, etc., not by the reporting bureau. There are a lot of models used to determine scores. I arrange loans every day and look at a lot of reports, and the scores vary wildly depending on the source and the chosen model. Experian, for example, has over two dozen models to choose from.

    A real estate ‘tri-merge” combines the three prominent sources (trans Union, Experian, Equifax), so that a lender has the greatest opportunity to see all the factors. A tri-merge can show scores ranging by as much as 100 points or more!

    Not to mention, there are auto scores, mortgage scores, unsecured loan scores, etc.

    If you refinanced your home, that is, started an all new loan, then your score would have dropped. Any time you borrow money, your score drops. Whenever a credit card balance goes up, your score drops. Paying down balances increases your score. The best scores indicate that the borrower chooses to borrow, but really does not need to. Increasing balances indicate a need to borrow.

    IF you did not actually refinance, but merely got a line of credit against your home, your score really took it on the chin. Lines of credit look like credit cards. Large credit card balances drag down scores. A real estate line of credit that opens at the limit increases what the score sees as an rise in the percentage of revolving credit, that is, the ratio of balances to limits. It makes it look like you maxed out a really big credit card.

    The value of your home is invisible to the scoring system. It is not part of the available credit equation. Think of it like this: if you have three credit cards at their limits, it wouldn’t matter if you have enough in your savings account to pay them off. The scoring system doesn’t know about your savings account. All it would see is that your credit cards are at their limits. This looks like you are paying bills with credit cards, or you are irresponsible.

    Don’t worry. As time goes by, your new loan will “season”, assuming you pay on time, and your score will go back up.

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