|Received:||3/14/2005 8:35:17 PM|
|Agency:||Federal Trade Commission|
|Rule:||Notice of Proposed Study on the Effects of Credit Scores and Credit-based Insurance Scores on the Availability and Affordability of Financial Products|
Comments:It is my opinion that credit scoring formulas are highly inaccurate and often an obstacle to a good consumer obtaining credit and/or financing. The F.I.C.O scores that are used to rate a consumer can vary numerous points from one to the other. As a future homeowner, I recently pulled my three credit reports and was astonished to find many accounts listed inaccurately as well as accounts that were not mine. The variation of my names, addresses and even SS# astonished me. Never had I thought that the credit bureaus report things so inaccurately. The credit card companies, financing companies and mortgage companies hold the responsibility under the FCRA to accurately report tradelines and many times, they fail to do this. Uneducated consumers or those who are simply unaware, do not know the hidden dangers lurking in their credit files. Disputing information with the credit bureaus is also a hassle and very time consuming. If I wasn't in the process of home shopping, I would probably not have even bothered to pull my credit reports thus never finding out all the inaccurate information. I can't comprehend how an innacurate item that is not mine can come back verified by the credit bureaus who determine my credit score. This is simply appalling. In this day and age, credit is a neccesity. As taxpaying consumers and US citizens, we should be guaranteed that ALL companies reporting to the credit bureaus report information accurately and that the credit bureaus work for the consumers not for the companies who pay them.