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FICO factor: Too many consumer finance company accounts
Consumer finance company accounts affect the FICO score, but credit reports do not identify them.
7/30/2009
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From: Greg Fisher
Sent: Thursday, July 30, 2009 12:46 PM
To: ConsumerHelp@FederalReserve.gov
Subject: credit score, finance company accounts, Federal Reserve
You wrote, "However, too many finance company accounts or credit cards might hurt your score."
What is the notation on a credit report that indicates that an account is a finance company account?
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7/30/2009
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Lines are drawn
Are you a Believer or Nonbeliever—are they really used in jobs? Credit score use by employers showdown.
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April, 1997: "Information on how to obtain one's credit score is suspiciously absent from your site. How do I get mine?"
"And we're not running a game show. I mean, we're evaluating risk. We're not trying to have people get--achieve the highest score."
"Fisher is a fan of going by the book and then beyond it."
"He beat the scoring proponents to the punch by scooping up the web address http://www.creditscoring.com, from which he launches often strident, sometimes wacky, but usually well-documented attacks on the credit-scoring concept and the industries that support it."
Realty Consumers Empowered By Online "Peoples" Court - "His Web site CreditScoring.com helped him-- and millions of other consumers-- extend fair credit reporting rights to credit scoring information."
"Fisher operates the www.creditscoring.com Web site, which skewers the secrecy of the credit bureaus and Fair, Isaac." - The Detroit News
"CreditScoring.com is an exceptionally-interesting site that offers news and information regarding credit scoring and--
really-- the entire credit process."
"'Garbage in, garbage out,' says Greg Fisher of Dayton, Ohio, who runs two Web sites on the subject, creditscoring.com and creditaccuracy.com."
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