| Comment Number: | OL-100240 |
| Received: | 12/30/2004 11:36:43 AM |
| Organization: | |
| Commenter: | Debra Hagan |
| State: | KY |
| Agency: | Federal Trade Commission |
| Rule: | Advance Notice of Proposed Rulemaking, Request for Comment |
| Docket ID: | RIN 3084-AA94 |
| No Attachments |
Comments:
The cost of obtaining your personal credit score should be nothing! That is a generous amount in my opinion. I should be able to view and understand the calculation of my FICO score at any time I wish. The effects of these scores and reports not only affect out personal lives but our economy as well. Your credit score has an enormous effect on your life, the cost of viewing your own score should be minimal. Also I'd would like to mention that when I get a copy of my credit score it should match EXACTLY the score that is obtained by lenders. NO MORE SALES OF FAKE SCORES! I would also like to address Fair Isaac and payments made to them by Equifax. Exactly how much does Equifax pay Fair Isaac? Consumers are being fee'd to death. If controls and regulations are placed on a monetary amount for this "score," then provide a free, public-domain formula to calculate the score. The formula must have a complexity at a level equivalent to average citizens filling out an IRS form, so one may methodically calculate their own score. Credit holders are judged using the credit score. An average citizen can better understand their financial/credit situation with this score. A typical credit report without a score is not useful for identifying problems with, or how to improve one's credit situation. A credit report without a credit score places large amounts of credit history and information in the hands of a layman, without any reference or guide for interpretation. The credit score must become an integral part of every credit report. For the same justification that one should be entitled to see their credit report, one should know their FICO score. Although one can argue the FICO is an analysis of the information within a credit report thus no need to check accuracy, it is the ultimate conclusion of the credit report. With electrons today, their is really no cost once the infrastructure is in place. The bottom-line is the credit bureaus need to make no money for creating a report that can screw up someone’s life – no more than I should I should pay to see how information is being portrayed about me. It is not the information, but its portrayal that matters. Thank you