• 2010 Credit Suit
• Liars & Cheats
• CreditFactors
• Fight Back!!!
• RESISTANCE
• TRADO
• News Releases
• Contact

Fair Isaac - credit scoring fraudware

Monday, April 14, 2008

Fair Isaac DELETED my posting about its incomplete credit reports at the myFICO forum

“The message you are trying to access has been deleted. Please update your bookmarks. ”

Let’s update our bookmark, here is the posting BEFORE it was deleted:

4-13-08_Palisades_collection_refused-incomplete-reports.pdf

The depressing part is that I don’t have the money to sue them into oblivion. 

Sunday, April 13, 2008

My posting at the Fair Isaac HORRIBLE credit advice forum

I was searching for Palisades and ran across this thread at the myFICO forum:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=44831&jump=true#M44831

The myFICO Equifax excerpts in my posting are from a report dated 4/11/08.

Fair Isaac charges $16 for a credit report that FAILS to comply with the FCRA because it is so incomplete, it doesn’t even have the creditors’/collectors’ addresses.

“No contact information provided by Equifax”

That’s another Fair Isaac BLATANT LIE.

In fact, my clients often have to purchase a report from Equifax directly because Fair Isaac’s $16 reports don’t even contain the NAME of the collector.

“Collection on debt to: Not Reported
The collection agency "465yc00000" was hired to collect a debt of $67 originally owed to "Not Reported" on account number "XXX8731”

Isn’t it too cool how American corporations conspire to defraud consumers?

Equifax is by LAW required to furnish only COMPLETE reports.

Equifax KNOWS that Fair Isaac’s reports are incomplete, but it doesn’t care because it PROFITS from these illegal credit report sales when consumers have to buy a SECOND report from Equifax directly to find out which collector is reporting the collection.

What a great ploy to redistribute assets from the working people to the multi-national corporations.

The miracle of capitalism.

And of course it’s not just about consumers having to buy 2 reports, but chances of consumers NOT disputing improve as disputes become more difficult and expensive.  And THAT leads to higher interest rates, insurance premiums, etc.

The big corporations are the winners.

And the ADVICE given at the myFICO forum is so horrible.  The MORONIC letters, much like what Chase and Cap One included in their lawsuits against Hess Kennedy.  People who send these letters are bound to be pegged as frivolous disputers.

I have no idea why people are not smart enough to know that Fair Isaac does NOT have the best interest of the consumers in mind.  21st century people so dumb, it’s beyond belief. 

I can’t understand why so many people have such a low IQ.

Alex Jones keeps talking about how the average IQ has been systematically lowered.  I suppose it’s true.  I certainly have NO explanation for this bizarre behaviour, taking advice from the enemy.

UPDATE: The Fair Isaac moderator response:

This thread is locked and under mod review.

Thursday, November 29, 2007

I notified Fair Isaac of my intent to publish and requested notice of any inaccuracies

At first I couldn’t post and as I checked other threads, I realized how much misinformation there really is.  Fair Isaac is trying HARD to get their readers to pay collections.

Finally I was able to post, apparently somebody had been messing with the permissions:

It’s not a bad dream, FICO scoring is a nightmare and I’d LOVE to wake up!

However, not only am I awake, but I’ve been analyzing FICO scores since they became mandatory for mortgages in the mid 90s.

The documentation is posted at http://creditlegislation.org/activists/forum11/19.html

There’s the screenshot of the report and I even added the detailed explanation.  The DOCUMENTATION proves that there’s a serious PROBLEM with late payments MADE UP by Fair Isaac’s scoring software, late payments that are NOT reported by the CRA.

Apparently the posters here think it’s FUNNY that millions of people were forced into subprime mortgages and are now losing their homes, families and some even their lives—because of FICO scoring “bugs.”

Barry, if there’s ANYTHING at all that’s not accurate in my posting here or at my site, PLEASE let my know exactly what that is.

Since the fictitious late payment “bug” has NOT been fixed as I continue to see myFICO reports with those fictitious late payments, I can only assume that it is actually a bug by design, not just incompetence.

I’m going to send out a press release about the fictitious late payments and I’ll forward it to members of the House Financial Services Committee.  Also, I’m writing a book about credit, scoring, banking, the real reasons for the subprime crisis, etc.

So please advise if there are ANY inaccuracies whatsoever.

Thank you!

Christine

One of the posters in that thread wondered why my forums are closed and I’m the only person posting.  There’s no better explanation than the posts at the myFICO forum: the complete absence of intelligence.

Not one person at the myFICO forum can read a myFICO report and see that they made up the late payments.

Scary, very scary.  I think my clients all got it and they’re “average” people, not trained to look at credit reports.

Tuesday, November 27, 2007

FICO08 and the idiots at the myFICO disinformation forum

I make a point of NOT frequenting the public credit forums because it’s too aggravating to read the crap posted by the many clueless idiots and “consumers” who are actually employed by the industry to spread misinformation.  And I’m a very busy person.  Every now and then a reader or client gets me to post somewhere, but this morning I got an email from Fair Isaac, alerting me to the HOT topic:

FICO08
I’m glad they are leveling the playing field. Piggybacking defeats the entire concept of risk scoring. This ain’t the mafia, and people should have never been able to “vouch” for other people. More >> ...

I couldn’t resist and decided to spread a little truth at the myFICO disinformation forum:

There is absolutely NOTHING fair about FICO scores.

1) Regardless of the previous credit history, ANYONE can have scores in the high 600s as long as they have no new late payments and plenty of cash to settle debts and for expert advice.

2) Instead of AU accounts, people can purchase JOINT accounts.

Of course it’s a lot riskier and it’ll take a lot more cash to PURCHASE a joint account ($10,000 for a 10+ year old tradeline).  Since the joint account holder can use the account and a late payment by the account owner will be reported on the joint account holder’s credit, both parties are taking risks.  But, with a properly written agreement, it’s definitely doable for the wealthy.  Both account holders can monitor the account online and either one can have the account closed and quickly pay off the account before any late payments are reported.

So, it’s just a matter of more overhead, higher expenses and not just anyone can purchase good credit for a few hundred dollars.  It takes big bucks.

And that’s of course the INTENTION of credit scoring:  redistributing assets from the working people to the wealthy.

I documented that Fair Isaac adds entirely fictitious late payments to artificially lower the FICO scores and many other FCRA violations at CreditLegislation.org

When I contacted Fair Isaac’s Barry Paperno, he lied about those late payments and stated that they are not included in the score. Then I proved to him that FICO scores DO rate those fictitious lates.  He demanded that we dispute with the CRA, which of course can not possibly delete late payments it is not reporting.  Finally Barry deleted the lates for my client.

Then I told my clients and subscribers to email Barry directly, but he refused to assist them.

And that’s just ONE example of how Fair Isaac ARTIFICIALLY lowers scores and FORCES many millions into default and bankruptcy.

FICO scores do NOT predict defaults, they CAUSE defaults.

Just the facts ...

Christine

4 minutes later, “dizzier”, Regular Contributor, Posts: 148. Registered: 10-23-2007, replied:

LOL well i’ve just had my dose of conspiracy theory for the day! 

FICOs (as of 11-17-07): TU 743 EX 751 EQ 708
FAKOs (as of 11-17-07): TU 765 EX 745 EQ 738
TU PFICO (as of 11-01-07): 702

I have no idea whether dizzier is just plain dumb as a rock or employed by the industry, but s/he is obviously heavily into promoting all kinds of scores and into discrediting my DOCUMENTED allegations.  Nobody could review the documentation in just 4 minutes.

And to avoid getting a bunch of emails about the joint account, I just picked the $10K figure to illustrate that it will cost a lot more than buying an AU account and that for people with CASH, it is certainly possible to purchase an established joint account and to manipulate scores. 

While I have a couple old charge accounts with low limits, I would only consider selling one of the accounts (since there’s the risk of having to close it) and to someone who is going to save at least as much as they pay for the account.  For a million dollar mortgage, $10k is only one point and MANY people with crappy large ARMs would recoup their investment immediately.

My first recommendation is to offer some hard cash to a friend or relative who you can trust to make the payments on time. 

I’m not aware of a “market” for joint accounts yet.  The liability for brokering these accounts is huge, as the seller risks losing the account when it has to be closed and someone has to check the account every month to ensure that there will be no late payments.

The more important issues are the artificial lates and the many other bugs (or enhancements?) in the FICO scoring software and the incomplete reports Fair Isaac sells.

I just don’t understand why they’re not being sued for leaving off creditor addresses and not even providing the collectors’ names on the Equifax reports.

I see numerous PERFECT class actions with HUGE refunds to all myFICO customers and big awards to the many people who had these artificial late payments added.

Are all lawyers bought and paid for?

I realize that it will take big bucks to fight Fair Isaac in court, but not only it there the huge financial award (many millions in legal fees), but doesn’t exposing this corrupt system count for something?

Not all lawyers are corrupt, but apparently the attorneys with the resources to file class actions are not willing to stand up for the people and to expose the FICO scoring fraud.

Friday, October 26, 2007

Another reason for the subprime crisis—my TU FICO scores for the last year

My Providian (now WaMu) credit card comes with the TU FICO score monitoring.  About once a month, they update with the new score and they provide some of the major score factors.

As you can see, my low score was 619 last December, my current score is 702 and in summer 2006, my score was around 750.

It’s quite dramatic to see your FICO score drop over 130 points and not having ANY derogatory data on the credit report.  This is another reason why so many people got into subprime mortgages:

Some took advantage of 0% or low rate credit card offers INSTEAD of getting a car loan or home equity loan.  Others lost their job, got sick or had some kind of emergency and used their credit cards.

BINGO!

You’re now the cash cow for the bankers, your FICO score sucks, you’re the scum of the planet and you pay 25% on your credit cards once the low rate offers expire.  If you want to move the debt to a car loan or mortgage:

You’re a SUBPRIME borrower because your scores are below the minimum required for the LOW rate loans.

FICO scores are based on communist principles:

Individualism is OUT—you are rated according to

1) OTHER peoples’ past performance.

2) Bizarre definitions of what’s good and bad (it’s BAD to accept a finance company account, it’s BAD to finance a car with a 0% credit card check, it’s BAD to refinance loans for lower rates, it’s BAD to get a new phone service with a better plan, etc.)

3) flawed scoring software (fully documented)

I’ll never understand why America, a country supposedly highly valuing individualism, is ruled by Fair Isaac company and the bankers and nobody is upset about it.

Well, that’s nobody except me.

With all the CRAP that’s written about the subprime crisis, I have yet to see anyone looking at the fact that the credit bureaus and Fair Isaac are as guilty as the lying loan agents.

Is there ANYBODY else with half a brain and NOT corrupt and willing to DO something about this?