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Have You Ever Tried to Find Out How Your Credit Score is Calculated?

I have. Not that mine are bad. Two are in the high 700s and the other well over 800. I just wanted to find out how they were calculated. So far, no luck. I bought and read, "The Complete Idiot's Guide to Improving your Credit Score" I have talked to loan officers. They don't know. They just blindly use them. Guess I'll go look at Wikipedia.

Tags: cards, credit, debt, loans, oversight

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Nope, no luck there either.

Everything put out by the banks and other issuers of credit, claim that it is best to have a high score.

However, I am not sure that they want you to have a high score.

Consider; the interest rate they charge you is based on your credit score. So, if they could find a way to lower your score without actually lowering your ability to repay the loan, would they not do that?

If you knew what to do to raise your score, would that not cut into their profit.

Currently, the White House(current Administration) is trying to establish a Consumer Financial Protection Bureau.  Many of our elected representatives are trying to stop it, or make it powerless to do anything.

Can you comprehend the power that the credit rating agencies currently wield?  Would the lending agencies use the scores to determine who to make loans to, if that in turn cut into their profits?

Your various  insurance rates are effected by the reports of the credit rating companies.

Here is an example: Last year my insurance company notified me that my rate would be increased. When I inquired as to the reason, I was told that it was because the credit rating company showed that I was carrying to high a balance on my cards. I pay the card off every month. I never have to pay intrest. I was using my card for most of my expenses. I would then pay it off just before the due date. Sometimes I would owe almost the limit. But always paid it off.

I then found out that the credit card company sends a report of the balance to the credit rating company two days before the end of the period instead of just after the end of the period. So, as far as the insurance company was concered, I was usually carrying a high balance on my cards.

I think we need a bureau to monitor this industry.

What do you think? 



This whole thing is a money maker for the people that sell you your credit score.
Either you have good credit or you don’t , this is what the banks look at..

I tried once. What a joke.


I have a good score, but not a great one because of a medical bill that was not my responsibility. I have all of the paperwork and sent it to the credit bureau so that it could be removed. Three years later, it's still there. *sigh*

It's easier to deal with the IRS.


It doesn't seem to be doing me any harm, I haven't been turned down for anything.

I've never tried to find out my score. I used to have EXCELLENT credit, but now mine is probably somewhere below zero. (damned medical bills)




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