FICO? Scoring

IrvineRealtor_IHB

IrvineRealtor_IHB

New member
I noticed a resurgence of questions about what's going into credit scores.



Here's a link to a different set of forums at the Fair Isaac site that should be helpful:



<strong><a href="http://ficoforums.myfico.com/fico/">http://ficoforums.myfico.com/fico/</a></strong>



and particularly the <strong><a href="http://ficoforums.myfico.com/fico/board?board.id=ficoscoring">Understanding FICO? Scoring</a></strong> thread.



Ask questions. Arm yourself.

-IR2
 
[quote author="IrvineRealtor" date=1223645719]I noticed a resurgence of questions about what's going into credit scores.



Here's a link to a different set of forums at the Fair Isaac site that should be helpful:



<strong><a href="http://ficoforums.myfico.com/fico/">http://ficoforums.myfico.com/fico/</a></strong>



and particularly the <strong><a href="http://ficoforums.myfico.com/fico/board?board.id=ficoscoring">Understanding FICO? Scoring</a></strong> thread.



Ask questions. Arm yourself.

-IR2</blockquote>
Back a few years ago, I did some consulting work for a software developer -- on a product that was similar to the model used to produce FICO scoring. It was for a completely different purpose, but, similar to FICO, it used credit reports to predict future action of the individuals in the credit reports. In developing the model, we made use of over 500,000 different credit reports. The really shocking thing was how many credit reports were obviously inaccurate, and we needed to exclude them from our model building process. (Trying to avoid the "garbage in = garbage out" problem.) Everybody should take advantage of the law that permits them to get their reports for free once per year. Check them for accuracy and take the time to get them corrected.
 
the law actually allows you to get the reports from the 3 agencies once per year, <strong>so it is possible to get one report every 4 months for free by alternating the agencies. </strong>



this is what i try to remember to do, in order to avoid inaccuracies or identity theft stuff
 
If you have a Providian (or Wamu) credit card, each month they check your score and allow you to view it for free. I like the service because it allows you to keep an eye on your score frequently and then you can follow up with a full report if you'd like.
 
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