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Question of the Month

Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50. The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges. Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 9: Experian has stopped providing FICO scores to customers. How do you think it will affect us?

Experian, one of the three major credit reporting agencies, has recently announced that it will discontinue offering FICO scores to customers because the current master agreement with Fair Isaac prohibits them from doing so. We invite you to share your views with us. If your answer is voted as the best, you will win $50.

Winner Post

Trophy iconAnswer 1:The consumer has a right to this information. Why are so many entitites giving consumers such a hard time? it makes no sense at all! Consumers need to take our power back!! Without us, these companies would go bottom up, and they know it....the fact is that most consumers dont know it! Dont know that they have the power that is. Corporate interests are not necessarily the interest of the people. We are seeing the end result of how big business has used and abused the people for their own personal gain, and people on the bottom rung of the ladder are suffering the most. Are we seeing the full effect of George Orwells nightmarish vision of a society of which the individual is no longer valued, and the state or in this case...the corporate state..abuses and uses the power it has to keep the people in our so called "proper place". I had a Professor several yrs. ago use a term that I had never heard before. The term she used was "economic violence." The definition of the term means several different things. The way the system is purposely set up so that only a small minority own a majority of a nation and or the earths resources. The continued exploitation of people through paying them less than liveable wages. Poverty is something that exists on purpose in order to allow those top 2% that are the wealthiest people in the world, to continue to stay wealthy. The middle class is disappearing. Where there is no middle class, than that means there are only two classes, the rich, and the poor. Various schemes are put in place to regulate who has access to what, and the banking system, credit card industry etc...are designed to create or make a majority debtors that owe in the millions, while those at the top scoff up those millions like sharks on a feeding frenzy. Without the poor and working classes, we wouldnt have wealthy people (and or institutions)...they get fat from what little we at the bottom rung have. The injustice of the entire thing is just that. "INJUSTICE" in capital letters, and Experian is just one of the other forms of exploitation that is being perpetrated against the people. Why would a corporate entity keep from you what is rightfully yours? Sounds like "1984" to me. It certainly doesnt sound like the United States of America does it? No. Believe it or not, this is the type of tyranny that the Founders if they were living today, would find inexcusable. Did we fight a Revolution for this? did we fight to save the Union during the Civil War for this type of corporate exploitation of American citizens? We fought wars in the past in order to free ourselves of all sorts of tyranny, including the pockets of it that exist and or existed in our own nation. Corporate greed, is UNAMERICAN. Exploitation of citizens is not capitalism. It is simply reckless and selfess greed and a total disregard for the rights of others.

Answer Posted by | meircats

The other answers worth mentioning are:

Answer 2:This will have a grave impact on consumers who are interested in knowing their credit worthiness and keeping abreast on any significant changes. If all three bureaus provided the same scoring system it would not affect the consumer at all. It would seem to be it would only be fair to share information that is collectively shared with other sources, i.e. possibly creditors. To ensure that you remain in good standing and I would definitely suggest to anyone to request all three credit bureaus to get a complete picture.

Answer Posted by | V Stubbs

Answer 3:I dont think that it will have that big of an impact on the customers. You can still get your FICO score from the other two agencies. On you can receive a free credit report from each agency once every twelve months and you can buy your score for under $10. I do that throughout the year to make sure that everything is being reported correctly and keep track of my score. You can estimate what your score from experian is by having the other two, they are usually close to each other. I believe it is important for each person to be aware of their score and what is on their credit report.

Answer Posted by | jojois29

Answer 4:Its about time, the economy is so bad,People struggle day by day to make ends meet,and we get penalized for everything.At the end you are on you re own, nobody cares.We should not be judged by credit score.We should be judged by criminal history.People live in fear,now its the time to help the hard workers of America, and to preserve the future of our kids.

Answer Posted by | Simona B

Answer 5:Our FICO scores define us -- more than our hair color or height. They show responsibility, or the lack thereof, and credibility. I think the FICO scores provide us with an accurate snapshot of our credit standing. Without them, one may not have the ability to decipher where they rank. In addition, it is taking away the metaphorical scoreboard we use to log the points we accrue during credit repair.

Answer Posted by | elledavis08

Answer 6:How it will affect us is we the people cant get good interest rates because the score they give out to the banks can be wrong or miss lead to cause the rates to be higher than they should have been. This is how the economy got as bad as it did from the high interest rate causing people not to be able to pay there bills. And high insurance premiums

Answer Posted by | bailey0484

Answer 7:experian has stopped giving consumers credit score: Well it has a big effect on us. For example, when a consumer applying for a mortgage loan with the lender and lender decides the interest rate, the lender can charge more interest rate based on the scores from experian since we have no access to it.

Answer Posted by | karnail sindher

Answer 8:I honestly believe this is another way for corporations to screw us Americans over, as we can all tell from our economy, the corporations dont mind sticking it to us "little people" as they refer to us as. Experian is not the best credit agency source for us, and this so called Fair Issac is s crock of bull and they know it.

Answer Posted by | Zelma Robinette

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