I have read your other posts on the list, and I think you have some misconceptions about this. First, very few lenders even look at your whole credit report. They are only interested in your FICO score, so the only thing that normally matters is how the FICO score is calculated, and the folks at FICO do ignore these. Lenders use FICO instead of looking at each credit report individually because it helps them to avoid charges of discrimination. If you have a score above their requirements, you get the loan, with no question about whether your race, gender, sexual orientation, etc. affected the decision. If you want to know more about this, go to www.myfico.com. Also, insurance companies have a valid reason for needing this information. People with poorer credit file more claims. Rates are based on the likelihood of claims. Insurance rates are based upon the statistical likelihood of a claim being filed. That's why smokers pay more for auto insurance. They have a higher incidence of claims. Insurance companies really don't care why smokers and poorer credit ratings file more claims, only that they do. I do have considerable knowledge of this because many of my clients are Credit Unions and insurance agencies. If you have other questions, I will do my best to answer them, but let's take it off list. Bill ----- Original Message ----- From: "John Brush" <jbrush@AROS.NET> > > However, the big issue was created due to what the reports said was the > damage to a credit rating by multiple requests. I guess since I don't know > you folks as well as a lot of you do, I will just ask Bill to explain how > he knows this and if there is a way to verify this. Not so much as I don't > believe you, but its pretty important as far as I can tell. |
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