Fico Score Research Paper

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“Why there should be more laws with the ever-growing FiCO Score” By: Angelita Vitales Instructor: Julie Pal October 5, 2008 *Stop The Injustice, Change the Fair Credit Act* - *The US Needs to Change the Way the FICO Score I*s Used - Congress needs to change the laws to protect consumers from an abusive system. I advise that Congress make the following changes to laws concerning credit scores, credit bureaus, and credit checks. *Credit Bureaus Must *Allow All Consumers Access to View Their Credit Reports Free of Charge 24 Hours a Day 7 Days a Week – “The vast majority of Americans don't know their credit score -- or even how to find out what it is. A July 2003 survey commissioned by the Consumer…show more content…
This is our major flaws in the credit report. There is not enough education to the society and consumers. If society as a whole knew the dangers of low credit scores early in their lives, then they would take care of their credit better. If everyone had access to their credit report 24 hours a day 7 days a week free of charge then they would know where they stand and would better manage their credit. Just like a bank account, if you can see on-line where your money is going then you can better avoid overdrawing your account. For your credit report, if you can see when a negative remark hits your credit report you can make sure to fix it so that it does not report negative again. If a fraudulent remark is reported on your report then you can also dispute the claim sooner so that it doesn’t affect your report long term. Consumers have the right to know exactly what is being told about them from business to business. If it is going to affect their lives in such a great way then they should be allowed to view their report free of charge any time they…show more content…
Credit bureaus should be required to immediately remove any disputed claim until the validity of claim can be verified. Once the claim can be determined valid only then can the claim be replaced on the consumer’s credit report. By doing this, bureaus can be sure all claims are valid and accurate. Victims of credit fraud and false reporting will be able to fix their credit reports faster and be able to live their normal lives sooner. *Necessities to Live *Should Not Be Subject to a Credit Check – Necessities to live such as Apartment Lease Agreements, Water Utilities, Electric Utilities, and Gas Utilities, should not be allowed to run credit checks to determine eligibility and deposit amount. These commodities are necessary to live and should not be subject to credit checks. Insurance Companies Should Be Prohibited to Determine Deposits and Eligibility Based On Credit Checks

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