Watch out for new credit score [View all]
Over forty years ago I was involved in the early development of a credit score being conducted by the now defunct Montgomery Ward. Before this and even for a while after, companies did their own risk scoring which was not accurate as was the case with early credit reports. Then along came the Fair Credit Reporting Act enacted in 1971 and later the FDCPA in 1977. Eventually the FICO method of credit scoring was born.
This process is still fraught with problems like the fact that if the wrong and damaging information gets on your credit report, sometimes it is near impossible to remove. In my experience blogging on consumers' personal data, Experian is the worst in dealing with this problem. Trans Union is better, and Experian is actually pretty good.
And now the latest version of the credit report is the VantageScore created by all three credit bureaus. It has some advantages listed in the article below but does not address the primary problem with credit bureaus, that of how to easily contact them to get something done.
Read more here: link:http://money.cnn.com/2013/03/11/pf/credit-score/index.html|
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