Complaint Review: Experian - Allen Texas

if you are that unhappy, just refinance somewhere else - with scores like that, any lender will fall all over themselves for your business! look in any newspaper for ads from local lenders or brokers - tell them these are your scores so they know you are an educated consumer. unless you are wanting an unreasonable loan, conventional loans are run through either fannie mae's system (desktop underwriter) or freddie mac's system (loan prospector). each of those systems use the scores from the credit agency. just make sure that your current WFF loan doesn't have a prepayment penaly - WFF sub-prime loans always have prepays in states that allow them.

I have a 15,000 pre-payment penalty - add to that, 10,000 in closing costs for a new loan with another lender and I'm out 25,000. This is why.

But, why don't you go thru another lender??? WFF sounds like they don't have your best interests in mind, so go somewhere else and see what they have to say.

Let me add a little detail to clarify a few items. First, when I indicated that I ran into financial 'trouble' it meant, about 200 of us were about to be laid off because our jobs had been outsourced to India. I'll admit - I was a little unprepared for this. Most average consumers are. I simply wanted a new loan on my home to lower my monthly payments. I had a 15-yr fixed and wanted to extend this to a 30-yr (stupid me...) and take a little cash out for rainy days. I do pay my bills on time. I have perfect credit with no errors, no lates, no public records, no inquiries, no deragatory or bad credit whatsoever. I have 20 years of established credit and I have 50,000 of VISA/MC, etc. most with 0-20% balances. I have been employed in the same industry for 15 years and consistently earn 120,000-150,00k per year. How can I possibly have a credit score of 652? Why is it that the credit score reported by Experian, TransUnion, Equifax to me is 60 points off what I get from a bank? Let me shed some light. When I first took the loan with Wells Fargo Financial, I had a 685 Credit Score. I refinance and was absolutely swindled, WFF showed my score at 685 (hmm..., same # as Experian?). My fault. I trusted Wells Fargo - I was a 10 year customer... but, under duress, trust came too easy and too costly. Now saddled with a pathetic loan - which, quite honestly, I was lied to verbally, signed and thought >whew< glad that's taken of only to find out later what the REAL rate and terms were. Did I screw up? Yup, my fault. I call the broker outraged at the lies that got me into this loan and he indicates, 'bring your score up past 700 and we'll write you a better loan'. This I do - pay off this, pay off that, watch a few inquiries drop off... My score is now 716/716/725 (ex/eq/tu) as reported by all three majors. My spending habits actually improved over this period. Pull the credit, get the loan - WFF says, no can do - score too low, 652. This is what I mean by consumer fraud. WFF not only sold me a bad loan - but, now, because of their proprietary scoring model which they clearly indicate in the score letter sent to me that this value comes directly from Experian, unmodified, uncalculated, untampered... I have a right, by law, to know what my score is. Where do I get this data? What rights do I really have if every lender, every major credit bureau, every credit card company has a right to establish their own proprietary credit scoring model?? And, why is it that after improving my position, I'm rated lower now than ever at WFF even though the three bureaus headed in the opposite direction? What the hell is going on here? Consumer Fraud Laurie. WFF sold me a bad loan and can keep me in this bad loan for as long as they want because they are in control of the customizable and very proprietary scoring model. They can call ANYONE sub-prime even though the facts show otherwise. Tell me I'm wrong. Tell me this isn't predatory lending. I simply want a reasonable home loan and I've EARNED this right.

Here's how credit works. You borrow money to pay for something you want. Then, you pay back an amount that consists of the price of the original item, plus a large fee for the interest. In some cases, the interest portion can be only a few hundred dollars. In other cases, it could be several hundred thousand. Either way, it's all money down the drain. The interest charges add nothing to the value you get from the original product. Here's an idea. What if you put aside money each week to save up for the things you want? That's how I do it. You won't catch me begging some bank for a loan. That's degrading. In fact, I won't take their loan no matter how low they make the interest rate. Why? I simply am too smart to throw away good money on interest. I work hard for my money. I'm not about to hand over hundreds or even thousands to some banker so that he can sit on his fat a*s all day and continue living off people like me. Let him go out and do some labor for a change, instead of letting people use his money and charging them heavy interest. I've bought new cars and even homes by saving up money, a little each week, so don't come crying to me and say that it can't be done. Anyone who can make the loan payments could also be saving that money each week. When you aren't interested in loans all the time, you never have to worry about credit scores. My credit score should be zero. I never borrowed anything. And, I don't intend to start. You know, if everybody did this, these bankers would have to climb out of their Mercedes and turn off their cellphones and do some actual work for a change instead of sitting around all day shuffling papers.

Your response came off as 'holier than thou'. Dennis expressed something on his credit report that he was concerned about. He admitted he used to have financial problems, but has straightened them out (700 is a good score)...yet, you automatically assume that he doesn't pay his bills on time, lives above his means, applies for every card he gets, and maxes them out when he does get them... OMG---I am not sure what fairy tale world you are living in, but you are in the minority if you have done none of the above. Life is not perfect to everyone, and if your life is perfect to you, then you can just stay up on your self-proclaimed pedestal. Hey!! Guess what? When I got laid off, I had to max out my credit card to put food in the house and was even late paying my electric bill...guess that makes me a terrible consumer doesn't it? I am sure lenders are very happy to have perfect people like you to hand their checks over to....

Here is information on how your credit score (FICO) is achieved, and how lenders use the score: A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrowers credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports. Credit scores analyze a borrower's credit history considering numerous factors such as: Late payments The amount of time credit has been established The amount of credit used versus the amount of credit available Length of time at present residence Employment history Negative credit information such as bankruptcies, charge-offs, collections, etc. There are really three FICO scores computed by data provided by each of the three bureausExperian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score. If you paid attention in elementary school math classes, the AVERAGE of all 3 is usually lower than the HIGHEST number (assume Experian) The only RIPOFF are people such as you Dennis, that feel no personal responsibility to maintain credit in good standing, and feel that they are OWED what the rest of us NON VICTIMS have to put up with: 1. Paying bills on time 2. Not applying for EVERY credit offer we get. 3. NOT maxing out any credit card we happen to obtain 4. Living within our means. Grow up Dennis - if you really want to rebuild your credit, do it the old fashioned way...get a PREPAID credit card, and make payments on it for at least a year....maintain the same job for over 2 years, maintain the same residence for over 2 years. PROVE that you are deserving of credit.

Here is information on how your credit score (FICO) is achieved, and how lenders use the score: A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrowers credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports. Credit scores analyze a borrower's credit history considering numerous factors such as: Late payments The amount of time credit has been established The amount of credit used versus the amount of credit available Length of time at present residence Employment history Negative credit information such as bankruptcies, charge-offs, collections, etc. There are really three FICO scores computed by data provided by each of the three bureausExperian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score. If you paid attention in elementary school math classes, the AVERAGE of all 3 is usually lower than the HIGHEST number (assume Experian) The only RIPOFF are people such as you Dennis, that feel no personal responsibility to maintain credit in good standing, and feel that they are OWED what the rest of us NON VICTIMS have to put up with: 1. Paying bills on time 2. Not applying for EVERY credit offer we get. 3. NOT maxing out any credit card we happen to obtain 4. Living within our means. Grow up Dennis - if you really want to rebuild your credit, do it the old fashioned way...get a PREPAID credit card, and make payments on it for at least a year....maintain the same job for over 2 years, maintain the same residence for over 2 years. PROVE that you are deserving of credit.

Here is information on how your credit score (FICO) is achieved, and how lenders use the score: A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrowers credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports. Credit scores analyze a borrower's credit history considering numerous factors such as: Late payments The amount of time credit has been established The amount of credit used versus the amount of credit available Length of time at present residence Employment history Negative credit information such as bankruptcies, charge-offs, collections, etc. There are really three FICO scores computed by data provided by each of the three bureausExperian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score. If you paid attention in elementary school math classes, the AVERAGE of all 3 is usually lower than the HIGHEST number (assume Experian) The only RIPOFF are people such as you Dennis, that feel no personal responsibility to maintain credit in good standing, and feel that they are OWED what the rest of us NON VICTIMS have to put up with: 1. Paying bills on time 2. Not applying for EVERY credit offer we get. 3. NOT maxing out any credit card we happen to obtain 4. Living within our means. Grow up Dennis - if you really want to rebuild your credit, do it the old fashioned way...get a PREPAID credit card, and make payments on it for at least a year....maintain the same job for over 2 years, maintain the same residence for over 2 years. PROVE that you are deserving of credit.

Here is information on how your credit score (FICO) is achieved, and how lenders use the score: A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. Fair, Isaac began its pioneering work with credit scoring in the late 1950s and, since then, scoring has become widely accepted by lenders as a reliable means of credit evaluation. A credit score attempts to condense a borrowers credit history into a single number. Fair, Isaac & Co. and the credit bureaus do not reveal how these scores are computed. The Federal Trade Commission has ruled this to be acceptable. Credit scores are calculated by using scoring models and mathematical tables that assign points for different pieces of information which best predict future credit performance. Developing these models involves studying how thousands, even millions, of people have used credit. Score-model developers find predictive factors in the data that have proven to indicate future credit performance. Models can be developed from different sources of data. Credit-bureau models are developed from information in consumer credit-bureau reports. Credit scores analyze a borrower's credit history considering numerous factors such as: Late payments The amount of time credit has been established The amount of credit used versus the amount of credit available Length of time at present residence Employment history Negative credit information such as bankruptcies, charge-offs, collections, etc. There are really three FICO scores computed by data provided by each of the three bureausExperian, Trans Union and Equifax. Some lenders use one of these three scores, while other lenders may use the middle score. If you paid attention in elementary school math classes, the AVERAGE of all 3 is usually lower than the HIGHEST number (assume Experian) The only RIPOFF are people such as you Dennis, that feel no personal responsibility to maintain credit in good standing, and feel that they are OWED what the rest of us NON VICTIMS have to put up with: 1. Paying bills on time 2. Not applying for EVERY credit offer we get. 3. NOT maxing out any credit card we happen to obtain 4. Living within our means. Grow up Dennis - if you really want to rebuild your credit, do it the old fashioned way...get a PREPAID credit card, and make payments on it for at least a year....maintain the same job for over 2 years, maintain the same residence for over 2 years. PROVE that you are deserving of credit.