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PsychDoc

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  1. Omg, hi, Marv and Pam — more credit repair legends (if that's not a thing, it should be)... Hopefully I'll get to say hi to radi8 soon. A quick scan shows just how far the knowledge base has grown — the Bob Wang charts are mind-blowing.
  2. My first post in 78 years. A few notes: 1) What works in Australia doesn't necessarily work in the Cayman Islands (or in the US). Anybody who's arguing with that basic truth is just looking to pick a fight, clearly, with those whose wisdom here is indisputable. 2) Of course with that said, in the most general sense, all "credit scores" are essentially designed to help banks predict who is likely to repay the money they lend. Even from the start, Bill Fair and Earl Isaac famously created their first FICO Score by calculating an obscenely large number of old fashioned Pearson correlations between [factor 1] "who defaulted" and [factors 2, 3, 4, ad infinitum] just about anything they could find on a credit report. Perhaps unsurprisingly they found that — wow — past misbehavior was the best predictor of future misbehavior. From there, they refined their formula to include other predictors that more mildly correlated with default (like shorter credit histories, etc.). And then of course they made a fortune helping banks find more profitable customers. 3) That last point — "helping banks find more profitable customers" — remains the central point of credit scoring today around the world. My dad, now in his late 70s, startled me at breakfast one morning a few months ago: "Randy, you've wasted your life trading what was going to be a promising career as a clinical psychologist for credit repair." Even ten or fifteen years ago I would have succumbed to the fight, but time, alas, has finally afforded me a measure of tolerance for the guy who actually footed the bill for that considerable but unused education. "Yep, dad, I did," to which he quickly responded, "So how can I get a perfect credit score?" My answer: "Why the hell would you even want one? The only difference between an 800 and an 850 is just how profitable you are to the big banks. An 850 means you're practically a Stepford Borrower." 4) So how to resolve the apparent discrepancy between LOW SCORERS who get charged higher interest and HIGH SCORERS who get charged lower interest? Well, it turns out that the HIGH SCORERS are most profitable in the long term because they practically always repay borrowed money that they qualify for again and again and again. The LOW SCORERS are still a financial drain despite their higher rates due to their greater probability of default. 5) And yet, given the choice, what would you rather be — someone who qualifies for better rates BUT WHO IS ALSO HELPING GREEDY BANKERS GET RICHER — or someone who qualifies for worse rates BUT WHO THUMBS HIS NOSE AT POWER BROKERS? Eh, let's get real and agree with breeze. I'll take the lower rates every time. Sure, capitalism has its dark side, but — have a look at North Korea, Cuba, Venezuela, et. al. — the alternatives that we humans have created surely look to be far worse. 6) As LKH just suggested, some folks are letting their inner children act out just a bit too much here. In that regard, I'm seeing people step over what looks like [fake statistics alert!] 85% agreement in order to dig up the 15% disagreement that frankly doesn't much matter anyway. 7) This is really just an excuse to say hi to my treasured breeze and LKH who — given their participation here — may indeed actually get to see my greeting! I miss the days when probably less than a dozen "pioneers" (with breeze and LKH at the top of the list) literally created effective credit repair from scratch. Regards! Randy
  3. As usual, they could have been clearer for us mortals. In this case, "the report" refers to the the credit report. So, paid or settled medical items can only appear on a report if the date of full payment (or settlement) is less than 45 days old. In other words, except in those states whose credit reporting temporal limits are even more consumer friendly, here would be the credit reporting period maximums: -- 7 years, except for: -- 10 years for bankruptcy related tradelines, and -- 45 days for paid or settled medical accounts Btw, thanks for the kind word, Frank! Randy
  4. Creditboards friends, it's been some time since I've posted, but this is huge news, and I didn't see it noted here yet. For certain folks struggling with credit repair due to medical problems, this could make all the difference. WHAT HAPPENED: Last night, September 29, 2010, the US House passed a little known bill, the Medical Debt Relief Act (MDRA). When this proposed legislation was first introduced and debated last year, nobody thought it would EVER get past the powerful financial services lobbyists and, so, was presumed DOA. But yesterday the thing was snuck back and passed practically unnoticed. Clearly this was done before house leadership likely passes from one party to the other in a few weeks. Now the bill is expected to easily pass the Senate. WHAT IT DOES: Once this bill becomes law, any FULLY PAID OR SETTLED medical bills -- even those that had been charged-off and sent to collections before being settled -- will no longer negatively impact credit scores. The negative information will be expunged. WHY THIS IS DIFFERENT: This represents the first time that credit scoring algorithms reward responsible fiscal behavior involving collections accounts. It may be hard to believe for many (although well known to the many wise Creditboards brethren), but up to now, paying off a charged-off or collections account has had practically ZERO positive impact upon a credit score. Rather, the fact that the account ever charged off was what mattered. Incidentally, the full bill is just a couple of pages long and is really heartening to read, acknowledging, among other things: 1) Americans do not choose when accidents happen or when illness strikes. 2) According to credit evaluators, medical debt collections are more likely to be in dispute, inconsistently reported, and of questionable value in pre- dicting future payment performance because it is atypical and nonpredictive. 3) Nevertheless, medical debt that has been completely paid off or settled can significantly damage a consumer’s credit score for years. Here's the text of the full bill: http://frwebgate.access.gpo.gov/cgi-bin/ge...h3421eh.txt.pdf Source (note #3 "passed House"): http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.+3421: This is an incredibly relevant and exciting development for consumers generally and for those engaging credit repair in particular. Warm regards, Randy (PsychDoc)
  5. Somebody tell Waffle House to build one in Utah. I-15 is well traveled, for goodness sakes.
  6. I received a communication regarding an apparently fraudulent lending site -- nageneral.com. An examination of that site certainly suggests (to my eye, anyway) a strong probability of shenanigans. As just one example of several, under "Loan News" in the right-side sidebar, the article begins, "The auguries are auspicious..." (?) and the resultant "read more" link goes nowhere. To make the messaging sequence clear, here's the path: -- The original victim posted this somewhere. -- A second victim responded to that individual. -- That second victim also forwarded her response as well as the original message to me. Anyway, here is the message with personal identifying data for all individuals removed: From: [name2] To: [name1] Sent: Wednesday, August 16, 2006 3:00 PM Subject: North American General Financial Hi [name1], I just found your post on this company ....I guess a little too late ...I just Western Unioned them $3900.00 to receive money for business loan also. I googled the phone number to the company and found your post because noone is returning my phone calls all day today. I feel like I am going to be sick. I was wondering what steps I need to take. I have all the same thing ...loan number ...everything. This is insane! Any advise you can give me will help! I have even called the [telephone number removed] and it is saying Goodbye and hanging up! I am on my way home to contact the police dept. Have you heard anything at all? Thanks, [name2] Copy of Complaint by [name1] My fiance and I work hard to keep our heads above water. Usually we work between 10 and 20 hours of overtime just to make our bills. We know we are not alone in that category. We know many people who work just as hard. He works for an auto parts manufacturer and I work for GE Consumer Finance in the credit card division. I have two boys, 14 and 6 and he has two girls, 12 and 10. We were making it ok until this last week. I have always wanted to be able to spend more time with my family. I wanted my boys to be able to see that you could make something better for yourself if you tried, so I went out trying to find a loan on the Internet to start a business.I found a website promising that they could find a loan for anyone through private lenders and banks. The name of the company is North American General Financial (http://www.nageneral.com) and their email is info@nageneral.com. I recently applied and researched the company and it's background to the best of my ability. Everything checked out fine and they were even listed with the Better Business Bureau in Connecticut. They told me I was approved for a loan with a private lender and then sent me a loan packet. I sent them 2019.00 to pay for "account security" insurance against default, disability, etc. by Western Union MTCN # xxx-xxx-xxxx. It was all the money we had. I never received anything in return. As soon as the money was received by the "George [removed]" that it was sent to, Mr. Joseph [removed] my "loan rep" stopped answering my calls. The number that they list on the "loan packet" is a number based in Michigan, not in Connecticut as they claim to be. The number listed is [removed]. They also gave me a fax numberof [removed]. I have all of the proof of what I sent, the loan packet and the number that they have is still operational. They are still out there. No one will answer my calls though because you have to leave your name first. Of course, no one calls back either. My family has no money to pay our rent, food, utilities, or even gas to get to work. Our utilities will be shut off on Tuesday. They took everything out our bank account as soon as our checks were deposited this week. We are reaching out for help. Please contact me at . This is my work email address and you are also welcome to call either myself or my fiance. My number is [removed] and his is [removed]. I want to get these people/person caught so they can not steal anyone else's money, hopes, and dreams!!!! In addition to all of this, they have been using my information to apply for credit. In the time that they have had my paperwork, they have applied at over 20 places for credit. These people are operating as a scam. I told the man on the phone what was at stake for my family. He willfully disregarded my statements and assured me that the money would be deposited in 2 to three hours. Instead, I now have no money for food and was forced to go to a food bank for help. I have no bank account now at all and had to take unpaid time off for my job to have the IT team scan my computer. I have all the documents from the "transaction" if you could call it that. Thank You, [name1] [email1] [phone1] Borrowers, remain vigilant whenever asked to provide personal information. Helpful links for others who have been victimized by similarly fraudulent creditors or unidentifiable collectors: FBI and National White Collar Crime Coalition http://www.ic3.gov/complaint/ (fill out the complaint form) FTC http://www.ftc.gov (fill out the complaint form) Better Business Bureau http://www.bbb.org/complaint.asp I hope this proves helpful to someone. Doc
  7. I have no idea how I missed that. Thanks very much. I may save this url in case they ever make it tougher to find: http://my.privacymatters.com/IDA/(xxxxxxxxxxxxxxxxxxxxx)/Page/CreditReportFYI.aspx?selection=T3 where "(xxxxxxxxxxxxxxxxxxxxx)" -- including the parenthesis -- is that session's identifier. Thanks again, Doc
  8. Quick question for the wise among us... When you sign onto PrivacyMatters, how do you pull a new 3-in-1? It seems like I knew how to do it a few weeks ago, but I'm back trying to do it again, and I can't find the link. Gratefully, Psych "Clueless" Doc
  9. I thought someone else here might find this amusing: mp3 sound file Doc
  10. Shawnee, I don't need to justify anything, and neither do you. But, please, don't ask me to "justify" this or "address" that as if I work for Experian. Sure, there are problems with ScoreX, and I'm enjoying the many excellent points you and others (and me, for another -- clearly you've missed some of my comments on the Prosper board) have leveled. Incidentally, I can't justify FICO criminality either, viz.: 1) FICO does not reward responsible fiscal behavior: Paying off a collection account nets zero FICO points. 2) FICO allows exploitative banks like Capital One to perpetuate low scores by computing "high balance" as "available credit." 3) FICO punishes consumers with perfect credit who take on certain, but inexplicably not all, installment loans. 4) FICO is incredibly inconsistent: consumers are rewarded for paying down revolving credit but not for paying down installment credit. 5) FICO punishes poor behavior (defaulting on a student loan) but does not reward smart behavior (paying off a student loan with a single payment). And, with that, I'm going to exit this conversation with you. Your interpersonal approach is fairly rude, and I'd rather not incorporate that into my life tonight. Regards, Doc
  11. Shawnee, I like the ScoreX model probably more than I like the FICO model. And, frankly, I think I will prefer the new VantageScore (2 years of data considered, rather than 7) when it becomes prevalent. It's consumers who worship and slobber at the portal of Fair Isaac who perpetuate a rather criminal status quo which so many of us oppose. Despite its prevalence (and that will change sooner than later, I hope), the FICO score is incredibly unfair for so many reasons. Anything that breaks FICO's monopolistic influence is a terrific thing in my estimation. So, even with some of the problems we see, I rather like the way the ScoreX model is structured. Doc
  12. On a related topic, in our first month on Prosper, we've seen 53 loans fund -- almost all of them for Creditboards members. Doc
  13. Shawnee, I'm not clear on how you feel about this. Doc
  14. Now that's an interesting one, orbital62! Doc
  15. Ok, I'll add mine... My Exp FICO is 752, and ScoreX puts me at AA. For anybody who wants to know what the ScoreX tear sheet looks like, here's mine: Doc

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