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it was right on for my ex faco , but ymmv as always I guess ..... btw fico is 30 points higher than my facos usually

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maybe it's one of those proprietary scores, designed just for Prosper? Does Experian do that with scoreX? Tailor it to certain specifications?

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BTW...I pulled my free EX report/Plus score via new AMEX card yesterday.....First time I have seen my EX Plus score and it was 733. FICO is 734. Prosper rating is A (which both are in the range for A).

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maybe it's one of those proprietary scores, designed just for Prosper? Does Experian do that with scoreX? Tailor it to certain specifications?

 

I sure hope that is the case and that mainstream banks don't wind up using it.

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I don't think any mainstream banks are using it. From the link I posted to their site, this is a specialized scoring product - at least it seemed that way to me.

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On a related topic, in our first month on Prosper, we've seen 53 loans fund -- almost all of them for Creditboards members. <_<

 

Doc

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On a related topic, in our first month on Prosper, we've seen 53 loans fund -- almost all of them for Creditboards members. <_<

 

Doc

 

Okay, but how about addressing ScoreX. We have several people with BKs and/or sub 600 scores getting A grades, but someone with 700 scores and no BKs, delniquencies, or collections getting a C grade. Don't you think there is something wrong with this?

Edited by Shawnee

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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

Edited by PsychDoc

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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

 

Of course you do, you're rated AA by scoreX.

 

Please, please, justify how someone who has filed a BK should rate an A while someone who has never filed a BK, been delinquent on a loan, or has had a collection account be rated a C with a 2% DTI and utilization under 1%.

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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

Edited by PsychDoc

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Shawnee, I don't need 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

 

Nothing rude about it. You can't understand why I am incensed by the ScoreX system?

 

Regardless of your (or my) personal feelings I have come to the conclusion that as long as Prosper uses this system it can not be relied upon. I had planned on investing $10k on Prosper but after these revelations I pulled that money back into my bank account. I'd love to help fellow CBers out but I want an honest assessment of their credit file which ScoreX obviously can't provide.

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And additionally, it works both ways. There are those with scores in the mid 600s who are getting hammered with HR scores. ScoreX is unreliable, and until Prosper comes up with another system to rate borrowers I will not be participating.

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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

 

You know, it's kind of hard to reply when you keep editing your post. By my count, this edition is the fourth time you edited this particular post.

 

I'm sorry you don't understand why I'm so pissed off over this ScoreX BS. As I stated earlier, I have never been late, defaulted, or had a CO. But somehow, in the ScoreX model, those who have filed BKs have a much better risk factor than I do.

 

As far as my mentioning your ScoreX report, you made it a point to post it several times. I can't help but think of you as a cheerleader for ScoreX, especially considering your posts in this thread.

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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

 

Of course you do, you're rated AA by scoreX.

 

Please, please, justify how someone who has filed a BK should rate an A while someone who has never filed a BK, been delinquent on a loan, or has had a collection account be rated a C with a 2% DTI and utilization under 1%.

 

Don't you have 3 public records on your Experian report? It does not matter if they are small or old but they are in existence, hence your C rating. I have a clean file, and my oldest credit is from 1997 and I got an AA.

Edited by victory1

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Don't you have 3 public records on your Experian report? It does not matter if they are small or old but they are in existence, hence your C rating. I have a clean file, and my oldest credit is from 1997 and I got an AA.

 

Here we go.

 

A public record is a public record to you, right? So a BK discharging tens of thousands of dollars worth of credit card bills is the same as a medical bill dispute that had a legitimate amount of $375?

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I have a BK (2001) on my EX and I am rated AA. :wave:

 

I rest my case. I have never defaulted or been late on a loan. I have never filed BK. My three public records:

 

State tax lien filed 1998 after I left the state based on an error on my state 1994 return. $67

 

Contested medical judgment filed 2000. $375 that the provider tried to bill my insurance company over $1000 on. We won in court, the judge ruled in our favor as to the amount, but it still was a judgment.

 

Contested medical judgment filed 2003. $1700. Same as above, the provider tried to bill the insurance company over $5000.

 

I absolutely resent being graded a "C" by this model. And this FICO bit of a judgment showing that I "didn't pay a debt until ordered by a court to do so" is insulting.

 

It's a computer generated score and like you said above you have 3 public record!

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I have a BK (2001) on my EX and I am rated AA. :wave:

 

I rest my case. I have never defaulted or been late on a loan. I have never filed BK. My three public records:

 

State tax lien filed 1998 after I left the state based on an error on my state 1994 return. $67

 

Contested medical judgment filed 2000. $375 that the provider tried to bill my insurance company over $1000 on. We won in court, the judge ruled in our favor as to the amount, but it still was a judgment.

 

Contested medical judgment filed 2003. $1700. Same as above, the provider tried to bill the insurance company over $5000.

 

I absolutely resent being graded a "C" by this model. And this FICO bit of a judgment showing that I "didn't pay a debt until ordered by a court to do so" is insulting.

 

It's a computer generated score and like you said above you have 3 public record!

 

Have you read the earlier posts? So you think two small medical judgments that were paid by the insurance company and a released $67 state tax lien are more damaging than a BK? Several prior posters in this thread have reported A grades with BKs. Please explain.

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I have a BK (2001) on my EX and I am rated AA. :wave:

 

I rest my case. I have never defaulted or been late on a loan. I have never filed BK. My three public records:

 

State tax lien filed 1998 after I left the state based on an error on my state 1994 return. $67

 

Contested medical judgment filed 2000. $375 that the provider tried to bill my insurance company over $1000 on. We won in court, the judge ruled in our favor as to the amount, but it still was a judgment.

 

Contested medical judgment filed 2003. $1700. Same as above, the provider tried to bill the insurance company over $5000.

 

I absolutely resent being graded a "C" by this model. And this FICO bit of a judgment showing that I "didn't pay a debt until ordered by a court to do so" is insulting.

 

It's a computer generated score and like you said above you have 3 public record!

 

Have you read the earlier posts? So you think two small medical judgments that were paid by the insurance company and a released $67 state tax lien are more damaging than a BK? Several prior posters in this thread have reported A grades with BKs. Please explain.

 

The computer is not looking at an amount, it sees 3 public record for you and 1 for them; and they guy that got an A with the BK has a credit file dating back to 1985!

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I have a BK (2001) on my EX and I am rated AA. :wave:

 

I rest my case. I have never defaulted or been late on a loan. I have never filed BK. My three public records:

 

State tax lien filed 1998 after I left the state based on an error on my state 1994 return. $67

 

Contested medical judgment filed 2000. $375 that the provider tried to bill my insurance company over $1000 on. We won in court, the judge ruled in our favor as to the amount, but it still was a judgment.

 

Contested medical judgment filed 2003. $1700. Same as above, the provider tried to bill the insurance company over $5000.

 

I absolutely resent being graded a "C" by this model. And this FICO bit of a judgment showing that I "didn't pay a debt until ordered by a court to do so" is insulting.

 

It's a computer generated score and like you said above you have 3 public record!

 

Have you read the earlier posts? So you think two small medical judgments that were paid by the insurance company and a released $67 state tax lien are more damaging than a BK? Several prior posters in this thread have reported A grades with BKs. Please explain.

 

The computer is not looking at an amount, it sees 3 public record for you and 1 for them; and they guy that got an A with the BK has a credit file dating back to 1985!

 

Thank God most creditors don't base their decisions on such inane reasoning.

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Thank God most creditors don't base their decisions on such inane reasoning.

 

 

Thank goodness most people can get over it and move on with their lives.

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Regardless of your (or my) personal feelings I have come to the conclusion that as long as Prosper uses this system it can not be relied upon. I had planned on investing $10k on Prosper but after these revelations I pulled that money back into my bank account. I'd love to help fellow CBers out but I want an honest assessment of their credit file which ScoreX obviously can't provide.

 

I decided the same thing just after I found Prosper. I have always been convinced that the credit grade provided by ScoreX was funny. There was a thread on the Prosper forum where someone claimed it was possible to get a AA rating less than 3 years after bankruptcy. I know with certainty that it is possible, even with an additional "unpaid" judgment on the report.

 

But even if it were FICO, a single score doesn't tell the whole story. That's the only hope with Prosper, to identify the people who are good investments or that you have a deeper understanding than that score. If you are interested in helping out, you could wait for listings to go up from people you "know". Or look for listings from people who submit actual details to a trusted leader for review and verification. Minimum bids are 50, so you don't have to go in with 10k to help someone here and there.

 

OTOH - If you are looking purely for return on your investment without any effort, wait for Zopa.

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Prosper is definitely not the best means of obtaining credit for everyone, but it is certainly a good option for some of our members. The opportunity to actually talk to the potential lenders (via the boards) is helping people who would never get loans from conventional sources, and some people who have good credit and do not have issues affecting the scoring.

 

I wouldn't use Prosper for a loan, myself, at this point. But that doesn't mean it isn't good for some others. The ability to reference CB members' histories and ask questions, makes it a good lending situation, though, for many of us.

 

We (admin) had occasionally discussed how to go about establishing a "members helping members" fund, but there was no practical way to do it. Prosper offers that ability, for the most part.

 

Nothing is perfect, and some things are better than others. ;)

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Prosper is definitely not the best means of obtaining credit for everyone, but it is certainly a good option for some of our members. The opportunity to actually talk to the potential lenders (via the boards) is helping people who would never get loans from conventional sources, and some people who have good credit and do not have issues affecting the scoring.

 

I wouldn't use Prosper for a loan, myself, at this point. But that doesn't mean it isn't good for some others. The ability to reference CB members' histories and ask questions, makes it a good lending situation, though, for many of us.

 

We (admin) had occasionally discussed how to go about establishing a "members helping members" fund, but there was no practical way to do it. Prosper offers that ability, for the most part.

 

Nothing is perfect, and some things are better than others. :P

 

Very good point.

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Prosper is definitely not the best means of obtaining credit for everyone, but it is certainly a good option for some of our members. The opportunity to actually talk to the potential lenders (via the boards) is helping people who would never get loans from conventional sources, and some people who have good credit and do not have issues affecting the scoring.

 

I wouldn't use Prosper for a loan, myself, at this point. But that doesn't mean it isn't good for some others. The ability to reference CB members' histories and ask questions, makes it a good lending situation, though, for many of us.

 

We (admin) had occasionally discussed how to go about establishing a "members helping members" fund, but there was no practical way to do it. Prosper offers that ability, for the most part.

 

Nothing is perfect, and some things are better than others. :P

 

Well that I can for the most part agree with. The only way I'm funding a prosper loan is if it is a loan by a CBer who I know.

Edited by Shawnee

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