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New bill to overhaul credit reporting system and remove debt after four years


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Zero logic to you.But not if they are considering a bill to change it. You must be connected to a debt buyer or collection agency industry who would like people to suffer for eternity for their credit mistakes.

 

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They aren't. These types of bills don't pass.

 

CV is correct. As long as something factors into a predictive scoring model, it should stay. You are missing his point by wanting things to be "fair" instead of accurate.

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It's not Just a question of fairness it's ridiculous to stay on 7 years where you can declare bankruptcy and it only stays on a extra 3 years. The system needs to be updated. Anyway if your penalise people credit report I agree their should be a time period but not 7 years that's too long .

 

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It's not Just a question of fairness it's ridiculous to stay on 7 years where you can declare bankruptcy and it only stays on a extra 3 years. The system needs to be updated. Anyway if your penalise people credit report I agree their should be a time period but not 7 years that's too long .

 

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But back to his point, what are you basing your opinion on? It's not based on credit scoring, but your perception of fairness.

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Where's BobWang with those charts when you need him?

 

IIRC, he had a chart which showed the effects of various late payments over time. A 30 day late has a fairly negligible effect after a few years, but an effect nevertheless.

So if a 30 day stays on for 7 years, it really isn't the end of the world, score-wise. And if it creates a better, more accurate, predictive model of your future payment behavior, so be it. It's not really all that punitive after a few years anyway.

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Where's BobWang with those charts when you need him?

 

IIRC, he had a chart which showed the effects of various late payments over time. A 30 day late has a fairly negligible effect after a few years, but an effect nevertheless.

 

BobWang's FICO Score Effects v7.xlsx

 

I keep Bob's FICO spreadsheet linked in my signature. A fascinating and useful resource.

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Where's BobWang with those charts when you need him?

 

IIRC, he had a chart which showed the effects of various late payments over time. A 30 day late has a fairly negligible effect after a few years, but an effect nevertheless.

 

BobWang's FICO Score Effects v7.xlsx

 

I keep Bob's FICO spreadsheet linked in my signature. A fascinating and useful resource.

 

 

Thanks!

 

I'm on a MacBook, using Numbers (egads), so a little strange formatting. But did find the info on the cc+late tab. Strange, though, that the timeframe goes out to 20 years ... ??

I'll have to look more closely when I get to work and onto Excel....

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