• 0 Posts
  • 315 Comments
Joined 1 year ago
cake
Cake day: August 23rd, 2023

help-circle
  • You know those surveys that ask if you Agree, Strongly Agree, Disagree, Strongly Disagree? That kind of crap? Yeah, those don’t work. They’re idiotic, because your average person doesn’t really know which accurately reflects them and they gravitate towards what’s easier for them personally to respond with.

    This will have a similar effect. Lots of people won’t give the accurate reason. They’ll give a comfortable reason.

    I like that they are trying something new though. Critique certainly doesn’t mean don’t try it or don’t play with it.





  • Headline is misleading.

    They can opt in to having this reported on their credit report. That doesn’t automatically mean any score will reflect it. Lenders pull which credit reports they want, and they keep what they want from credit reports and calculate their own approach. Just shoving this on the credit reports won’t necessarily mean all credit reports have it accurately, or force them to use the reports that have this information, or even use this information or any particular score. They likely calculate their own.

    This is why sometimes you find that the “score” they have when buying a car or house differs from the score you thought you had.

    People should be aware their is no single credit score. All scores are made-up and no standard exists. It’s all about the content on the report and how it is factored in.

    I’m not saying this isn’t good news, but the headline is very misleading and this step forward should be a lot more forward than it is.