Equifax refused to restore his credit score or explain why it dropped to zero, until Go Public started asking questions.
Only then did the company point to its little-known policy: If a credit file sits inactive, the consumer may be labelled "unscoreable" and their score reset to zero. Tregear says the last time he checked, before it disappeared, his score was around a more respectable 700.
Go Public has since found a major flaw in consumer protection rules — that there are no laws or oversight on how credit scores are calculated, leaving credit bureaus to do what they want.
Consumer advocate Geoff White says that gives credit bureaus too much power, with no transparency.
Surely this comes under the topic 'Identity Theft'?
By reducing his score to zero, effectively wiping out his entire credit history, they have completely stolen his identity and taken it completely away from him?
There are time limits built in to the algorithm for calculating your score, that are there because of the agencies themselves and by legislation. Even the negative effects of a bankruptcy completely clear after a given amount of time. One suspects, in fact, if this person DID have negative factors affecting their credit, it would not have been reset to zero. There would have been a timer clicking away to keep feeding the account algorithm with fresh data.
I have seen too many credit scores ruined by a few missed payments and its very silly.
Very unlikely unless they already had a shaky credit history.
I closed my oldest credit card a bit ago, and it just dented my score by 30 for a few months before rebounding. I also missed a payment once (thought I had auto pay on, I didn't) and as far as I remember it didn't change my score.
How can this post created in the 'Canada' community be cross posted into the 'Canada' community? Somehow the same post got 'created' twice in the same community.
Your response to my post makes absolutely no sense, unless you are a chatbot. My post has nothing to do with credit or a credit report, it has to do with a glitch in the coding of Lemmy itself. Two identical posts - posted at the same time by the same person using exactly the same URL and heading.
Scary, reading some of the posts herein, how some people (many?) have absolutely no idea how credit reporting agencies or your credit score actually work. The term 'clueless' comes to mind.