When I worked for Chilton in Dallas in the 1980s, the colloquial name for FICO was "risk predictor".
Monday, October 22, 2018
FICO will make a major change for consumers with lower credit activity volume
Fair Isaac will make a change to FICO score calculations in
early 2019, according to Anna Maria Abdriottis of the Wall Street Journal.
FICO will consider how a consumer manages cash accounts with
checks, deposits and withdrawals as well as traditional repayment behaviors. It is believed this will improve the scores
for many consumers with little credit history but stable finances.
When I worked for Chilton in Dallas in the 1980s, the colloquial name for FICO was "risk predictor".
Monday, October 08, 2018
Credit freezes -- they're free!! (and hard to find on websites)
As Ann Carnns reports in the New York Times, credit freezes
are now free, and many feel people should do it. Here is the article as of Sept. 14.
But the freeze scripts are often buried deep within
websites, as companies try to see you pleonastic monitoring services.
The free freezes were part of Trump’s financial re-regulation
package.
The AARP related that just 14% of its members use the
freezes.
Experian (aka TRW aka Chilton and Pinger) has a detailed
page on credit freezes here.
Tuesday, October 02, 2018
Rideshare identity theft involving "rented" driver accounts
NBC in San Francisco has reported a scheme of “rideshare
driver identity theft”, where brokers set up accounts on Lyft (and possibly
Uber) and allow others to “rent” the accounts without going through the usual
background checks.
NBCBayArea has a detailed report here .
The report lists eight ways to identify your driver, and the
flaws with each method. A driver who does not respond to a text may well be fraudulent.
Monday, October 01, 2018
Porch thieves use stolen personal data to create fake credit accounts in homeowner's names
WJLA7 has uncovered a new identity theft scam, whereby thieves
who have obtained stolen personal information from a security breach on the
Internet, order credit cards in the victim’s name and steal them from a porch
before the victim comes home. Here is the story.
The scheme only works with houses or townhouses accessible
from the street where the thief has a home address that matches normal credit
reporting company records.
In some cases, thieves stake out FedEx or UPS or even US Mail
deliveries. Homeowners can stifle the plans with camera surveillance, but often
don’t find out until they see a credit report or a bank texts them about an
unusual charge.
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