What is the name of your state (only U.S. law)? AZ
Is the Experian Scorex PLUS system, or even just the whole credit scoring system come to that, a violation of the Federal Equal Credit Opportunity Act?
Here is a copy and paste of a passage i received:
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
And here is a little info about Experians Scorex Plus:
X uses a credit scoring system that assigns a numerical value to the various items of information from your credit history. These numerical values are based upon the results of analyses of repayment histories of large numbers of consumers. The information in your credit history resulted in an Experian ScoreX PLUSSM credit score that was below the minimum score
One of the measures of the credit scoring system, and especially of the Experian Scorex Plus system, is length of lines of credit and history. So, if your an immigrant your screwed because you can't bring your history with you. If you have been in the US for 3 years and opened a line of credit when you got here, then your longest line of credit is 3 years which is not good if your in your 30's+.
So, what are your views on this, does this discriminate against people based on nationality? Or is this simply a case of immigrants getting the short end of the stick?
Is the Experian Scorex PLUS system, or even just the whole credit scoring system come to that, a violation of the Federal Equal Credit Opportunity Act?
Here is a copy and paste of a passage i received:
The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
And here is a little info about Experians Scorex Plus:
X uses a credit scoring system that assigns a numerical value to the various items of information from your credit history. These numerical values are based upon the results of analyses of repayment histories of large numbers of consumers. The information in your credit history resulted in an Experian ScoreX PLUSSM credit score that was below the minimum score
One of the measures of the credit scoring system, and especially of the Experian Scorex Plus system, is length of lines of credit and history. So, if your an immigrant your screwed because you can't bring your history with you. If you have been in the US for 3 years and opened a line of credit when you got here, then your longest line of credit is 3 years which is not good if your in your 30's+.
So, what are your views on this, does this discriminate against people based on nationality? Or is this simply a case of immigrants getting the short end of the stick?
