Creditors control our financial destiny

Re: 'Buyers hurt by tougher credit scores' (March 12)

Dear Editor:

This was a very good article to demonstrate the dangers of credit and credit scores, however I must admit 706 is a "good" score, when others are suffering with worse scores and forced to use credit cards to pay their bills and support families. It is news when a person with a good score gets in trouble, but what about the people who are truly struggling? Who is reporting their stories?

Here is the problem with FICO and the credit-scoring system: Credit-card companies have the monopoly on our credit scores and thus our lives. We must take their credit to have good credit, yet the rules and regulations of payments, fees and interest are at creditor discretion.

So if a creditor wants to change the billing cycle and the consumer doesn't realize it, the consumer's credit goes down. This affects the ability to buy a house or car, and may even impact your ability to get a job. And the credit corporations and credit advocates can wipe their hands, step away and say it was written in the fine print. They do have the power to control our financial destiny.

I am surprised this does not anger more people.

Jennifer Ott
OohBabyCompoundMe.com
Portland, Ore.

Dear Editor:

At some point we need to ask who has made the decision about how credit scores are determined and what is the relative cost of a late or missed payment. Why are those who have used credit responsibly for years so heavily penalized on their scores for responsibly using their credit?

I do not think the current FICO scores are responsible to Americans. The current system is undermining our economy by needlessly penalizing borrowers who have had literally perfect credit histories.

Connor Shortsleeve
Vice president, mortgage
MetroBoston Mortgage Co. Inc.
Medfield, Mass.

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