Product Description

Credit Scores & Credit Reports provides the first thorough examination of the all-important, but little understood, Credit Scoring and Credit Reporting systems. The Second Edition of this highly-acclaimed book enables consumers to understand how both of these systems actually work, and what they can do to improve their FICO scores, and to ensure their credit reports are accurate. Importantly, the book also describes how the system sometimes doesn't work, and how hundreds of thousands - if not millions - of consumers have been frustrated in their efforts to correct errors in their credit reports. Moreover, it explains: *Link between credit reports and the burgeoning problem of identity theft *How credit card companies use credit scoring to raise your interest rates *The role of credit scores in auto and homeowners insurance *The difference between mortgage rates for consumers with excellent, good, fair and poor credit scores *The damages to consumers and their creditworthiness flowing from credit report inaccuracy and identity theft *Credit reports and debt collection *The debate over credit scoring and discrimination *The politics of credit reporting The current credit reporting system keep detailed financial histories on more than 200 million Americans. That is why virtually everyone has a stake in the system, and why Stephen Brobeck, executive director of the Consumer Federation of America said, "There are few books I think all consumers should read. This is one of them. It is a well-informed, informative, and a well-written guide to a subject of great and growing importance to consumers."

Product Details

• Amazon Sales Rank: #798178 in Books
• Published on: 2005-05-18
• Released on: 2005-06-01
• Original language: English
• Number of items: 1
• Binding: Paperback
• 399 pages

About the Author

Customer Reviews

Excellent, unique
Having written about credit for fifteen years myself (I am the author of The Ultimate Credit Handbook), I know a lot about credit reports and scores. But I learned even more from this book.

Hendricks brings a very unique perspective to the topic of credit scores because of his years of experience as a privacy advocate. I found his references to court cases and the testimony of credit reporting agency executives eye opening. The chapter that explains how lenders often get different reports than consumers, and the subject of "cloaking" was alarming.

If you really want to understand how credit reports and scores work -- from what I would say is an insider's perspective -- I'd recommend this book highly.

Practical, comprehensive, useful
I thought I had a pretty good idea what a credit score was, how it worked, and how to get mine. I was wrong. I had no idea how complicated the process was, how many different variables entered into it, and how easily I could do damage to myself.

I understood that I had a right to a free credit report. I had no idea how deeply the "free" option was buried, how much digging had to be done to find it, and how limited the information would be--all in an effort to drive me to the paid options. Thanks to this book, I now know, step by step, how to get the information I need, and know which options are free, which cost money, and when I need each one.

While I've been fortunate enough not to be hit with identity theft, I know people who've had to cope with it. I'm relieved that I now own a complete resource on how to deal with it. I know how to challenge errors in my credit report. I hope I won't ever need to use a lot of what this book provides me, but I'm sure glad I have a copy on my shelf.

I'm also glad to have read the reports on the insurance industry, the use of credit in discriminatory practices, opting out of having personal data shared, and other issues. Coming from the editor and publisher of PRIVACY TIMES, the information is timely, insightful, and important.

If you've got any serious credit history, privacy concerns, an intent to make a major purchase, or feel vulnerable to identity theft, you'll value having this book in your library.

Mis-leading title and expected more about scoring
This book doesn't follow through on analyzing the credit scoring process a the title suggests. It focuses mostly on court cases involving consumers and credit reporting companies instead of getting to the meat and potatoes of credit scoring. In short, it has some pretty enlightening information but not about credit scoring. I'd recommend Liz Weston's Your Credit Score and KE Varner's The Insider's Guide to Credit Repair for additional information.