New credit score will be no better?

Michelle Singletary's column today about the new Vantage score scheme from the credit bureaus echoes what I've been saying; if the underlying data is bad, the score will be meaningless.

Rather than creating a new credit scoring system, the bureaus should focus on fixing a problem that troubles many consumers and consumer advocates. Here's the problem: If any of your credit reports has incorrect information, is missing critical information or if some data aren't even being reported to one of the agencies, this can reduce your score no matter what the scoring formula.

In her column, she also exposes the particularly nefarious creditor practice of not reporting the credit limit of an account; read her column to understand how this harms consumers.

Comments

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So checking our credit score report from time to time is quite important, but where could we file our complains and objections?