There should also be measures in place to make viewing of the scores more transparent as the information is ours.  It strikes me as strange that something that is so important to our daily lives is not easily acessible as it should be so that we can adjust our lifestyles as needed.  We should have much more control over who sees our scores, and other measures.

Credit scores should be totally transparent -- anyone should not only be able to access their current credit score at any time, but the exact details of how it was calculated should be fully disclosed. 

Similarly, any potential creditor should be required to disclose the exact credit score and income requirements for the loans they are offering. If credit lines and interest rates depend on credit scores (e.g, better credit score gets you a higher credit line), then those dependencies bust be fully and exactly disclosed.  

In other words, citizens should be able to tell exactly what credit they are eligible for, and what it will cost them, before even applying. 

When the credit bureau's mess up and mix your info with someone else's, it takes forever to get it straight.  And you just can't speak with one central location - you have to go thru the mess with all three.  I also believe you shouldn't have to PAY to see your information.

The formula is secret and wrong.  Who care how many accounts you have, how many times your credit is checked, or how much unused credit you have?  Should be mainly missed payments.  Also, 7 or 10 years is too long.  Negative stuff should drop off after 2 or 3 years of steady payments.  I don't remember and can't fight a late payment from 6 years ago.

I agree with the statements above. The formula especially should be accessible to citizens. I do not understand how people hold me in chains of dismay when they cause errors to appear on my credit report. Also we should be looked at more favorably if there has been a pattern of an excellent pay history.

In thinking of the economy situation of today, there will be millions of Americans that had excellent pay histories that will now have some of the lowest "scores" due to the loss of a job. This is not just the few that we have become accustomed to, but many millions more. That has got to be a concern for someone. There are American citizens that want to pay their bills on time and will be penalized for the lack of funds not of their own making. There is no easy answer however there must be an attempt to give some relief to these individuals that have done it "right" for years.

Formulas should be transparent AND standardized.  Currently, there are multiple formulas, and the 'bureaus' select the most disadvantageous formula for each individual.  Personally, I believe the formulas should be set through legislation. 

Credit histories shows responsibility to employers and likelihood of paying bills on time.  Our buisnesses will run better and insurance premiums will be lower if these entities are allowed to demand access to credit records.  If credit doesn't accurately show responsibility then that should be fixed by adjusting the way credit scores are calculated, but denying employers and potential bill collectors this information hurts the country. 

 Credit Scoring companies should not be allowed to withhold our scores from us.  The one free view a year is not good enough.  They are making us pay them not to withhold our personal information from us.  I believe that withholding this information violates our personal privacy.  This business model should not be practiced.  There is plenty of money to be made charging banks for this information.

MEXICAN DRUG WAR is AMERICAN DRUG WAR

I strongly encourage everyone who votes up this idea to vote up the idea MEXICAN DRUG WAR is AMERICAN DRUG WAR: Revamp the Controlled Substance Act for Border Security

Here's where you can find it:
http://citizensbriefingbook.change.gov/ideas/viewIdea.apexp?id=087800000004mhk&srPos=2&srKp=087

To be politically expedient, we should not be asking Obama to "legalize marijuana." We should ask him to revamp the Controlled Substance Act, descheduling marijuana so that it may eventually be feasible to make legalized.

Since it is a new idea and needing a BOOST, please vote this up and encourage all your friends to do so as well!

I agree that the scores and methods for calculating should be made available to the consumer for their personal information.  However, I disagree with the writer that suggests it shows responsibility and provides valuable information to potential employers and insurance companies. 

Take for example a person that had a high rating, made sure they paid their bills on time, etc. and suddenly experiences a job loss, sudden family illness/death (birth of a severely handicaped child) etc.  These are events that are unplanned and can quickly sap resources previously used to pay bills.  You don't have to be in debt over your head for an unexpected event to quickly drain your financial resources.  When resources are strained and the decision has to be made to pay a bill on time or buy groceries/medicines, I think the latter will take precedence. 

This then creates a vicious cycle because the individual needs a good job/salary to get back on their feet, but can't because of the negative impact circumstances had on their credit score.  It only gets worse from there. 

Unless a person is applying for a job as CFO or other similar positions, there is no need to use credit scores.  How does a credit score help determine whether or not a, say a welder, will make a good employee?  Only use the information if it's relevant to the position while allowing room for consideration for special circumstances that would have had an impact on the information gleaned.

The credit reporting agencies are using credit as a tool to financially incarcerate and punish the poor and reward the wealthy, powerful and famous with lower interest rates. This is the new feudal system.

Check out what J. R. Smith has written.... Well thought out and a Fantastic Idea:

http://docs.google.com/View?docid=d8qwbhd_0hj533sfz