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Reply #13: Tell that to the people who had their ratings trashed. [View All]

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Home » Discuss » Archives » General Discussion (01/01/06 through 01/22/2007)

TheMadMonk

(1000+ posts) Send PM | Profile | Ignore

Mon Dec-25-06 07:08 PM
Response to Reply #12

13. Tell that to the people who had their ratings trashed.

Like I said I can't recall all the details. But from what I recall, the problem came about because people were loan shopping online, and being put through the motions of applying for the loan (so as to determine what rate applies to them and their specific circumstances. All the agency sees is the credit check request, and a binary approved/not-approved. A string of 'not-approved's is deemed to be indicative of problems and automatically downgrades the prospective borrowers rating.

Perhaps it's because of Australian privacy laws, which restrict the amount of information a rating agency may be told.

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