Credit Bureau Scoring Secrets?
Why is it that you can't find anywhere, exactly how the Credit Bureaus compute the credit scores?
Does anyone here have any insight into this process?
I've worked with credit reports for most of my adult employment, so I know the basics, plus points for good stuff, minus points for negative stuff, but why is it we can't find out exactly how it is figured?
For example, if someone files Bankruptcy, but reaffirms on the mortgage and the car loan.
I know that initially, the score goes to the bottom of the pit, but, as the person continues to pay the mortgage and auto loan, there should be positive points adding to the score. In addition to these points, the debt to income ratio should be in a position after the Bankruptcy, as to not contribute any negative points to the score.
Does the bankruptcy automatically stop ANY positive points from being added to the score until the 7 or 10 year period on the Bankruptcy expires? Say the individual gets several high rate credit cards, creates small balances on each, and pays them perfectly following the bankruptcy, that would create positive points as well.
Again, given this example, how can the points stay at the bottom of the range, if these positive points are being added every month the payment is on time?