Hi Rich,Thank you for the time you have taken to accustom yourself with understanding the merit and grounds pertaining to building a successful class-action lawsuit against any companies using FICO 08 credit scoring software for determining credit worthiness of the American people. It’s refreshing to hear your optimism regarding an anti-trust suit against FICO (Fair Isaac Corporation).

First, I think it is important that you understand why I agreed to involve myself with the concept of brokering seasoned lines of credit history. aka piggybacking on good credit as it’s referred to in main stream media.

The story goes like this - a friend of mine (CEO of Instant Credit Builders or ICB for short) wanted me to help him market this trade line concept online about a year ago. As you know, I only work on projects I feel make a positive impact on peoples lives.

Therefore, before accepting ICB as a full time client I did a considerable amount of research.

It was not only apparent there was a demand for a Rapid Revaluation (RR ) of consumer credit scores, but I came to the conclusion it was an all out economic necessity that this Rapid Revaluation service made its way to the public at large - as millions of Americans faced losing their homes to foreclosure amidst a financially engineered mortgage bubble.

I took on the task with the same passion as I have for my Tribute site http://www.libertyunites.tv/, knowing full and well, that families all over America were going homeless because they had NO options left to regain financial control over their lives.

American’s fell victim to the subprime mortgage craze by the millions and they desperately need a second chance to bring outrageous subprime interest rates under control. Rapid Revaluation services do just that!

For more details on Rapid Revaluation services, see the CNN interview covering ICB’s piggybacking methodology of adding clients as authorized users on established lines of perfect credit. Video Here

It simply amazes me that our elected officials do nothing as central banks open the money gates to bailout mortgage-backed securities.

The only ones cheering are Wall Street lackeys and the Bankers as far as I can tell. Increasing the money supply is only adding fuel to an already massive fire.

The Federal Reserve and our Elected Officials have yet to act on the problem, which is the foundation of the subprime crisis – “Mortgage Default Rates!”

Credit Score Rapid Revaluation services addresses this most fundamental core problem responsible for the epidemic of foreclosures seen in every state in America – not to mention wall streets contemptuous meltdown that has investor losses exceeding a trillion dollars.

It’s known even to the creators of mortgage-backed securities that increased interest rates linearly correspond with mortgage default rates.

It does not take a rocket scientist to figure out that by giving people an interest rate they can afford, they will be much less likely to default on their mortgage.

In the last 60 days over 20,000 people have contacted ICB in reference to improving their FICO score for a chance to “own or continue owning” a home in America without financial disadvantages imposed by lenders and the fallout of wall street’s mortgage-backed securities.

A Rapid Revaluation service for Credit Scores gives hard working Americans the ability to control the amount of usury (excessive interest) imposed on middle class America today.

A common misconception is the increasing mortgage default rate is a result of people that should never been given credit to begin with. Nothing could be further from the truth! EVERY American deserves a fair chance at becoming a homeowner!

The fact is a 150-point drop in ones FICO score can cost $500 – $700 dollars a month more for an average new home in America. I personally believe this is where Congress needs to take a stand for the American people!

Federal and State Usury Laws have to be amended not to exceed prime rates in certain cases to promote home ownership without the backlash of astronomical subprime default rates. Explicitly amended Usury Laws must protect home ownership of owner occupied housing, and not made applicable to investment properties.

Lending money at exaggerated interest rates (Usury) gives Lenders and a variety of Wall Street companies the opportunity to exploit the passions or necessities of the American people by compelling them to submit to ruinous conditions. Such is the usury against which the Bible has always protested, and which is universally condemned at the present day in most religions.

Besides amending Usury Laws, much more federal regulation is required for all organizations that have anything to do with the credit scoring process. Desperately needed Regulation in this area will protect the best interest of the American people.

FICO’s monopolized credit scoring software is used by 90 percent of all major lenders without the transparency needed to ensure the American people that a statistically sound and empirically derived scoring model without bias (as described in the ECOA) is judging their creditworthiness/applicable interest rate.

The American people have no one looking out for their best interest here except for companies like Instant Credit Builders; Congress has yet to challenge the totalitarian authority given to the moneychangers dictating who is entitled to live the American Dream!

This nonintervention at a Congressional level is sacrificing the general interests of American society to the private interests of Wall Street industrialist and bankers... Where industry is everything, where labor loses its ethical importance as man cannot work enough hours to repay interest on debt, know longer being deemed as creditworthy by corporate conspirers’ only compounds this capitalistic mistake, perpetuation of a poverty cycle becomes almost imminent, and there begins the realm of destructive economic despotism.

The Federal Reserves inflationary policy of printing billions for bailouts simply expands the “wealth gap” and creates greater economic polarization between the classes when Wall Street is bailed out and the tax paying citizens go homeless. By the time the housing bubble deflates, millions of working class Americans will be stuck paying off loans that are considerably higher than the current value of their home. This will inevitably create deeper societal divisions and, very likely, a permanent underclass of mortgage-slaves.

Recent studies have shown that subprime lending is most prevalent in neighborhoods with high concentrations of minorities or weaker economic conditions (Chomsisengphet and Pennington-Cross, 2006)

The American people need to realize we live in a country where many of the consumers who weren’t born into wealthy families, or otherwise disadvantaged will hand over more of their cash to the corporations and have fewer opportunities.

To make matters worse on the American people, Experian is implementing the new FICO 08 credit scoring model beginning in September which will no longer count “Authorized Users” (AU) trade lines in its scoring algorithm. Other major bureaus, Equifax and TransUnion, are expected to adopt it next year if congress doesn’t repeal its use in violation of protections provided by the Equal Credit Opportunity Act (ECOA).

The recent change made to FICO’s software monopoly demands immediate intervention at a Congressional level, as Free-market economists seem to have ignored the economic theory that deals with the behavior of monopolies, duopolies and oligopolies. They will take windfall gains from those that can least afford it if government allows them.

They in this case is a “Silent-Trust Consortium”, here a silent-trust is monopolizing through standardization agreements or competition agreements (as in the adoption of common software like FICO 08).

For the trust to differentiate, is the parallel behavior, in which no direct cooperating takes place, but the homogeneous behavior from the market structure consortium that results in benefits for a select few while the poor and middle class inherit massive amounts of debt they can’t afford to repay.

It is important to look closely at some of the most appalling injustices’ perpetrated by the “Silent-Trust Consortium” that is adopting FICO 08.

Effect of removing AU from FICO 08 Scoring Software

-Up to 1.3 Million American’s will no longer have any credit score at all, thus dropping their score below the low end of FICO’s 300-850 scale.

-Up to 60 Million Americans will have lower credit scores, of which will affect minorities disproportionately, especially women.

-FICO 08 essentially forces spouses/family members into joint account ownership for trade line histories to be shared, which is a big if, as usually creditors require both joint account holders to have good credit -- in that they could get the cards individually. Indeed this is VERY problematic for Stay At Home Moms (SAHM) and MAnnies who have limited or no credit history.

This was one of the goals of the AU requirement in the 1974 Equal Credit Opportunity Act (ECOA)

-FICO 08 will cause millions of college students to be faced with higher car insurance rates, higher loan interest rates and more difficult to find housing as students/younger adults will also be disproportionately affect by the removal of Authorized Users from the credit scoring process.

-New American citizens will also be disproportionately affected, as family members will no longer be able to help them learn the importance of maintaining good credit histories by becoming an Authorized User on a primary account.

Now with the facts clearly showing FICO 08 does not comply with the ECOA, the American people need to contact their elected officials, and the Department of Justice to inform them Fair Isaac Corporation is breaking the law!

If the Federal Reserve Board approved this new credit-scoring model as statistically sound and empirically derived without bias, they must testify before Congress to back up their conclusions.

As anyone with two good neurons in their head can see this new credit-scoring model is VERY BAD for a large part of America, and even worse for Americas entire economic future.

In fact, even the parallels between our present situation and the period preceding the Great Depression are striking. Just as massive debt was ac*****ulating in the market from the purchase of stocks “on margin”, so too, mortgage debt between 2000 and 2006 soared from $4.8 trillion to $9.5 trillion.

In both cases the “wealth effect” spawned a spending spree which looked like growth but was really the steady, insidious expansion of debt which generated economic activity.

In both periods, wages were either flat or declining and the gap between rich and working class was growing more extreme by the year.

One last thing for you to ponder, do you find it interesting that Fair Isaac and Experian stated that children SHOULD be able to reap the benefits of being AUs on their parents’ accounts, but apparently it’s wrong when people buy these accounts.

That’s of course contrary to everything I believe in, as I’m very much into equal opportunities. Just because a kid’s parents are, well to do, does he/she deserve higher FICO scores and to pay less interest, rent, insurance, etc.?

Well of course the wealthy will always have unfair advantages, but why shouldn’t the disadvantaged at least be able to purchase those same benefits? Does this sound unbiased to you?

All ICB ever did is expand the family to people that needed help now, because no one was helping them when they fell victim to predatory subprime lending, Congress wasn’t there then, but let us hope Congress will get involved to STOP FICO 08 before it’s to late!

Americans that want control over their lives should be given a second chance, if they have a family member with good credit or not!

RAPID REVALUATION MUST STAY… FICO 08 MUST GO!

Call me when you can!
John Coates