Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

FICO formula changing

  • Filter
  • Time
  • Show
Clear All
new posts

  • FICO formula changing

    THe formula for calculating the most widely used CREDIT SCORES will soon change to lessen the impact of bad medical debts and ignore old unpaid debts of any type that are later paid off.

    Over time, the move is likely to raise some CREDIT SCORES and loosen lending, meaning millions of Americans will have an easier time getting loans and better interest rates. However, it could be years before lenders adopt the new scoring system.

    FICO, which says its brand of scores is used by 90 percent of U.S. lenders, said this week its new model offers “a more nuanced way to assess consumer collection information.” It ignores paid collection agency accounts and differentiates medical from nonmedical collection accounts.

    “These are a couple of changes that are major,” said John Ulzheimer, credit expert with

    More than half of all bad-debt collections on CREDIT REPORTS are associated with medical bills, according to a study by the Federal Reserve Board.

    The effect will be that medical debt turned over to collection agencies will still be a factor but have a lower impact on FICO's brand of three-digit CREDIT SCORES. The median FICO score for consumers whose only major black marks are unpaid medical debts is expected to increase by 25 points on a scale of 300 to 850, according to FICO.

    lEven small increases in CREDIT SCORE can mean the difference between making the cutoff for getting a loan, though consumers whose only credit dings are medical debts probably already have decent scores, Ulzheimer said. So the difference might not mean approval or denial but getting better terms, he said.

    Meanwhile, the new score for the first time will ignore old debts with a zero-dollar balance.

    “It actually acts as an incentive for consumers to work with collection agencies to try to get their debts settled or paid, because they could see a considerable jump in their credit scores,” Ulzheimer said. A competing credit score by VantageScore Solutions already changed its model to ignore paid collections.

    Credit scores attempt to predict the probability a borrower will pay back a loan. Consumers with the best credit scores also get the best loan terms, such as low interest rates, higher CREDIT LIMITS and lower down-payment requirements.

    Those with poor scores might not be able to get a loan at all.

    The FICO SCORE change is most likely to affect applications for credit cards, auto loans, private loans, student loans and, eventually, mortgages, Ulzheimer said.

    The bad news is that while the new FICO SCORE will be available to U.S. lenders starting this fall, it might take years for lenders to adopt the new scoring system.

    FICO'S previous version, called FICO 8 and released in 2008, is just now reaching critical mass among lenders, Ulzheimer said. It's similar to the slow adoption in upgrading computers to a new operating system, he said.

    “It takes time, and it's expensive for lenders to move off of older versions,” he said. So consumers who apply for CREDIT CARDS in the near term, for example, are likely to be scored under the old model. Consumers can ask their lenders which scoring model they use.

    Credit scores attempt to summarize in a single number information contained in consumer CREDIT REPORTS from credit bureaus, such as TransUnion, Experian and Equifax. The average FICO score is about 700, with consumers needing about 760 or higher to get the best loan terms, Ulzheimer said. The reports, but not the scores, are available for free once a year at

    Experts say the FICO change seems, at least in part, to be a response to the Consumer Financial Protection Bureau, which in May released a research report claiming consumer CREDIT SCORES may be overly penalized for medical debt that goes into collections.

    An unpaid MEDICAL BILL is different from other unpaid bills, such as those for phone service or utilities, the bureau argued. In some instances, the consumer may not even be aware of a debt sent to collections or that it is on his or her credit record, it said.

    Medical debt can result from an event that is unpredictable and costly, and sometimes is caused by billing issues with medical providers or insurers.

    “Medical debt is not something people choose to get into,” Ulzheimer said. “You didn't choose to get sick.”

    Bad debts can be noted on consumers' credit reports for seven years, regardless of whether they are reflected in a credit score.

Unconfigured Ad Widget