I just learned today that the FAB 3 Experian, Equifax, Transunion drop scores in the following range:

Short Sales:  Which is an agreed upon amount between seller and bank to pay off the mortgage.  This is the best way to go if you are in trouble with your mortgage payments and the Obama Loan Modification plan fails you.   Score will drop 120 to 140 points.   That is reasonable.

Foreclosure:  Here is where you can’t trust the FAB 3 on what they are doing.  Score will drop 130 to 160 points.

Bankruptcy:  Score will drop over 320 points.

Foreclosing on a house should drop your score  as much or maybe even more than a bankruptcy. 

I am just using this as an example and Im sure there are more injustices.  This just proves that these reporting agencies have way to much control on peoples lives without being scrutinized. Someone needs to do something about it.

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