Why is there no insider data on how CC app on the net?
 

It just occurred to me today, FT is a big community. Then, there is also CreditBoards.com who specialize in credit repair. With 2 big communities dedicated to the art of CC application, why is it that there is no insider data floating around on the net?

By insider data, I am referring to stuff like the following that would be very helpful to us:
1) Algorithm that each bank uses to determine your total credit line
2) Algorithm that each bank uses to determine auto-approval

Basically, hard numbers. I know that the FT community is great on pooling data, e.g. Citi's 8-day, 65-day and 90-day rules of application, but beyond reliable anecdotal data, we have no hard data. Why? I can't be that the entire FT community is made up of people who have no relationship with the finance industry.

Because it's confidential?

Some guy working at Bank A: "oh hey, I'm gonna go Snowden on my bank's algorithms and putting up on the internetz LOL LOL"

Bank B, C, D, E, F....: "Thanks sucker! Now we know how Bank A's credit approval algorithm works for us to use. Now we'll use it against you to steal more of your customers away from Bank A mwahahahaha!" :D

Bank A to the idiot employee that spilled out the beans: "You're fired."

So, you're asking why none of the professionals here opt to be completely unprofessional?

Just because it's confidential doesn't mean that leaks don't happen. Even the US military has security leaks!

I don't see why some guy working at Bank A, moves to a new job at Bank B, cannot release the data anonymously to the net about Bank A practices. Go on a vacation, use a public wifi, create a new FT account and post the info. How hard can it be?

The algorithm would probably be useless to the consumer anyway. I doubt it is as simple as:

0.05 x Income X FICO/850


They most likely include your data from within their databases, number of late payments, various FICO models from different agencies, length of employment, existing balances, existing cards, length of credit history, recent applications, recent inquiries, and on and on.

Look at how many applications get denied instant approval and get bounced to a human to be reviewed. That alone states it is not so easy to have a simple algorithm.

On the ethical side, confidentiality agreements extend beyond employment. You could still be sued even after you quit for releasing trade secrets (not that the risk of a lawsuit should be the only reason to act ethically.)

If you believe it is that easy, then why don't you do it?

Clearly you've never worked for a large corporation; one that has good (and expensive) lawyers, and that makes you sign non-disclosure agreements, and which performs thorough back ground checks. Also, one that pays well enough to remove any incentive you might have to do something so professionally suicidal.

You could, but that doesn't mean it's a brilliant idea to do it. It's like "I could get away with shoplifting, but it's not a brilliant idea to do it when considering the risks."

For one, most large corporations make you sign a non-disclosure agreement which is effective for about a year or so even after quitting the company.

So say you work at Coca-Cola and you got headhunted by Pepsi. Per a non-disclosure agreement that you signed when you were hired at Coca-Cola, you can't start spilling the beans of Coca-Cola trade secrets the moment you start working for Pepsi.

Of course, realistically it is unenforceable and like you said there are ways to do it, but whether that's a smart move is another matter.

And secondly, now Pepsi knows you are a snitch and will be willing to spill out the beans when a new opportunity comes along. They may just suck out all the Coca-Cola info from you and throw you into a low key position that doesn't deal with Pepsi's own confidential data.

Thirdly, consider that when you apply for a job at a company, you normally list references. So now you risk your friendship and relationships as well.

In the end, you gain very little for a huge risk taking endeavor.


I know, I know. You're probably going to say, well I can just go to an internet cafe in Prague or Lagos somewhere and upload my data from there; no one will know.

I mean, sure, go right ahead. Realistically it is possible and is very hard to catch like you said. And if you wanted to do it, be my guest. So long as you understand the risks involved, know how many people it'll affect, and want the self-euphoric feeling that you did something good when in reality people really don't give a crap and just leech. That's how downloading stuff off of BT is.

Leaks happen because someone with the information thinks the public would be better off with the knowledge and is willing to risk thier livelyhood to release that info and cause a change. what large banker wants to risk his livelhood to help some lowley, and what good would it do if it was released since it would cause it to change