Experian has stopped offering FICO scores to U.S. consumers topics

Community feedback about Experian's decision to discontinue offering FICO scores on myFICO

Barry — Thu, 05 Feb 2009 16:30:45 GMT

FICO Forums Members:

Please share your thoughts about Experian's decision to discontinue offering Experian-based FICO scores to consumers on the myFICO web site.

As always, we value your input and appreciate your continued support!!!

--The myFICO Team

For more information, please read our FAQ.

Message Edited by Barry on 02-05-2009 08:30 AM

IMPORTANT ANNOUNCEMENT: The sale of Experian-based FICO scores on myFICO.com has been discontinued.

Barry — Mon, 23 Feb 2009 19:41:15 GMT

Fair Isaac was recently notified by Experian of its decision to terminate the agreement which allows the distribution of Experian-based FICO® scores and reports from www.myFICO.com.

While it is Fair Isaac’s desire to continue providing FICO® scores from all three credit bureaus, FICO® scores from Experian have not been available to consumers since their sale was discontinued, effective February 14, 2009. FICO® scores from Equifax and TransUnion have continued to be available.

There are three myFICO® products which have been impacted by this change:

FICO® Credit Complete: This product is no longer available, effective February 14th, 2009.

FICO® Standard: Single Experian FICO® scores and reports are no longer available with this product, effective February 14th, 2009. You are still able to obtain single FICO® scores and reports based on Equifax or TransUnion data.

Suze Orman's FICO® Kit: Experian FICO® scores and reports are no longer available, effective February 14th, 2009. You are still be able to obtain FICO® scores and reports based on Equifax or TransUnion data.

It is important to understand that the majority of lenders continue to use FICO® scores based on Experian data to make creditworthiness decisions, but those FICO® scores are no longer available to consumers via www.myFICO.com or any other public venue.

We sincerely regret any inconvenience this change has caused our loyal customers. For the affected services, we have made every attempt to provide a smooth and thoughtful transition. Please know we have been committed to giving clear and continued communications on this issue and will continue to do so going forward.

For more details on this change, especially if you currently own any of the three products mentioned above, we have provided a helpful FAQ, which is found in the FICO® Forums.

For Lenders

If you are a lender currently using Experian-based FICO® Scores for credit evaluation purposes, click here for more information.

Message Edited by Barry on 02-23-2009 11:41 AM

FAQ for myFICO customers about Experian-based FICO scores

Barry — Wed, 04 Feb 2009 21:16:14 GMT

Q: What change is currently taking place between Experian and myFICO?
A: Fair Isaac Corporation has received notification from Experian of its decision to terminate the agreement which allows the distribution of FICO® Scores and Experian reports from www.myFICO.com.

Q: When will myFICO stop offering Experian FICO® scores and credit reports to consumers?
A: After February 13, 2009, Experian FICO® scores and credit reports will no longer be available through myFICO.

Q: What myFICO products contain Experian FICO® scores and credit reports?
A: There are three myFICO products that include Experian FICO® scores and credit reports:

Suze Orman’s FICO® Kit
FICO® Credit Complete
FICO® Standard

Q: I recently bought Experian reports and scores from myFICO. Will I continue to be able to view this information after Experian products are no longer available for purchase?
A: Yes. The products you’ve purchased will continue to be viewable through your myFICO account according to the original product specifications:

Suze Orman's FICO® Kit -- viewable until the Kit expires
FICO® Credit Complete/FICO® Standard -- viewable for 30 days after purchase

Q: Who made the decision to terminate this agreement between Fair Isaac (myFICO) and Experian?
A: Experian made this decision and notified Fair Isaac Corporation.

Q: Why did Experian make this decision?
A: Their reasons are not clear to us at this time and we do not believe it appropriate to speculate.

Q: What web sites currently offer the Experian FICO® score?
A: Currently, myFICO is the only web site that provides consumer access to Experian FICO® scores.

Q: Doesn’t Experian offer the FICO® score on its own web site?
A: No. While Experian offers its own scores (not developed by Fair Isaac) to consumers, it does not provide FICO® credit scores.

Q: After they are no longer available from myFICO, where will I be able to obtain my Experian FICO® score?
A: As a consequence of Experian’s decision, after February 13, 2009, there will be no authorized distributor of FICO® scores based on Experian data to U.S. consumers. This means that consumers will no longer have access to those FICO® scores.

Q: What can consumers do to get their Experian FICO® scores after they are no longer available from myFICO?
A: At this time we know of no plans by Experian to make FICO® scores available to consumers.

Q: I currently receive my Experian FICO® score free each month from my bank on my online statement. Will I continue to receive these scores?
A: Yes. We are not aware of any move by Experian to discontinue their participation in this valuable program for consumers.

Q: Will lenders continue to use FICO® scores?
A: Yes. Experian will continue to work with Fair Isaac to provide lenders with the FICO® scores they use in their lending decisions.

Q: Aren’t I entitled to a free FICO® score from each bureau every year?
A: Currently, the law (FACTA) provides free annual credit reports from all three credit bureaus to consumers -- but not credit scores.

Q: Are the other bureaus likely to terminate their agreements with myFICO at this time?
A: We have contracts with Equifax and TransUnion that ensure the continued availability of FICO® scores to consumers.

Message Edited by Barry on 02-04-2009 01:16 PM

The sale of Experian-based FICO scores to lenders is not affected by the recent myFICO change

Barry — Mon, 23 Feb 2009 20:48:03 GMT

Attention Lenders:

Fair Isaac recently received notification from Experian of its decision to terminate the agreement which allows the distribution of Experian-based FICO® scores and reports from www.myFICO.com.

This change became effective on February 14th, 2009. While Experian’s decision eliminates the consumers’ ability to see their own FICO® scores, it has not impacted your ability to use FICO® scores in your lending decisions.

Specifically:

• This action by Experian is specific to Fair Isaac's consumer business unit.

• Fair Isaac is dedicated to offering FICO® Scores to financial institutions via all three of our bureau partners to provide the most independent and fair representation of a consumer’s credit picture.

• Experian recently recommitted to continue offering FICO® Scores to its lending clients.

• To meet consumers’ credit empowerment demands, Fair Isaac will continue to offer both Equifax and TransUnion credit management services through our myFICO.com web site.

Be assured that we will communicate any change in status to you should it occur. Until then, we look forward to providing quality analytic scores and services as we work towards advancing innovations in our offerings.

If you have any further questions, please contact your Fair Isaac representative.

Message Edited by Barry on 02-23-2009 12:48 PM