topic Re: MyFico is a fraud! in Understanding FICO® Scoring

MyFico is a fraud!

beavo040 — Sat, 19 Feb 2011 22:32:45 GMT

ATTENTION!!!

MyFico is nothing more than a scam when it comes to credit scores and credit informaiton. DO NOT believe any claims made by MyFico stating that they are the only reliable resource for accurate information! Do not pay anything via MyFico.com thinking you are getting accurate information. It is simply government funded fraud!!! Please report any viable information to the FTC!

Re: MyFico is a fraud!

cdtotten — Sat, 19 Feb 2011 22:41:34 GMT

What are you complaining about? The reports and scores provided by myFico are 100% valid reports provided by the respective CRAs (TransUnion and Equifax). The scores provided are legitimate FICO scores as well. The only complaint that most people have is that the TU score that is sold on this site is TU-98, an older scoring model and not the same as most lenders now use (TU-04). That being said, even the Transunioncs.com website provides TU-98, so you can't do any better.

For accurate reports and true FICO scores, this is the only other place to go other than transunioncs.com or equifax.com directly.

Edit: Based on one of your other posts, it appears that you may be purchasing FAKO scores on the side (not FICO). You reported all three scores in another post, and unless you applied for a mortgage recently, the odds of having your actual EX FICO is pretty small. This could be a cause of your frustration. FAKO scores are no prediction of actual FICO scores and your FAKO scores can go up while your FICOs go way down.

Re: MyFico is a fraud!

tinuviel — Sat, 19 Feb 2011 22:44:18 GMT

beavo040 wrote:
ATTENTION!!!

MyFico is nothing more than a scam when it comes to credit scores and credit informaiton. DO NOT believe any claims made by MyFico stating that they are the only reliable resource for accurate information! Do not pay anything via MyFico.com thinking you are getting accurate information. It is simply government funded fraud!!! Please report any viable information to the FTC!

You're making claims without providing anything to back them up. Sources, please?

Also: "Please report any viable information to the FTC!" -- What does that mean?

Re: MyFico is a fraud!

CallMeJane — Sat, 19 Feb 2011 23:06:54 GMT

Fraud??? Surely you're confusing this site with some other site that sells FAKO's ...

Re: MyFico is a fraud!

RobertEG — Sun, 20 Feb 2011 03:49:10 GMT

I think you have it a bit backward. One of the complaints about FICO scoring is that it is almost completely unregulated. Credit soring is not controlled by the FCRA, except for requirig accurate reporting by creditors and debt collectors. It is not governemnt funded, and for the most part is not governmentally regulated.

Complaints to the FTC relate to specific violations of the statutory provisions of either the FCRA or the FDCPA. FICO scores only what is posted by creditors and debt collectors to a consumer's credit file. FICO has no control over the data that forms the basis for its scoring. FICO scoring is not regulated by the FTC.

One of the biggest complaints about FICO scoring is that the specific criteria it uses are trade-secret, proprietary algorithms. But trade secret law is one of the pillars of intellectual property law in the U.S. Forcing Fair Isaac disclosure of its algorithms makes no more sense than requiring Coca Cola to publish its formula for Coke, or requiring nuclear weapons labs to publish the workings of a nuclear weapon.

Re: MyFico is a fraud!

marty56 — Mon, 21 Feb 2011 14:09:21 GMT

Honestly a clean CR with low util would produce good scores in any system and allow you to obtain credit at good rates. While most people don't know the inner working of FICO, the rules to obtaining a good credit score are well known.

Re: MyFico is a fraud!

drksilenc — Sat, 09 Apr 2011 04:45:56 GMT

the scam is the fact you charge money for an alleged "FREE" trial. Then lock funds from your bank account until you accept or cancel... THAT is the FRAUD...

Re: MyFico is a fraud!

JayRizzo — Sat, 09 Apr 2011 12:01:27 GMT

Although I'm not a fan of FICO or the FAKOs out there, I would never go as far as to say they are FRAUD! They are merely different tools using information from the same credit resources.

I think of it like Cable TV where HBO, Showtime, and Cinemax are the Credit Bureaus because they are the ones providing the programming but NOW you have different distributors with their own different types of models such as COMCAST, DirecTV, DishNetwork, and Brighthouse -- they all pull from HBO, Showtime, and Cinemax but they give you something a little different -- not all exactly the same. Different costs, more or less channels.

The big misconception most people have is they believe FICO is Gospel because it was either the first or most widely used, thus, calling all others FAKE or FAKO -- they are absolutely WROOOOONNNGGG!!! It's just a different model, so there's nothing fake or wrong about them -- just different, so I hope they get over that and truly educate newbies instead of typing FAKO.

Aside from that, anything that you agree with a FREE TRIAL, you'd better make sure that you read all of the fine print. Most people think FREE Trial means you get something for nothing -- you better believe companies have stipulations in the fine print to make sure they make a buck off those who don't take time to read it carefully -- so I say BUYER BEWARE and if you've agreed to it, then SHAME ON YOURSELF -- stop blaming others for your own mistakes that caused your funds to be held!!!

I'm JayRizzo, Valued Contributor!!!

Re: MyFico is a fraud!

LilMirth — Sat, 09 Apr 2011 13:18:35 GMT

JayRizzo wrote:

The big misconception most people have is they believe FICO is Gospel because it was either the first or most widely used, thus, calling all others FAKE or FAKO -- they are absolutely WROOOOONNNGGG!!! It's just a different model, so there's nothing fake or wrong about them -- just different, so I hope they get over that and truly educate newbies instead of typing FAKO.

Aside from that, anything that you agree with a FREE TRIAL, you'd better make sure that you read all of the fine print. Most people think FREE Trial means you get something for nothing -- you better believe companies have stipulations in the fine print to make sure they make a buck off those who don't take time to read it carefully -- so I say BUYER BEWARE and if you've agreed to it, then SHAME ON YOURSELF -- stop blaming others for your own mistakes that caused your funds to be held!!!

JayRizzo, It's a frequent enough misconception about the standard nomenclature that it warrants correction-- The term "FAKO" is used to describe any non-FICO score. Using the term "FAKO" doesn't imply anything about anyone's understanding or misunderstanding of the "Gospel of FICO". It quickly helps us root out apples to oranges comparrisons. Unfortunately, many newbies arrive with the notion that "credit scores" are standard, and that the FAKO that they used was the one that the lender pulled... so how in the world did the number change, and vary so drastically? Or, why didn't my 860 FAKO get me the best rates? FAKOs are any scores that are not one of the flavors of FICO, here in the FICO forums.

Re: MyFico is a fraud!

MarineVietVet — Sat, 09 Apr 2011 14:25:00 GMT

JayRizzo wrote:
Although I'm not a fan of FICO or the FAKOs out there, I would never go as far as to say they are FRAUD! They are merely different tools using information from the same credit resources.

I think of it like Cable TV where HBO, Showtime, and Cinemax are the Credit Bureaus because they are the ones providing the programming but NOW you have different distributors with their own different types of models such as COMCAST, DirecTV, DishNetwork, and Brighthouse -- they all pull from HBO, Showtime, and Cinemax but they give you something a little different -- not all exactly the same. Different costs, more or less channels.

The big misconception most people have is they believe FICO is Gospel because it was either the first or most widely used, thus, calling all others FAKE or FAKO -- they are absolutely WROOOOONNNGGG!!! It's just a different model, so there's nothing fake or wrong about them -- just different, so I hope they get over that and truly educate newbies instead of typing FAKO.

Aside from that, anything that you agree with a FREE TRIAL, you'd better make sure that you read all of the fine print. Most people think FREE Trial means you get something for nothing -- you better believe companies have stipulations in the fine print to make sure they make a buck off those who don't take time to read it carefully -- so I say BUYER BEWARE and if you've agreed to it, then SHAME ON YOURSELF -- stop blaming others for your own mistakes that caused your funds to be held!!!

I'm JayRizzo, Valued Contributor!!!

There absolutely is something wrong with "scores" that are not used by lenders to make decisions and are sold to consumers and yes they are fake in the sense that these companies sell these scores without fully informing the purchaser that what they are buying is basically worthless.

We educate newbies every day about what FAKO's are and how not to rely on them for accuracy and how to tell the difference between them and scores that are used by most lenders.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: MyFico is a fraud!

Uborrow-Upay — Thu, 14 Apr 2011 13:38:28 GMT

marty56 wrote:
Honestly a clean CR with low util would produce good scores in any system and allow you to obtain credit at good rates. While most people don't know the inner working of FICO, the rules to obtaining a good credit score are well known.

Short'n'Sweet, and totally on target. Hoo-rah!

Re: MyFico is a fraud!

katoshah — Fri, 22 Apr 2011 18:15:43 GMT

Re: MyFico is a fraud!

llecs — Fri, 22 Apr 2011 18:16:37 GMT

katoshah, how do you feel they stole money?

Re: MyFico is a fraud!

ifinet — Fri, 22 Apr 2011 21:13:39 GMT

This thread totally beats the moon landings conspiracy theory :-S

Re: MyFico is a fraud!

RobertEG — Sun, 24 Apr 2011 15:57:30 GMT

If you expect your FICO score to evaluate your total credit worthiness, then you dont understand what FICO is,

It is a repayment risk analysis, not a consumer credit worthiness analysis, Fico has never said it was otherwise, at least not to my humble knowledge.

It is up to creditors to use your FICO score for what it is, as part of their credit decision making, and not to caste dispersions on it for what it

was never intended to be,.

FICO doesnt care one whit about your bank balance, your yachts, or your income, It cares about how, regardless of your total assets, income, or liabilities, you have shown the worthiness of paying the minimum due on time,

If that is a fraud, then it is in the mind of the consumer. Consumers are not the focus of credit scoring, Creditors are.

Creditors dont create debt, consumers do, To create debt, and then complain that you cant get it removed from the vehicle that reports your delinquencies in payment of debt (your credit report) by way of such things as DVs, PFDs, SOL expiration, GW letters is putting the cart before the horse,

Inaccurcies in credit reoorting are a different thing, and are provided for by two dispute proceses under the FCRA. The (crappy) dispute process through the credit reporting agenciies under FCRA 611(a), and the superior direct dispute process under FCRA 623(a)(8)

If repayment of debt in a full and timely manner was not done, that is what FICO dings you for. That is their stated purpose, and not a fraud,

However, it postings that affect your FICO score are inaccurate, the FCRA provides two alternate disptue processes to resovle disputes.

Re: MyFico is a fraud!

need700 — Tue, 03 May 2011 17:24:11 GMT

I have pulled my equifax report just now and then pulled myfico score right after. Myfico is reporting a couple of negative accounts, and on my equifax report they are not reporting at all....can someone please explain this? thanks!

Re: MyFico is a fraud!

marty56 — Tue, 03 May 2011 20:22:22 GMT

Welcome to the forum. Do you mean that the accounts do not show up anywhere on the EQ report or that they show up and are not marked as negative. Also are the number of accounts listed on each CR the same? Anything else missing. How old are the negative accounts? I would conatct MyFico CSR and also speak with EQ CSR since EQ has the most correct information. Do the accounts show up on your TU report.

I recommend a credit monitoring service that provides all 3 reports since there could be differences between them and you don't know which CR a lender might pull when applying for credit. At a minimum, you should get your 3 free credit reports each year.

Re: MyFico is a fraud!

Ripoff — Wed, 14 Sep 2011 23:27:56 GMT

I totally got scammed by this site, took me out of the free 10 day trial, then charged my card and wont let me cancel the account for three months. Scam artists.

Re: MyFico is a fraud!

ptr2593 — Wed, 14 Sep 2011 23:34:03 GMT

Ripoff wrote:
I totally got scammed by this site, took me out of the free 10 day trial, then charged my card and wont let me cancel the account for three months. Scam artists.

Sounds like it's your fault for not canceling before the trial was up..?

Re: MyFico is a fraud!

MarineVietVet — Mon, 14 Nov 2011 22:36:03 GMT

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