A CALL TO ACTION - Experian's cease of consumer available FICO is wrong!

[Anonymous]

An article decrying the unfair decision by Experian to cease offering FICO scores to consumers, and also a CALL TO ACTION to contact Congressman and Senators to enact legislation to address this. 

Credit bureau move creates 'secret' scores

by Liz Pulliam Weston

"Credit bureau Experian's recent move means lenders can see FICO scores that you can't. That's just wrong, and the law needs to catch up with today's credit scoring practices."

http://articles.moneycentral.msn.com/SavingandDebt/ConsumerActionGuide/tell-congress-no-more-secret-...

Partial Excerpt:
It's your score, and it's time to claim it

Clearly, federal law needs to catch up with lender practices.

Federal law has long guaranteed your right to see your credit reports. Companies that use your reports against you -- to deny your application for credit, insurance or employment, for example, or to take any other adverse action against you -- are supposed to explicitly tell you that's what has happened. They're also supposed to tell you which bureaus provided the reports and give you contact information so you can review your files and dispute any errors.

In 2003, you were also given the right to buy your credit scores from the bureaus. But the law doesn't specify you have to be given the same scores lenders use.

It's time to fix that and extend consumer protections to the other scores that are being used to evaluate you.

Simply put: If a score is used against you for any reason, you should have a right to see that score, know how it was calculated and protest any errors in the data used to calculate it.

If you agree, tell your lawmakers. This link will help you find your House representative, and you can find your senators here. Send them a link to this column, and let them know the days of consumers being kept in the dark about their scores must end."

Message Edited by txjohn on 03-09-2009 05:41 AM

Message Edited by txjohn on 03-09-2009 05:43 AM

Message Edited by txjohn on 03-09-2009 05:43 AM

Message Edited by txjohn on 03-09-2009 05:44 AM

[demi]

Funny, I am still seeing ads to get my score from Experian.

[shalane85]

The ads that you may see are not fico scores from experian but they are called vantage scores or as we know them to be fako scores. There is a big difference between the 2 and the majority of lenders (like 90%) only use fico scores. Experian has it now that you cannot buy your fico score but lenders can see it. Experian wants you to buy their fako score which is really of no use to you. The difference between the 2 can be as much as 100 pts!

[Guardian]

Didn't we see this already a while back? I think we saw this on Feb 26.

[keithc]

the score you get from exp. web site is a fako-right??

[specultr]

x

[keithc]

just curious, SPECULTR, how did you get your EQ score so hi-hi income???

[Guardian]

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@keithc wrote:
the score you get from exp. web site is a fako-right??

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Yes, they are FAKO. It used to be myFICO was the only place to get them legitimately but now we only have EQ and TU, no more EX.

[Guardian]

I always wondered about the differences too but EQ is always my highest by a great margin, EX is always my lowest but a generally large margin and TU sits in between them fairly evenly, although not always. I never understood it and assumed it was done because of a couple of baddies on EX that I can't correct because they won't cooperate and my EQ is clean, don't know.