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Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: New Credit Score Website

I bet they are running afoul with CBCInnovis, which is the company that provides their tri-merge reports for this service. Typing on assumption, they're probably realizing that these pulls are intended for mortgage applicants only as opposed being used as a CMS.

 

Outside of my guess above, they could have planned this out a little better. I have started a couple of online startups and it's not all that cheap. Then there are other considerations like privacy, securing payment info, securing the reports, etc. I'll also suppose that they are being charged based on volume via CBCInnovis and it's difficult to guage that without modifying prices in the beginning. In the end, if they get it running, the hiccup will be short lived. If the security is in place and you are comfortable with that, then I don't see any lost business because of this delay. In the end it will work out for them.

Moderator
Revelate
Posts: 8,131
Registered: ‎12-30-2011

Re: New Credit Score Website

[ Edited ]

veracious wrote:

Revelate wrote:

veracious wrote:

Personally, I wouldn't  give my credit card info to them unless  they  prominently display  a VeriSign or  McAfee Secure logo on the signup page.

 

It seems funny why they wouldn't use the free trial from these website security firms to at least  test their SSL and other attributes.

 

I'm no IT Guru, so I could be totally off base here, but I mean, how unprofessional are they going to be ?!!

They certainly haven't shown much, so far.


They're not live yet, and SSL (besides the perfomance penalty on a sloppy website design) isn't a difficult implementation.

 


Revelate, thanks. You must be an IT Guy.  My point was, with such a valuable product that has enormous potential to rake in large sums

of cash, didn't these folks have the investment funds necessary for this venture? 

An ordinary brick and mortar cigar store in Miami can, and does sell cigars all day and has for a several years. Many merchants do this everyday.

 

The point is;  exactly what is sooo.... Difficult for this group of entrepreneurs



Sadly, yes, that's a label for me.

 

Potential money yes, but we don't know what the costs are.  Also there's numerous hurdles to getting financing and some more challenging than others.  I simply assumed that since another company was bankrolling it that it wouldn't be a problem; however, for all the same reasons others have stated (EX not selling scores, and the fact that if they can do it, pretty much everyone else COULD do it) so that they have to be able to compete on service, cost, and features.

 

That's a hard sell to an investment group especially anyone subscribing to some of Warren Buffet's investment tenets.  What's to stop Amex from turning their CreditSecure product into a *real* FICO pull?  Amex has the ability to do so already as we know they can pull any or all three bureaus if they wish, and they probably have a volume discount as well which would put their costs cheaper than mycreditplan's.

 

I think the market needs this to happen, and that it could well be competitive, but it's a non-trivial challenge unless they can win on some of the metrics I suggested, because if it gets pulled off, it'll become commodity next to overnight for at least the FICO scores.  The analysis is really where the differential would be, but how do we really know how credible it is?  Unless it's underpinned by Fair Issac, it's anecdotal and the weightings change with every model released.

 

I guess that's the underlying reason I just want the reports and the scores, the analysis portion I think at least the consistent readers of this forum probably know enough to not need the fancy pieces.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 703, TU 708, EX 702* (05/30/14, EX older)
Goal Score: 700 in all three (01/01/15)


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Established Contributor
dharalex
Posts: 607
Registered: ‎09-08-2011

Re: New Credit Score Website

[ Edited ]

I agree with Revelate, the meat and potatoes is really in the analysis and plan.Edited to remove a full name, co-owner of this site, has been in the mortgage industry for 20+ years. It seems much of the information is based on his research on mortgage related and credit issues. He sits on SAFE Mortgage national test writing and review committee that writes the national test component for mortgage licensing as well as participates in writing mortgage licensing exams. "It is from these exams that Al discovered that many within the lending industry have a substantial lack of understanding of credit and cridit scores. He has spent literally thousands of hours researching and counseling individuals and has developed many advanced strategies to help consumers improve their credit scores." This quote came from his book, "the Road to 850." (2nd edition)

 

I bought and have almost completely read this book, and it is an easy, fascinating read. I can only assume, he will use the information in the book and apply it to the website which is monumental for me. From what I can tell, I would consider him as close to an expert in this stuff as you can be. Many of his references come from FICO as well. I love this site, but you must admit, some advice is better than others. Much is anecdotal, and we all know that each credit file is very different from the other, so what works for one, may just not work, but may be detrimental to the other. I like knowing exactly what to do and why  instead of just being told to do something or not.

 

 You will have to check it out yourself and make your own conclusions. As far as I'm concerned, this will be amazing for those rebuilding their scores.  I'm still very excited...we shall see what the future holds!



Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


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Current Score: 800
Goal Score: 850

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Established Contributor
guydiver
Posts: 534
Registered: ‎08-30-2007

Re: New Credit Score Website


Revelate wrote:

veracious wrote:

Revelate wrote:

veracious wrote:

Personally, I wouldn't  give my credit card info to them unless  they  prominently display  a VeriSign or  McAfee Secure logo on the signup page.

 

It seems funny why they wouldn't use the free trial from these website security firms to at least  test their SSL and other attributes.

 

I'm no IT Guru, so I could be totally off base here, but I mean, how unprofessional are they going to be ?!!

They certainly haven't shown much, so far.


They're not live yet, and SSL (besides the perfomance penalty on a sloppy website design) isn't a difficult implementation.

 


Revelate, thanks. You must be an IT Guy.  My point was, with such a valuable product that has enormous potential to rake in large sums

of cash, didn't these folks have the investment funds necessary for this venture? 

An ordinary brick and mortar cigar store in Miami can, and does sell cigars all day and has for a several years. Many merchants do this everyday.

 

The point is;  exactly what is sooo.... Difficult for this group of entrepreneurs



Sadly, yes, that's a label for me.

 

Potential money yes, but we don't know what the costs are.  Also there's numerous hurdles to getting financing and some more challenging than others.  I simply assumed that since another company was bankrolling it that it wouldn't be a problem; however, for all the same reasons others have stated (EX not selling scores, and the fact that if they can do it, pretty much everyone else COULD do it) so that they have to be able to compete on service, cost, and features.

 

That's a hard sell to an investment group especially anyone subscribing to some of Warren Buffet's investment tenets.  What's to stop Amex from turning their CreditSecure product into a *real* FICO pull?  Amex has the ability to do so already as we know they can pull any or all three bureaus if they wish, and they probably have a volume discount as well which would put their costs cheaper than mycreditplan's.

 

I think the market needs this to happen, and that it could well be competitive, but it's a non-trivial challenge unless they can win on some of the metrics I suggested, because if it gets pulled off, it'll become commodity next to overnight for at least the FICO scores.  The analysis is really where the differential would be, but how do we really know how credible it is?  Unless it's underpinned by Fair Issac, it's anecdotal and the weightings change with every model released.

 

I guess that's the underlying reason I just want the reports and the scores, the analysis portion I think at least the consistent readers of this forum probably know enough to not need the fancy pieces.


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Starting Score: 1/05 upper 500's??Current Score: FICO: EQ 783, TU(98) 790, EX 814(Vantage) 779(CS) Goal Score: .....800 IS ON MY BUCKET LIST! EX ,BITE ME! .:smileyvery-happy:
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Established Contributor
dharalex
Posts: 607
Registered: ‎09-08-2011

Re: New Credit Score Website

<.Edited to remove a full name, co-owner of this site, Oops, so sorry!


Starting Score: TU:676;EQ:648 8/2011
Current Score: TU:738; EQ: 739 ;EX: 729 6/2012
Goal Score: 760


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Goal Score: 850

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New Member
zulemara
Posts: 2
Registered: ‎02-17-2012

Re: New Credit Score Website

I was looking into signing up with this site and did a Google search and came back here(My FICO monitoring from myfico just expired).  Anyway, does anyone have current opinions or is anyone a current member willing to give testimonials? It seems legit, yet there are some obvious grammatical errors on the site and I'm not entirely sure I'm comfortable with it.  

Frequent Contributor
tubesock
Posts: 423
Registered: ‎09-12-2009

Re: New Credit Score Website


zulemara wrote:

I was looking into signing up with this site and did a Google search and came back here(My FICO monitoring from myfico just expired).  Anyway, does anyone have current opinions or is anyone a current member willing to give testimonials? It seems legit, yet there are some obvious grammatical errors on the site and I'm not entirely sure I'm comfortable with it.  


The site still says 'Coming Soon'...so I doubt you can sign up.

FicoTU 780 | Credit Karma 781 | Credit Sesame 780
EQ 673 Dec2011 | Current: 695 Nov2013 | Goal: 720+
UTL: 54% Dec2011 | Current UTL: 21% | Goal UTL: 0% June2014
AmxZync | CapOne 1k | Comenity 1.1k | Target 3k |NFCU Visasig 5k | Goodyear 5.8k | CitiSimplicity 10.2k
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Valued Contributor
android01
Posts: 1,205
Registered: ‎09-22-2009

Re: New Credit Score Website


llecs wrote:

I bet they are running afoul with CBCInnovis, which is the company that provides their tri-merge reports for this service. Typing on assumption, they're probably realizing that these pulls are intended for mortgage applicants only as opposed being used as a CMS.

 

Outside of my guess above, they could have planned this out a little better. I have started a couple of online startups and it's not all that cheap. Then there are other considerations like privacy, securing payment info, securing the reports, etc. I'll also suppose that they are being charged based on volume via CBCInnovis and it's difficult to guage that without modifying prices in the beginning. In the end, if they get it running, the hiccup will be short lived. If the security is in place and you are comfortable with that, then I don't see any lost business because of this delay. In the end it will work out for them.


I think potential problems with CBCInnovis may be just the small tip of a very large iceburg.  All of the credit bureaus make BIG bucks peddling their PLUS scores and VANTAGE scores to people who don't really know any better.  They are going to protect their financial interests at all costs including make life very difficult for a small startup like this.  Then there is MyFico and Fair Isaac itself.  MyFico doesn't really have any competition for FICO scores and reports.  Fair Isaac gets a significant portion of its annual revenues from MyFico reports.  Would they welcome the competition?  No.  What business truly welcomes additional competition particularly when you have a virtual monopoly on something?  Not only that, but this new site will offer scores from EX, which MyFico can't do at the moment, giving the Road to 850 a competive edge.  

 

There are huge forces at work here.  It's a real life David and Goliath scenario with of a lot of really powerful, big companies with huge financial stakes in the products they sell.  If the Road to 850 becomes live and working, it may very well force those that only provide competing scores (PLUS,VANTAGE etc.) the impetus to get real FICO scores and reports to provide their customers, including maybe a reconciliation between EX and Fair Isaac so we can again get our EX reports here at MyFico.       

EQ FICO - EQ08 - 850 - 6/17/14
TU FICO - TU08 - 850 - 6/17/14
EX FICO - EX08 - 850 - 6/17/14
Regular Contributor
lovely222
Posts: 209
Registered: ‎12-10-2010

Re: New Credit Score Website


android01 wrote:

llecs wrote:

I bet they are running afoul with CBCInnovis, which is the company that provides their tri-merge reports for this service. Typing on assumption, they're probably realizing that these pulls are intended for mortgage applicants only as opposed being used as a CMS.

 

Outside of my guess above, they could have planned this out a little better. I have started a couple of online startups and it's not all that cheap. Then there are other considerations like privacy, securing payment info, securing the reports, etc. I'll also suppose that they are being charged based on volume via CBCInnovis and it's difficult to guage that without modifying prices in the beginning. In the end, if they get it running, the hiccup will be short lived. If the security is in place and you are comfortable with that, then I don't see any lost business because of this delay. In the end it will work out for them.


I think potential problems with CBCInnovis may be just the small tip of a very large iceburg.  All of the credit bureaus make BIG bucks peddling their PLUS scores and VANTAGE scores to people who don't really know any better.  They are going to protect their financial interests at all costs including make life very difficult for a small startup like this.  Then there is MyFico and Fair Isaac itself.  MyFico doesn't really have any competition for FICO scores and reports.  Fair Isaac gets a significant portion of its annual revenues from MyFico reports.  Would they welcome the competition?  No.  What business truly welcomes additional competition particularly when you have a virtual monopoly on something?  Not only that, but this new site will offer scores from EX, which MyFico can't do at the moment, giving the Road to 850 a competive edge.  

 

There are huge forces at work here.  It's a real life David and Goliath scenario with of a lot of really powerful, big companies with huge financial stakes in the products they sell.  If the Road to 850 becomes live and working, it may very well force those that only provide competing scores (PLUS,VANTAGE etc.) the impetus to get real FICO scores and reports to provide their customers, including maybe a reconciliation between EX and Fair Isaac so we can again get our EX reports here at MyFico.       


Excellent anaylsis. Can't wait to see what will happen next. 

 

GIVE US EX SCORES NOW! lol

6/13: FICO TU (Walmart): 750
6/13: FICO EQ (Score Watch): 769
Goal: 780+, 0 Balances, No app'ing! (For real this time!!!)
Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011

Re: New Credit Score Website


llecs wrote:

I bet they are running afoul with CBCInnovis, which is the company that provides their tri-merge reports for this service. Typing on assumption, they're probably realizing that these pulls are intended for mortgage applicants only as opposed being used as a CMS.

 

Outside of my guess above, they could have planned this out a little better. I have started a couple of online startups and it's not all that cheap. Then there are other considerations like privacy, securing payment info, securing the reports, etc. I'll also suppose that they are being charged based on volume via CBCInnovis and it's difficult to guage that without modifying prices in the beginning. In the end, if they get it running, the hiccup will be short lived. If the security is in place and you are comfortable with that, then I don't see any lost business because of this delay. In the end it will work out for them.

  That would be my guess!  The tri-merge people have always been very protective of providing information on their reports to anyone other than the one who purchased the report direct from them.  They always told me i could not provide copies of the report because i was not a "credit reporting agency".  That was their position when credit scores became available to us in the mortgage business.   

 


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