@Anonymous wrote:
I find it absurd that consumers don't have access the FICO scores. These FAKO scores are mostly useless. It might as well be a random number generator that is loosely influences by information in your credit report. Two can be obtained but you have to be part of the right CU or CC. At a site like myFICO, there should be a product offering for all 3 FICO scores.
I started a petition on the whitehouse.gov website to promote the transparency that we should have with access to FICO and credit scores when we want/need to access it. Probably won't make the signature requirement, but I thought I'd make one anyway.
Your link isn't working on here and possibly was disabled by myFICO's forums. Unfortunately items like polls or petitions aren't allowed on myFICO anyway because spammers have used them in the past, and some polls cross into politics which can't be discussed on here anyway (along with sex, race, religion, etc.).
I'll take a stab though and had it gone through, it's a Congressional action vs. executive. It's Congress that has to pass a law for the president to sign that would mandate myFICO (or elsewhere) to provide all 3. And a law like that won't pass because it would mandate a company to do this or that. It's just like asking Congress to pass a law to provide free food because we need to eat. Or passing a law that requires car dealerships to give everyone free cars because we need to drive. Mandating free scores whenever we want won't happen.
As a consumer, I also wish we could easily access all 3. I don't mind paying $15-$20 per score if I could access all 3. Unfortunately the issue is a bit more complex. FICO (or myFICO) doesn't own the credit data by which to provide a FICO. The credit reporting agencies (Experian, TransUnion, and Equifax) own the data by which to create a score. Everytime you buy a FICO score and report on here myFICO has to fork out $$$$$ to get access to the report info and in turn create a score. MyFICO and the CRAs have a contract to provide each and it was Experian a few years ago that broke the contract and prevents myFICO from accessing their data to create an EX FICO.
I can safely speak for most on here and say that we'll all like to have access to our EX FICO, but it's Experian that made that decision. They made that decision because instead of receiving less money from myFICO, they figured they can make more money by selling FAKOs instead. Most consumers out there don't know the difference between a FAKO and a FICO. So, they try to compete with FICO by their PLUS or Vantage FAKO and Congress won't squash competition (and they shouldn't). FICO shouldn't be the only one out there. One day FICO will slip up and provide an inferior product and Congress shouldn't mandate that a given company always be #1.
It's also complex because you have more than 3 FICO scores. There are different model versions and model years of your FICO score. For example, the EQ FICO on myFICO is most commonly used. But it's 8 years old. There's a newer that only a few years old (Beacon 9.0). Aside from that there are CC-enhanced FICOs that weigh your CC experience more, installment-enhanced FICOs that weigh your loan experience more, mortgage-enhanced FICOs that weigh your mortgage experience more, auto-enhanced FICOs that weigh your car experience more, and others like NextGen FICOs, and so on. I think myFICO is behind the 8-ball on this one because if they offered all the FICOs for sale, I'd buy them, especially prior to a major purchase or app. But it's also the 2 remaining CRAs that dictate to myFICO which scores can be sold, so they may not have a choice in the matter.
There are places you can get your FICO score though. The below describes some of the places you can get a FICO. And by law, if a FICO score was used in the decision of a denial or adverse credit action, then you can already get that for free. And some lenders, like mortgage lenders, already provide it if you apply.
You're limited on the places to get your FICO score.
You can only buy your EQ FICO from myFICO, your lender, or from Equifax.com (buyer beware: the scores they push are a FAKO, but your EQ FICO can be purchased through EQ).
You can only buy your TU FICO from myFICO or your lender.
Finally, you can only buy your EX FICO from your lender. As of a few years ago, Experian blocked consumer access to your own EX FICO.
Aside from the above, you can also get your FICO scores for free or at a reduced price. Banks and CUs will offer it as a benefit. M&T Bank, Unitus Community Credit Union, and Digital Credit Union each offer an EQ FICO. You can get your TU FICO from Wal-Mart or Merrick Bank if you have CCs with them. And you can get your EX FICO from PA State Employees Credit Union (PSECU) if you have a checking account with them. There are other CUs out there that will offer a FICO if you ask them as part of a benefit for being a member.
