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Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

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


Pappy214 wrote:

Guardian wrote:

It is your RIGHT to "manipulate" the system if you will, that is why we need to understand things to make things better, our motto as the greatest country in the world right? or are we now saying that we should be more like communist countries where information is blocked and censored to keep their people living in ignorance and dominate them easier, cause that's exactly where this is going.


This is where experian is going! As long as we can still get our TU and EQ I say "FUDGE OFF experian!"  In fact it is my lowest score by far since they continue to report a collection as a "factoring company" installment account. I am just going to freeze that one, and force lenders to pick EQ and TU, my two good scores.


I agree with you in principle but not in practice. As long as there are businesses out there that decide things affect us that rely on Experian, it will affect us and nothing we can do about it. We only have power to a certain point, not enough to turn the tide. Keep in mind that depending on where you live EQ and TU are useless to you because the businesses will pull nearly exclusively from Experian. I find it discusting practice but it happens. You can freeze out vendors and force them to choose but ultimately its up to them who they go with and you can take it or leave it and imagine how that will effect you in the most practical of the sense.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

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


haulingthescoreup wrote:
edit to add: sorry, I broke the first rule of posting on a hot thread and didn't hit the "quote" button! :smileyvery-happy: This was in response to Guardian's post.

Don't know if it is a breach. Maybe it's a refusal to renew? Businesses part ways all the time, and not always by mutual agreement.

I'll have to go back and re-read.

And I agree that there's reason for people to be upset. This reminds me horribly of when the first big wave of American Express AA's got started. When enough members got upset, they started attacking one another, when it wasn't the fellow members who were the initial problem; it was American Express.

Message Edited by haulingthescoreup on 02-04-2009 04:47 PM

Yeah :smileyhappy: that's why I quote just to cover myself :smileyhappy: I don't mind if it was about me, it just happened to come after my post and I responded keeping in mind just in case.

 

Businesses part ways true, but if they have binding contracts that hold EQ and TU as they claim, they can't possibly have a contract that is so flimsy as to let EX off the hook that easy, there is some hanky going on and some concessions were made and we will not know the extend of FI's involvement until they decide whether they want to bear some responsibility for this mess and disclose it or not. Good times :smileysad:

 

Off topic: Just for the record, if anyone and I mean anyone ever feels attacked by me, please know that I don't do that. Just because I might disagree, I will never disrespect another person's view by attacking. I have even been known to apologize to people if I ever feel ON MY OWN, that I came across that way, so there are those that can vouch for that, for the record. If you ever feel that way, KNOW it was not intended that way, just hit me up and give me a chance to own it and explain and you will ALWAYS be happy to know it was NEVER personal.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

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

I am in my 6th year of credit repair with about 4 more years to go until my major derog falls off my CRs.  I want 800 scores as bad as anyone here but we should not loose site of the real prize - A credit report free of derog information, low credit util and INQs.  We all know what we need to do to improve our credit report and thus credit scores even if we cant see them all anymore.

 

No one knows what will happen to credit scoring in the future but again dont loose site of the goal of having perfect or near-perfect credit regardless of what credit scoring system is used and whether we can see the scores or not.

09/12/2013 FICO: EQ: 772 EX:813 TU:752
Established Contributor
Posts: 513
Registered: ‎04-03-2007

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


wilee wrote:
Time for government intervention. Until the federal government REQUIRES the cra's to provide ALL (credit scores included) the SAME information to the consumer as they provide to the customer (ie lender) about the consumer, this will continue. I'm not a fan of big government, but this would be an area where consumers would actually benefit from more regulation.

I am not usually a fan of government intervention either. Government "reforms" usually benefit the CRAs and lenders, not the consumer.

 

The Fair Credit Law only requires that the CRAs provide "A" credit score not a relevant or meaningful credit score. That is like applying for a loan and giving "A name and Social Security Number", not your real name and number.

 

. Leave it to politicians financed by CRAs and lending institutions to institute consumer protections like that. The bureaus also have to give "reasons why the scores weren't higher". The reasons do not actually have to be VALID reasons. Any old reasons are good enough to conform to the letter of the law.

 

It is only dumb "feel good" meaningless reforms that the politicians will ever enact. There is however a law that does have some teeth that I believe could possibly apply to this situation.

 

The bureaus provided their own FAKO scores for years since the law didn't specify that the scores had to be actually used by anybody. The FAKO scores are pretty much a flop with both lenders and consumers.

 

The bureaus colluded to make their own unified (Vantage) score take the place of a FICO score. The Vantage scores have been rejected pretty much by lenders and consumers alike.

 

The action taken by Experian is clearly a move to make consumers (and eventually lenders) dependent on the Vantage score.

 

Can anybody say monopoly?

 or

 Combination_In_Restraint_Of_Trade

An illegal compact between two or more persons to unjustly restrict competition and monopolize commerce in goods or services by controlling their production, distribution, and price or through other unlawful means.

Such combinations — whether in the form of a contract, holding company, or other association — are prohibited by the provisions of the Sherman Anti-Trust Act and other antitrust acts.

 

 

An illegal compact between two or more persons to unjustly restrict competition and monopolize commerce in goods or services by controlling their production, distribution, and price or through other unlawful means.

Such combinations — whether in the form of a contract, holding company, or other association — are prohibited by the provisions of the Sherman Anti-Trust Act and other antitrust acts.

 

 

As long as Experian was cooperating by making the popular FICO scores available to consumers in the free market place, I had no problem with the three bureaus colluding to provide  Vantage Scores.

 

Now that the consumer FICO scores are being blocked in order to further the interests of three competing entities with a monopolistic joint venture (Vantage Score), I believe that some anti trusts laws just might apply. Sherman can you hear me??? :smileytongue:

  

 

Established Contributor
Posts: 513
Registered: ‎04-03-2007

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


mmfsr wrote:

EXPERIAN READ THIS!!! 

 

Flat out .... I will ask creditors what credit bureau that they use for their decisions ... if they respond experian than I will tell them directly that I will not do business with you nor apply for credit with you because experian does not provide consumers with their Fico score. 

 

The buck always stops at the end consumer!!! If a lender or creditor get enough negative feedback about experian then they will relay that back to experian or use a different bureau.


 

How do you like my new Siggy  :smileyhappy:

 

Frequent Contributor
urgent_help_needed
Posts: 268
Registered: ‎01-23-2009

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

I got the impression Equifax was the most pulled score by lenders.....is that true?
Established Contributor
CreditDrama85
Posts: 1,014
Registered: ‎07-03-2007

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

whenever i apply for something TU and EX are always pulled. EQ is never pulled except for the occasional auto lender. i wonder how long this will last? it seems illegal for a consumer to be denied the right to access their EX fico score. lenders already do not tell the truth and are too concerned with receiving kickbacks and making people think their credit is worse than it is. this is going to be a nightmare.
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

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


CreditAble wrote:

mmfsr wrote:

EXPERIAN READ THIS!!! 

 

Flat out .... I will ask creditors what credit bureau that they use for their decisions ... if they respond experian than I will tell them directly that I will not do business with you nor apply for credit with you because experian does not provide consumers with their Fico score. 

 

The buck always stops at the end consumer!!! If a lender or creditor get enough negative feedback about experian then they will relay that back to experian or use a different bureau.


 

How do you like my new Siggy  :smileyhappy:

 


Your freeze is missing an E but I love it :smileyhappy:


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008

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


urgent_help_needed wrote:
I got the impression Equifax was the most pulled score by lenders.....is that true?

Not in my case, I hardly ever get any activity on my equifax, that's why the myFICO Equifax alert system so useless to me. All 3 then yeah, its something but alone its nothing.


Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Established Contributor
Posts: 513
Registered: ‎04-03-2007

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


fused wrote:

urgent_help_needed wrote:

what exactly is the rational for Experian selling 3 different FAKO scores? They could probably make just as much money just selling one. No idea why.



Experian makes more money

by not having to pay for Fico scores,

 

It is cheaper to employ a bunch of chimpanzees to operate a random number generator. Of course there are three different random number generators.

 

The "most accurate" random number generator is supposed to be the Vantage Score generator since it produces the same arbitrary results as the model used by the monkeys over at Equifax and TransUnion.  :smileyvery-happy:


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