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Hi,
I am a newbie over here and would like to participate in the community feedback abour "Experian's decision to discontinue offering FICO scores on myFICO," only if you all do not have any problems with this.
Regards
andybell
edited to removed commercial reference
Edited.
The only thing we can do is find a way to force them out of business - we must find someone or a group of "someones" willing to start another company willing to compete in this market. Since Experian doesn't have a real competitor who will tell them that these business practices are not to be tolerated, then that is our business.... and if we don't, well we should just sit back and enjoy our beating as they WILL run over us as often as THEY choose.
I for one have had it with companies like them and if I had my way, I would insist that no business I was associated with use Experian in any way, shape or format unless they shaped up. It would be written into all my contracts with termination and loss of business being the consequence.
It seems Experian is using their position to force consumers into accepting the other "score" type numbers that are available to them i.e., Advantage Score, etc - perhaps they've had a hand in developing and marketing these number and therefore have a financial reason for not giving the FICO score any longer. If that is the case, maybe they are trying to force the Fair Isaac Corp. out of business and this is just a first lob in the attack. We shall see - shall we not! But the truth is... it does sicken me.
Perhaps by way of small solace, be aware that, when they pulled the bait 'n switch on me, i.e. sold me their b.s. credit score instead of what I thought I was getting,namely, the FICO score, I disputed the charge and was refunded my money.
I also attempted to file a complaint with regulatory agency because this seems to be a fraudulent act on their part, i.e. offering a 'credit score' without calling it by name, knowing full well that most consumers purchasing it are under the misimpression they getting the score that need, namely, the FICO score.
I have thus far been unable to find the prop reg. agency: fcc: no ftc: no. Any ideas?
If enough people make known what Experian is doing, there may well be action taken against them, at least for misrepping the sale of a score no consumer cares about, at least not this consumer.
I did a search and located an article by Alexis Leondis in Bloomberg of 2/5/09 http://www.bloomberg.com/apps/news?pid=20601213&sid=ah5D6rHqY5e0
I replied to it expressing my concern and suggesting she run an expose' on how difficult it is for consumers simply to get at what companies are using to determine their creditworthiness. I wonder if they could have a legitimate cause for keeping it close to the vest. Sort of along the lines of how Google does not want its search algorithm to be known for fear it will be used by nefarious characters to unfairly get their site ranked.
Not sure they're analogous, though.
I do think it might help if enough people let this or other reports know of consumers' concerns.
Interesting. However, when things purposely are not transparent and involve this much money and greed, history confirms the effort is less than honorable. Sorry for the cynicism but I don't see the consumer prevailing on this one!
Fair Isaac and MYFICO continue to tell us the Experian PLUS score is FAKO - yet I saw it when mortgage company pulled trimerge and Experian scores!!! Even Fair Isaac has several models...
So who's to say which algorithm is an accurate measure of credit risk? If lenders are looking for a way to disqualify a borrower, they'll find a supporting score...
It looks like we still have a ways to go on the Experian FICO issue for those who are concerned about it. With TU reporting ARMS as public records, what else will the CRA's do to the consumers?
What's next ?
Yeah, I just find it odd that they're being allowed to do this at all.
The government had to step in and require the CRA's to give us a free credit report each year to make things more transparent and give us the power to fix things that were wrong.
And now they're taking a different approach and hiding a different piece of the information from us. I wonder if there's going to be any type of government intervention at some point on this issue.