Experian has stopped offering FICO scores to U.S. consumers

[wilee]

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ShanetheMortgageMan wrote:
I haven't read all of this thread but isn't there some sort of consumer group that lobby's for the consumer's right to know their actual FICO scores?  I think it should be a US Law that every consumer should have the ability to get an annual free credit report as well as annual free FICO scores.  I guess the grey area would be why just FICO scores and not Experian's own proprietory scoring system too?  Or why not all variations of TU's scores either?  I do see that it would be complicated to determine which scoring model score would be the free one to get, but some  information is better than no information IMO.

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There really doesn't need to be any grey area. The free report should include ALL information that would be provided to ANY potential lender. If the CRA provides 3 different scores to lenders, it should provide 3 different scores to the consumer. 

[KAG1966]

My thoughts are that this is not right, consumers have the right to know what there scores are and now this company is denying that right except to lenders. Apparently from how I interpret it, is that you are not going to be able to get your score at all. I dont blame myFICO at all. Experian is the one to blame.

[ArrogantExperian]

This demonstrates with great clarity the arrogance of Experian. The fact that they are able to snub thier nose at consumers and get away with it leaves me speechless. Where are the consumer's rights? If lenders are using FICO scores, not the "Experian Plus" score then how can I find my Experian FICO score?

As a consumer, before I apply for credit, I will ask the creditor which credit agency they use. If they use Experian, then I will decline placing my application with the creditor and tell them why. The only power consumers have is to vote with our business. Of course, the key to this strategy is that lenders are actually "lending" money!

I say, pay cash and to heck with the credit industry! Cash is King!

[AndoGirl]

Experian's decision to discontinue offering FICO scores to the consumer is unfair.  With so much going on in the world today, this is simply another way for people with "power" to keep the consumer limited.  We have a right to know our scores more so than the lenders and if we are not allowed to access such information about ourselves, this company/business should not be allowed to be a major credit bureau.  This company already limits access online & on the phone to consumers; therefore, what is the purpose of keeping them.  They do not help the consumer!

As much as I gripe about Equifax, I must say that over the years, they have stepped up their game.  They are more consumer friendly that any of the three "major credit bureaus".

Experian needs to get a grip & remember that they are a business too that can be dissolved.

[MattH]

I have sent emails to media financial writers.  I suggest we all do so, because our best hope of getting this decision reversed quickly would be if somebody in the media takes up the matter and pummels them in the court of public opinion.

[Uborrow-Upay]

"Experian's decision to discontinue offering FICO scores on myFICO"

This is going to be an unpopular opinion, but here it comes...

BIG DEAL, and so what?  This is nothing more than a brand war.  

Experian wants lenders to use its scoring model rather than FICO's.  If the weatherman says the temperature is right at freezing today,  is it 32 degrees outside or is it 0 degrees?  Kinda depends on if you go by Fahrenheit or Celsius, and as long as everybody's on the same page, regardless of which page that is, we're all going to be wearing our mittens!

If a lender uses Experian's scoring model, and Experian is providing that score to you for a fee, how is that in any way affecting anyone except FICO?  

All of the principles put forth on this forum for building and maintaining a good credit rating still apply, and I don't really care if they call my credit rating a FICO, a Vantage or whatever.  The important thing here is to have access to the same score and information being seen by the lenders.

So, don't let any of this ruin your day.  It's just Coke and Pepsi.  Grab one, grab the other, or both ... and watch TV for the rest of this morning!

[haulingthescoreup]

Well, the issue is that the overwhelming majority of lenders DON'T use Experian's PLUS score; they use the FICO score.

So I understand the analogy between Fahrenheit and Celsius (just used it on another post; great minds thinking alike, lol), but the problem is that no one knows or understands how the PLUS score weights factors on your credit reports.

So it's more like comparing true temperature to wind chill or something. This is very much a case of apples and oranges.

[Uborrow-Upay]

Haulingthescoreup,

Great minds do think alike!

That being said, we are two entirely different individuals, and we used different "scoring models" to come to the same conclusion!

I'm sure that Experian is trying to have its client lenders use its model exclusively rather than FICO's. It's just good business for them. I also believe (without proof, of course) that lenders will get both flavors of score for a while until those lenders can implement their own scoring procedures onto the new Experian model.

Waddaya think?

[LisaJ]

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I am disgusted, disappointed, and more than a little disgruntled.  I really think that it is unfair for nformation about ME, that I have some degree of control over, is unavailable to ME.  I don't see how Experian can deny individuals the right to access information about their OWN credit. The score is a vital part of the credit equation, and since it is almost imossible to guage how simple actions might affect one's score (I have three new accoints and two new inquiries, doubled my util, and my score went UP--go figure) and I can't imagine how consumers can take control over their credit without this information.

I am shaking my head here. Shame on you, Experian.

[UpUpUp]

Personally, i think we all should contact our local government and look into consumer rights and laws. We can't make them sell their product through other venues, but we ARE entitled to have an avenue to obtain our own credit scores and files.  I really see this as a violation of rights since there is now no way to obtain our EX score.