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Registered: ‎03-01-2007

FAQ for myFICO customers about Experian-based FICO scores

[ Edited ]

Q: What change is currently taking place between Experian and myFICO?
A: Fair Isaac Corporation has received notification from Experian of its decision to terminate the agreement which allows the distribution of FICO® Scores and Experian reports from www.myFICO.com.

 

Q: When will myFICO stop offering Experian FICO® scores and credit reports to consumers?
A: After February 13, 2009, Experian FICO® scores and credit reports will no longer be available through myFICO.

Q: What myFICO products contain Experian FICO® scores and credit reports?
A: There are three myFICO products that include Experian FICO® scores and credit reports:

  • Suze Orman’s FICO® Kit
  • FICO® Credit Complete
  • FICO® Standard
Q: I recently bought Experian reports and scores from myFICO. Will I continue to be able to view this information after Experian products are no longer available for purchase?
A: Yes. The products you’ve purchased will continue to be viewable through your myFICO account according to the original product specifications:
  • Suze Orman's FICO® Kit -- viewable until the Kit expires
  • FICO® Credit Complete/FICO® Standard -- viewable for 30 days after purchase

Q: Who made the decision to terminate this agreement between Fair Isaac (myFICO) and Experian?
A: Experian made this decision and notified Fair Isaac Corporation.

Q: Why did Experian make this decision?
A: Their reasons are not clear to us at this time and we do not believe it appropriate to speculate.

Q: What web sites currently offer the Experian FICO® score?
A: Currently, myFICO is the only web site that provides consumer access to Experian FICO® scores.

Q: Doesn’t Experian offer the FICO® score on its own web site?
A: No. While Experian offers its own scores (not developed by Fair Isaac) to consumers, it does not provide FICO® credit scores.

Q: After they are no longer available from myFICO, where will I be able to obtain my Experian FICO® score?
A: As a consequence of Experian’s decision, after February 13, 2009, there will be no authorized distributor of FICO® scores based on Experian data to U.S. consumers. This means that consumers will no longer have access to those FICO® scores.

Q: What can consumers do to get their Experian FICO® scores after they are no longer available from myFICO?
A: At this time we know of no plans by Experian to make FICO® scores available to consumers.

Q: I currently receive my Experian FICO® score free each month from my bank on my online statement. Will I continue to receive these scores?
A: Yes. We are not aware of any move by Experian to discontinue their participation in this valuable program for consumers.

Q:
Will lenders continue to use FICO® scores?
A: Yes. Experian will continue to work with Fair Isaac to provide lenders with the FICO® scores they use in their lending decisions.

Q: Aren’t I entitled to a free FICO® score from each bureau every year?
A: Currently, the law (FACTA) provides free annual credit reports from all three credit bureaus to consumers -- but not credit scores.

Q: Are the other bureaus likely to terminate their agreements with myFICO at this time?
A: We have contracts with Equifax and TransUnion that ensure the continued availability of FICO® scores to consumers.

 



Message Edited by Barry on 02-04-2009 01:16 PM

Formerly consumer affairs manager, media spokesman and myFICO Forums community manager at FICO, I'm now freelance writing for CreditCards.com and my own site, SpeakingOfCredit.com.

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