I wanted to share an idea with everyone to which I just sent a letter as well as filled out the request form for Fair Isaac aka MYOPIC. Experian does not have an agreement with MYOPIC. So here is an idea & I would like to see what anyone else thinks. This would not only benefit each consumer but it would generate revenue for MYOPIC.
On the MYOPIC website allow an online form that allows consumer members to fill in blanks that they fill in themselves from information that is in their Experian credit report. The same fee of $ 19.95 would apply in the same way that would apply as if you were accessing your Equifax & Transunion. It would be also stated, and a box would have to be checked off to user terms, that the score is based off of the information the member has entered. But if there is any missing data or data that is inaccurate then the score would not be the same as what the lender sees.
So I am hoping that Fair Isaac will consider this. So as long as each person entered in the complete & accurate date then I know that it would work. The computer IT team or the computer programmers at MYFICO could set it up on the website. So if it were my company I would definitely do it because it would give my business more income.
I love the myFICO spell checker. We need to add "MyFICO" to it.
I do see a couple of challenges that need to be overcome for this to work...1) Experian probably won't allow myFICO to use their name and likeness in this project, especially when money is involved. 2) The internal coding probably won't translate. There are hidden codes associated with each item (e.g. some comments are scored and others not) and FICO needs these codes to generate a score. Also, most folks don't even pull their full reports. They'll pull from a 3rd-party service and these don't show the full picture (e.g. the 7-yr history). And finally and most importantly 3) MyFICO has to have Experian's permission to use an EX FICO and that probably won't happen. EX owns the FICO score and not FICO.
I do believe that anything is possible and I am not going to give up yet. This is how I look at it. The credit report belongs to me. The mathematical formula belongs to Fair Isaac. And as far as using the Experian name, their name does not have to be on the report. Let's say I submitted information from a credit report but did not specify what credit bureau that it came from, then the Experian name is not being used. I am optimistic and Experian will not deter me from at least trying. My understanding is that the information from a credit report is dumped on FICO's algorithm formula.
As far as the coding goes it can be changed or formatted differently. The FICO computer personnel could pull it off. Failure is not an option.