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Interesting find on EX PLUS scores from AMEX creditsecure

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Mega Contributor

Interesting find on EX PLUS scores from AMEX creditsecure

amexcreditsecure.PNG

 

What makes a PLUS score. Thought that was interesting...




EQ FICO 548 3/3/16
Message 1 of 12
11 REPLIES
Moderator Emeritus

Re: Interesting find on EX PLUS scores from AMEX creditsecure

Did they include this statement from EX?

 

Calculated on the PLUS Score model, your Experian Credit Score indicates your relative credit risk level for educational purposes and is not the score used by lenders.

Message 2 of 12
Mega Contributor

Re: Interesting find on EX PLUS scores from AMEX creditsecure


MarineVietVet wrote:

Did they include this statement from EX?

 

Calculated on the PLUS Score model, your Experian Credit Score indicates your relative credit risk level for educational purposes and is not the score used by lenders.


Didnt see that anywhere on there...




EQ FICO 548 3/3/16
Message 3 of 12
Moderator Emeritus

Re: Interesting find on EX PLUS scores from AMEX creditsecure

It's near the bottom of the first page of the EX website.

 

Capture.JPG

Message 4 of 12
Frequent Contributor

Re: Interesting find on EX PLUS scores from AMEX creditsecure

I think the disclaimer is part of the settlement with the government over advertising of "credit scores". I don't believe it means lenders can't use PLUS scores. In fact, I bet EX would love their proprietary model to gain more traction with lenders.
Message 5 of 12
Moderator Emeritus

Re: Interesting find on EX PLUS scores from AMEX creditsecure


ctb89 wrote:
I think the disclaimer is part of the settlement with the government over advertising of "credit scores". I don't believe it means lenders can't use PLUS scores. In fact, I bet EX would love their proprietary model to gain more traction with lenders.

I agree that it doesn't prevent lenders from using PLUS scores but it also clearly says that lenders DO NOT use the PLUS score.

 

Therefore the PLUS score is useless.

Message 6 of 12
Mega Contributor

Re: Interesting find on EX PLUS scores from AMEX creditsecure


MarineVietVet wrote:

ctb89 wrote:
I think the disclaimer is part of the settlement with the government over advertising of "credit scores". I don't believe it means lenders can't use PLUS scores. In fact, I bet EX would love their proprietary model to gain more traction with lenders.

I agree that it doesn't prevent lenders from using PLUS scores but it also clearly says that lenders DO NOT use the PLUS score.

 

Therefore the PLUS score is useless.


Prosper (online loan service) uses a form of PLUS score to make loan decisions. Thats the only one I know about that uses it.




EQ FICO 548 3/3/16
Message 7 of 12
Moderator Emeritus

Re: Interesting find on EX PLUS scores from AMEX creditsecure

Prosper uses a ScoreX Plus which is much different from PLUS. I recently applied at Prosper and decided to pull my PLUS the same day. My ScoreX Plus was 60 points higher than PLUS.

Message 8 of 12
Mega Contributor

Re: Interesting find on EX PLUS scores from AMEX creditsecure


llecs wrote:

Prosper uses a ScoreX Plus which is much different from PLUS. I recently applied at Prosper and decided to pull my PLUS the same day. My ScoreX Plus was 60 points higher than PLUS.


That is true, its a version of EX PLUS.




EQ FICO 548 3/3/16
Message 9 of 12
Moderator

Re: Interesting find on EX PLUS scores from AMEX creditsecure


LS2982 wrote:

llecs wrote:

Prosper uses a ScoreX Plus which is much different from PLUS. I recently applied at Prosper and decided to pull my PLUS the same day. My ScoreX Plus was 60 points higher than PLUS.


That is true, its a version of EX PLUS.


Interesting; I know Prosper has been on-again / off-again from a credit reporting perspective, but if they're using the scores does this mean they're now back to reporting to at least EX?

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 10 of 12