Petition for FREE SCORE ACCESS, Always

[Anonymous]

Fair Isaac has duped our banks into believing they need their product.  Just as our politicians control us through fear, Fair Isaac has manipulated the banks through fear.  (If you don't use our product, you'll lose tons of money.  You need us.)

These scores do not represent an accurate lending risk.   Every late payment you've ever had counts against you, and virtually nothing good you've ever done counts for you.

If Fair Isaac is going to grade me on my lend-worthiness, then they owe me access to my information.  For FREE.  Not once a year, certainly not the pathetic once every two years.  Always.  Any time I want to see them.

Fair Isaac is a corporation.  Corporations need to make money.  The only source of income FI should have is from lenders doing hard pulls.  Lenders charge the consumer for this service anyway.  So, we pay either way, coming or going.  They don't need $40 from me for a one time pull. 

I would like this thread to serve as a petition directly to Fair Isaac. GIVE US FULL, FREE ACCESS TO OUR CREDIT REPORTS.

Thanks for listening

lamb

[Walt_K]

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@Anonymous wrote:

Fair Isaac has duped our banks into believing they need their product.  Just as our politicians control us through fear, Fair Isaac has manipulated the banks through fear.  (If you don't use our product, you'll lose tons of money.  You need us.)

These scores do not represent an accurate lending risk.   Every late payment you've ever had counts against you, and virtually nothing good you've ever done counts for you.

If Fair Isaac is going to grade me on my lend-worthiness, then they owe me access to my information.  For FREE.  Not once a year, certainly not the pathetic once every two years.  Always.  Any time I want to see them.

Fair Isaac is a corporation.  Corporations need to make money.  The only source of income FI should have is from lenders doing hard pulls.  Lenders charge the consumer for this service anyway.  So, we pay either way, coming or going.  They don't need $40 from me for a one time pull. 

I would like this thread to serve as a petition directly to Fair Isaac. GIVE US FULL, FREE ACCESS TO OUR CREDIT REPORTS.

Thanks for listening

lamb

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These kinds of hysterics are unhelpful.  I have 7 accounts that went seriously late middle to late 2008.  Multiple went 120 days some 150 days.  They are still on my reports.  My scores are in my signature.  I estimate my TU score is probably 20 points higher because I let a large balance post right before my last score was pulled.  In any event, it clearly is not true that nothing good you do counts for you.  Otherwise my scores would still be in the tank.

As for the argument that they should have to give you the score for free, people only think this because they stop to think about what a credit score is.  It's an analysis of the data in your credit report.  Why are you entitled to their analysis of that data?  Banks use internal risk scoring models as well that take a FICO score as one metric to input into their models.  Are you entitled to their analyses as well?  If you were going to enter into a business venture with someone and they hired an independent third party to review your business plan and make a recommendation, are you entitled to a copy of that report? 

It's not your credit score.  It's someone else's analysis of the data in your report.  I see no reason why you're entitled to it.

[llecs]

It's my understanding that everytime you pull your FICO report through here, FICO pays $$$ to the CRAs for the report and data access. Who would pay for that? The taxpayer?

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@Anonymous wrote:

GIVE US FULL, FREE ACCESS TO OUR CREDIT REPORTS.

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annualcreditreport.com for free report access.

[Anonymous]

I agree that it would be nice to receive credit reports whenever you want for free but myFico is a company and just like any company they need to make money.. It'd be nice if I went to McDonald's and got what I wanted for free too.. They have employees they need to pay and they need to make a profit.. It'd be nice but it's not reasonable... You can go get a FAKO score for free at CreditKarma if you'd like. Once a day.

[Anonymous]

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@Anonymous wrote:

I agree that it would be nice to receive credit reports whenever you want for free but myFico is a company and just like any company they need to make money.. It'd be nice if I went to McDonald's and got what I wanted for free too.. They have employees they need to pay and they need to make a profit.. It'd be nice but it's not reasonable... You can go get a FAKO score for free at CreditKarma if you'd like. Once a day.

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thanks for the creditkarma tip.  sort of a useful tool, but not really, since fako's don't matter one little tiny bit.

not one of you has managed to sway my point of view, and belive it or not, i'm a pretty open minded person.

fico does not provide me with a service, as mcdonalds does.  they provide undeserving bankers with a service.  a service that slanders hard working, well intentioned people.  if they provided me a useful service, i would pay for it.  for example, a credit repair service, or back massages.  but they don't.  they protect the interests of corporate criminal gambling bankers, who took our bailouts and bought condos and went on vacations instead of reinvesting in the economy.

i am the american economy.  so are you.  why would we collectively allow this sort of counterproductive activity to take place.  i don't remember giving fico permission to access my personal financial information...did you...?

if someone is going to slander your name, don't you want to know what they're saying?  if i were to slander you publicly, would you pay me for a copy?  would you thank me for my service?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I agree that it would be nice to receive credit reports whenever you want for free but myFico is a company and just like any company they need to make money.. It'd be nice if I went to McDonald's and got what I wanted for free too.. They have employees they need to pay and they need to make a profit.. It'd be nice but it's not reasonable... You can go get a FAKO score for free at CreditKarma if you'd like. Once a day.

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thanks for the creditkarma tip.  sort of a useful tool, but not really, since fako's don't matter one little tiny bit.

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It's a ballpark figure if you ask me.. My girlfriends CreditKarma was 20 pts off but mine right on the money. 603 CreditKarma and 603 myFico EQ

[Anonymous]

I also understand that you're not happy with this credit game but the whole world is playing so we're kind of forced to play along.. If you could find a way to change it you'd be a BILLIONARE and please don't forget about us

[Anonymous]

pacman, you're hilarious.

there is a way to change it.  several million americans writing letters to their congressmen DEMANDING change.

this is an unregulated industry.  all we want is regulations.  free access is a good place to start.  complete eradication will take more time.

the reason average americans don't demand this change is because of the mystery shrouding fico.  i mean, come on, i'm educating mortgage lenders on the difference between the big three and fico.  these people are trained to know these things, but they know nothing.  i've been told dozens of times by industry "professionals" that fico is not a corporation, but only a score.  very sad, very deceptive.

how fair is it that the only negative on my report is student loans?  perfect car loans, never late, perfect rental history (much more indicative of a mortgage situation, in my opinion), never late.  but my score is 593 because of Lack Of Credit.  fair?  absolutely not.  if i've never paid rent late, why would a lender worry about me paying a mortgage that is a fraction of my rental costs?  i pay $850 for rent, but the $700 mortgage seems risky...

foolishness.

[Anonymous]

Actually, FICO does provide you with a service.  If FICO (or something like it) didn't exist, you would be responsible for keeping records and forwarding those records to lenders and CCCs when you app'ed with them.  Do you want to do that? 

Yes, you did give FICO access to your permission the second you app'ed for a credit card or loan.  Don't want FICO to have your info?  Never participate in any transactions other than cash transactions.

FICO does not "slander" your name.  FICO simply reports your mistakes.  FICO does not judge your credit worthiness, it just puts all of your credit history on a few sheets of paper so that lenders can judge your credit worthiness.  Yes, "good" actions on your part may not necessarily count for anything, but why should they?  Why do you feel like you need to be rewarded for doing the right thing? 

[llecs]

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@Anonymous wrote:

 i don't remember giving fico permission to access my personal financial information...did you...?

if someone is going to slander your name, don't you want to know what they're saying?  if i were to slander you publicly, would you pay me for a copy?  would you thank me for my service?

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I think that's where the confusion lies. They don't have your number. They don't have your reports. You have to give them permission and they have to give that permission to the credit reporting agencies to access your info. You have to give them the green light. They don't have a magical database full of names and FICO scores. Once you buy a score without any subscription, you will only have 30 days to look at it. After 30 days, it is forever erased and isn't accessable by anyone.

With regards to bankers and creditors, again, you have to give them permission to access your reports and access a FICO score if they use it. FICO does not provide this information without your permission. There is no database out there with regards to FICO and scores.