Why do we have to PAY for FICO Scores??

[Pants]

I agree and disagree.. FICO scores are expensive. But in terms of rebuilding your credit, knowing your FICO score is not that important. You should be focusing your efforts on what is on your credit report, and researching solutions how to fix it. A FICO score is like a Premium channel on cable TV. . It is not necessary to rebuild your credit. You SHOULD ONLY buy your FICO when considering a loan...If not..Don't buy it if you can't afford it. Pay the extra $10 to $15 on a debt if you are maxed out. As far as programs for people to get free FICO scores. I disagree. It would be nice if there were free programs out there to get a FICO score. I certainly don't like to pay for it!!! But it would also be nice if there were more free programs out there to give me free concert tickets ,free cell phone, free navigation for my car, give me free high speed internet.. Do you see where I am going with this?

Message Edited by Pants on 08-14-2008 05:01 AM

[marty56]

---

Pants wrote:
I But in terms of rebuilding your credit, knowing your FICO score is not that important. You should be focusing your efforts on what is on your credit report, and researching solutions how to fix it.

---

Very well said.

[Pants]

You probably could get credit monitoring free for 9 months. (It looks like True Credit). This is due to a Class Action Lawsuit with Transunion. All you need to have to qualify is a credit card from 1987 to 2008. If your looking for something free to monitor your credit score.. (they are fako scores) here's a chance..

This is the link...
https://www.listclassaction.com/claim/Default.aspx

Message Edited by Pants on 08-14-2008 04:01 PM

[Anonymous]

The CRAs have to pay stockholders just like any other big company.

[smallfry]

Remember how much telephone service used to cost a way back in the old days? Now here's the thing. It never did cost the phone company any more money if you used the service and over time this fact was exploited.

How much do you really think it costs FICO to produce a score for you? I pay 12.76. I don't know their cost structure but to venture a WAG I would say there is 10 bucks of air in there.

[score_building]

---

imducky wrote:

sorry, i just don't agree with you. unless of course you routinely work for free and don't expect any compensation for your time and talents.

---

I also agree and disagree.  which 'talents' exactly are you referring to- the fair isaac formula and the roster of duties of each employee, and how are you quantifying their value?  how much profit is it reasonable to be compensated for said time and talent w/ respect to a financial system that one or someone like one had nothing to do with setting up?  and whcih you gotta pay and pay dearly to play...i wonder if you would disagree if you were a paragon of will and morality who still hadn't found a way out of cyclical urban or rural poverty or a way into a financial system set up by the monied classes for their benefit. 

---

imducky wrote:

fyi, you can improve your credit w/o knowing your fico score, and you can obtain 1 report a year for free from each of the big 3 at annualcredit report dot com

---

true and valid point but only the poor are forced into that guessing game that you apparently deem to be fair.  It isn't a mistake that a poor person still may not be able to afford to buy their score. how literal:  the poor don't know the score (ie.  can't play on the same level playing ground as the monied classes).

your credit score isn't like a princeton review class for a grad school exam.  It's not elective:  everyone should have equal access regardless of income, sorry i think you've somewhat oversimplified the plight of the poor and how it degrades their possibility for financial advancement in the current system.

Message Edited by score_building on 08-15-2008 03:10 AM

[score_building]

---

FretlessMayhem wrote:
The scoring algorithm is proprietary.

Think of it like Kentucky Fried Chicken original recipe chicken. Does everyone have the right to the secret formula? It's there for the taking, but there's only one way to get it.

And my God, is it delicious. *drool*

---

Even KFC has a dollar menu with the exact same access to the finger licking good chicken.  I'm not saying that they shouldn't be compensated for a proprietary formula.  how much profit is reasonable when your talking about a system that has been imposed on your financial possibility and you happen (silly you) to be poor

[score_building]

---

Pants wrote:
 But it would also be nice if there were more free programs out there to give me free concert tickets ,free cell phone, free navigation for my car, give me free high speed internet.. Do you see where I am going with this?

Message Edited by Pants on 08-14-2008 05:01 AM

---

i think the first part of your post which i didn't quote here for brevity is a v. helpful rejoinder

but then no i don't see where you are going at all in your conclusion if you think that high speed internet, cell phone, and premium channel!!  in any way shape or form can be equated with access to a credit score.  For heavan's sake almost everyone touts the importance of a cs (and i don't mean FAKO) to any financial transaction including providing shelter -a basic need.  it is possible that i am missing something about the validity of a credit score being a luxury item that should be available only to those who can afford to pay for such.  however, it just doesn't seem as cut and paste as the examples given...

[haulingthescoreup]

---

@smallfry wrote:

How much do you really think it costs FICO to produce a score for you? I pay 12.76. I don't know their cost structure but to venture a WAG I would say there is 10 bucks of air in there.

---

The score is produced by the CRA, not by FICO. myFICO is the consumer portal through which we can access our scores. FICO has to pay the CRA's every time we yank our scores.

That's why they can't come up with an affordable 3-in-1 FICO monitoring product. Only EQ appears willing to work with them, judging from the long partnership in Scorewatch. myFICO would love to have something like this, but it can't be done without all 3 on board.

So I'm sure FICO's getting its share from score pulls, but I don't know that it's a huge one.

[Pants]

The poster specifically mentioned about obtaining a free FICO score for the purpose of rebuilding credit. Knowing your FICO score is not needed to rebuild credit. ONLY if you plan to apply for a loan.

At which case.. If you can't afford the $12.76 for a FICO Score what makes you think you can afford a loan payment?

FICO scores are a service. Supply and Demand sets the price. The reason obtaining your FICO score costs so much is because people are willing to pay that price.

FICO scores are not like a Utility like a phone company. These days you NEED a phone. You CAN live without a FICO score..