Identity Guard's assessment of FICO

[llecs]

This is found in their Q&A:

Q.Is the credit report and score I get from IDENTITY GUARD the same as my FICO score?
No, the score we provide to you is based on data from the three credit bureaus, via CreditXpert. Although certain economic conditions affect the flexibility of your credit score, CreditXpert provides a much more accurate assessment of your credit score than FICO because it’s based on data from the past two years.

Funny stuff.

[Anonymous]

Yep.  They give me a 781 with a bk discharged last year.

Too bad I can't get CostCo Amex (or anyone else) to pull them! 

Message Edited by beamMEup on 03-03-2010 08:41 AM

[fused]

---

llecs wrote:

This is found in their Q&A:

Q.Is the credit report and score I get from IDENTITY GUARD the same as my FICO score?
No, the score we provide to you is based on data from the three credit bureaus, via CreditXpert. Although certain economic conditions affect the flexibility of your credit score, CreditXpert provides a much more accurate assessment of your credit score than FICO because it’s based on data from the past two years.

Funny stuff.

---

Oh, my!!!!!!!

[haulingthescoreup]

This would explain why the vast majority of lenders have dumped classic FICO scores in favor of the FICO NextGen scores, which emphasize the past two years!

(note: hardly anyone switched to NextGen, much less the FAKO version developed by the three CRA's )

Nice to see the FAKO vendors still hanging in there, though.

[Anonymous]

It boggles my mind that car companies have to meet certain requirements for things like headlight or roof height, builders have to use a certain thickness of glass, you can't drink until you're 21...

...but companies like this can completely mess with people all day and get away with it because there are basically zero restrictions on credit reporting. Why are FAKO scores even allowed to exist? What purpose do they even serve? I can't understand why any CRA would feel the need to lie about something like this on one website, then be completely up front about it on another.

I'm not a fan of governmental regulations, but I would very much like to see Papa Fed shove a boot up some CRA bottoms.

[marty56]

---

@Anonymous wrote:

...but companies like this can completely mess with people all day and get away with it because there are basically zero restrictions on credit reporting. Why are FAKO scores even allowed to exist? What purpose do they even serve? I can't understand why any CRA would feel the need to lie about something like this on one website, then be completely up front about it on another.

I'm not a fan of governmental regulations, but I would very much like to see Papa Fed shove a boot up some CRA bottoms.

---

Othere than the fact that very few lenders use them, there really isn't anything wrong with FAKO scores as long as they are not advertised as the same credit score most lenders use or something like that.  Is a FAKO score any less accurate than a FICO score? Who knows.

Be carefull of wanting Papa Fed to get involved here since the bottom the boot goes up usually winds up being ours.

[Anonymous]

---

@marty56 wrote:

Be carefull of wanting Papa Fed to get involved here since the bottom the boot goes up usually winds up being ours.

---

Too true. It just seems that for all the federal regulations we have, the credit reporting side of it doesn't get its fair share.