Re: Experian roles out new credit score
06-29-2012 12:59 PM
IMHO if I was a CRA I would not invest any money in this since their potential list of customers could be affected by state and local regulations.
Would you please clarify that? Experian is a CRA, and their list of customers are banks... what state regulations govern the underwriting policies of banks with regards to which scores they pull / databases they can check?
A payday lender would have to pay to pull your credit from a CRA or a third party who provides access to a CRA. If I ban payday lenders then the customer base goes down unless a bank or cellphone/cable company wants to work thaat that customer base.
Except the data sources are more varied than that, and it's not the PayDay Lenders that will be buying this score. The problem is they're the ones with the data, and somehow that's got to get into the system.
This score is going to be used in the Cashcalls, Plaingreens, etc of the world potentially; probably not PDL's where they don't check credit anyway AFAIK.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 672, Wally TU 682, EX 680ish (1/12/14)
Goal Score: 700 in all three (01/01/15)
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