Valued Contributor
Posts: 1,277
Registered: ‎09-22-2009
Re: ALL 3 fico scores one site , Road to 850 aka

TNTransplant wrote:

Well, at risk of waking the elephant in the room, I’m just going to say it.  This has been on my mind, and as long as I’m suppositioning as to why I think that FICO® was just as involved as the CRAs in keeping this site from offering true FICO® scores, then here you go…


The primary reason that any of these would want the other site to be classified as a “credit repair” agency is for financial reasons - I think we all agree on that.  And as another poster stated, how can one better defeat the enemy than to discredit and distract from the real issue?


Question:  Why would FICO® be involved in this and want to restrict the other site from offering all three credit scores?


Answer:  Because it would hurt their bottom line.  This site is administered by FICO®, so I think it’s safe to say that they would suffer if consumers started buying their scores from another site.  They pretty much have the market covered, with the exception of joining a bank/credit union/Walmart to obtain true FICO® scores (yes, I know about the outlier named Equifax).  So, if I could obtain all three CRA FICO® scores monthly from one site for a reasonable fee, you better believe I’d be all over that.  And so would a lot of other people as soon as the word got out.  Ultimately, FICO® would suffer financially because they would lose sales of their own product through this site.


I've appreciated the good input from others on this thread; love the discussion - hopefully this post will be able to stay on here... Smiley Wink

The consumer services offered at MyFico add tens of millions (or more) to their bottom line.  FICO has a monopoly on FICO scores available to consumers, even though only two (TU,EQ) are offered due to what ever pissing match they with EX a few years back.  Do they want competition?  Of course not, no corporation, especially publically traded ones that have shareholders to report to every quarter (see ticker symbol FICO).  Furthermore, if you have a monopoly, you'll spend big bucks to keep it that way.  I'm not a big fan of government intervention, but if is fighting for the consumer, this ordeal deserves its day in Congress, or perhaps the Supreme Court if they can manage to fund the litigation all the way.  I'd donate to their cause if asked.  I'm pretty sure that Fair Isaac, Experian, Equifax, and Transunion would have no problem coughing up the money to try and squash it.  As I mentioned before, it's a David Vs Goliath scenario.  I hope David wins.  


On another note, if others were able to provide FICO based scores and reports on the same level that PLUS scores are available through a hundred websites, Fair Isaac would make money from that as well.  i really don't get what the big deal is with FICO.  They win anyway you look at it - as long as they are the top dog in the field, and even pretend concern for consumers.  


If anything, I think this thing with is a shot across the bow of things to come.  If FICO (and the CRA's) were smart, they'd see it this way and proactively do whatever is necessary to get consumers the scores that lenders use, including whatever issues that happened in the past with FICO and EX.  


One last thing, I know this is FICO's board I'm posting on.  I hope they read it occasionally.  It would be nice if someone tried to explain FICO's side of the argument as it isn't going to go away, and will at some point end up in a court or congressional hearing.   Consumer advocacy is a pretty big business too with many vocal advocates.    

EQ FICO - EQ08 - 850 - 01/01/15
TU FICO - TU08 - 850 - 01/01/15
EX FICO - EX08 - 850 - 01/01/15
EX FICO - V2 - 840 - 01/01/15
EQ FICO - EQ04 - 818 - 01/01/15
EQ FICO - Bankcard Enhanced 8 - 885 - 1/24/15