Re: ALL 3 fico scores one site , Road to 850 aka mycreditpl
05-02-2012 07:42 PM
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 mycreditplan.org 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 mycreditplan.org 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.
Excellent post - very well written, and true.
Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754