Re: MyFico Sucks
12-09-2012 06:09 AM
......Myfico is a monopoly.
I'll offer a different viewpoint and will try to demonstrate that it is far from a monopoly. Lenders can choose whatever score they want, or even skip a score all together. There are dozens of other scores out there that can be used by lenders like VantageScore, ScoreX, CreditXpert score, and so on. Then there are other consumer credit scores in use like PLUS, TransRisk, Equifax Credit Score, CE Score, and many others. On this alone, FICO is just a small cog in the machine. What sets FICO above all the rest is the quality. Their analytics is years beyond everyone else and a better predictor of risk, otherwise lenders would use VantageScore or something else.
Choosing whether or not to use a credit score is up to the lender. Choosing a FICO or a FAKO is up to the lender too. If a vast majority of the consumers out there want to buy Toyotas and drive Toyotas, it doesn't make Toyota a monopoly. It was the consumer's choice. Likewise with a credit score, if a vast majority of lenders picked FICO above all others due to their accuracy, it doesn't mean FICO is a monopoly and it doesn't mean lenders are engaged in monopolizing FICO.
SW isn't designed to give specific reasons, only generic reasons to a score change. We (meaning fellow forum users) always recommend to subscribe to a CMS outside of any myFICO product so you can see the exact changes. They aren't required by any law to provide more info within their product. It's how it is designed. Quite frankly they should charge a bit more and add more reports, but that's me. And SW will tell you very specific reasons why a score changed like balance increases, added inquiries, added accounts, added baddies, account stati changes, etc.
I'll agree though on the cancellation issue, if true. I never needed to cancel anything; I just re-subscribe when my CC info changes. But folks should be able to cancel online if they cannot now.
Disclaimer: myFICO mods are all volunteers here. Someone one here might read the above and think that I/we work for myFICO. Other than access to a corporate jet and a rubber tree plant, I don't get paid peanuts. j/k. I subscribe just like everyone else.