Re: MyFico Sucks
12-10-2012 01:33 PM
When I say FICO is a monopoly, I mean, for example, that I can't tell a creditor what score I subscribe to and have them use that score. I'm stuck with whatever scores creditors decide to use. So I have to pay for those scores even if I don't like them. Monopoly is a complicated concept. You can be a monopoly by tying things together in such a way that it's difficult for competitors to compete because they would have to break in to those ties. Creditors use FICO because other creditors use FICO. Consumers don't have any choice in the matter.
In any case, regardless of monopoly status, consumers should have the right to know exactly what will happen to their credit score if they take a particular action. They should be able to ask, if I open this bank account, how many points is my score going to drop?
A country where people are judged by numbers calculated in secret is more like a communist dictatorship than a free country. People who love freedom should be fighting hard against that. It might not seem like a big deal compared to what happens in totalitarian countries, but it is, because freedom is lost one step at a time, over a long period, when apathy causes people to let it happen.
My score watch score went down 12 points over the past year, while my overall credit situation was actually improving so much that it would be more appropriate for me to have a 100 point increase than a 12 point decrease.. The information I get from score watch does not give any clue at all of why it happened. It just gives me ridiculous nonsense, such as to tell me one of the main reasons it went down now is because of something that happened years ago.
I think people should demand a right to know the exact real reasons for score changes, and should contact their representatives in Congress about the possibility of such a law, because FICO is not likely to ever make such changes on their own initiative for the benefit of consumers, since their whole purpose is to find negative stuff about consumers, not to do anything to help them.