myFICO is a rip off! Give us our money back!

[alsobob]

I have posted on other parts of this board about how my scores haven't gone up even after a judgment was removed.  My wife & I are two weeks away from closing on a house and I have used the Score Watch service and bought 2 Experian scores and 1 TU score in the last month.  None of the scores matched the lender pulled FICO scores.  I have spent over $100 on a "service" that is no more accurate than Credit Karma or Quizzle.  

It's beyond unfair and really dishonest that myFico brands themselves as the only "true" credit score, especially when the individual scoring models vary from place to place.  

The notion of paying such a high premium for information that is so easily attained is just patently unfair.  $60 for 3 credit scores, really?? 

The people at myFico are almost as bad as some of these debt collectors.  You just play the other side of the coin.  Telling us that we need the "true" score when in many instances, you use scoring models from FICO that very few other lenders use. 

This isn't the service I paid for, and definitely not the service I've gotten.

Telling me that my score is the true score isn't true.  You should use the scoring model that the majority of other lenders use.

Ironically, the only REALLY useful part of this site has been the forum boards which are free, for now.

FICO:  you make enough money on people by having this scoring system.  Stop ripping us off telling us that we need to use your service when you are admittedly no more accurate than any of the other free sites.

[DaBears]

OP, There is currently over 50 different scoring models being used today. FICO is used by 90% of lenders. 

[Gunnar419]

I agree that MyFICO's score selling products are sub par. They can be slow, vague, hard to understand, and hard to use (like having to constantly reset your target score to something that is actually NOT your target score if you want to get SW alerts). MyFICO customer service is notoriously slow, rude, and just plain bad.

But ripoff? No. FICO is selling FICO scores. In that, they're telling the truth and delivering what they promise. The solution if you don't like the product is don't use it.

[guiness56]

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@Gunnar419 wrote:

I agree that MyFICO's score selling products are sub par. They can be slow, vague, hard to understand, and hard to use (like having to constantly reset your target score to something that is actually NOT your target score if you want to get SW alerts). MyFICO customer service is notoriously slow, rude, and just plain bad.

But ripoff? No. FICO is selling FICO scores. In that, they're telling the truth and delivering what they promise. The solution if you don't like the product is don't use it.

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+1

And to educate yourself on FICO scores before deciding to puchase a product.  There are just to many posts to count with information about the different model/versions of FICO scores and what is sold here.

[CS800]

There are many scoring models even for 'FICO'; you have different versions used by different lenders.

Myfico does sell you a FICO score; that in itself doesn't classify as a ripoff. Now whether your lender or lenders in general use the FICO version as myfico is not up to myfico.

While I agree that there needs to be a standardized scoring model, myfico delivers what it advertises and provides you with a FICO score not FAKO.

[alsobob]

My point is that they charge a lot of money for something that they say 90% of lenders use.  But every lender I've talked to doesn't use the same scoring model they use.  Lenders including Wells, Quicken Loans, and many others use older scoring models.  By that logic, if the guys at myFico are saying they're the industry standard, shouldn't they use the scoring models the vast majority of lenders use?

 So to pay nearly $60 for the 3 scores and to think that the score you were just given is the same score that your lenders use is in fact misleading and therefore a rip off.  We are all consumers here and should get each others' backs because ultimately at some point or another, we have been harmed by this difficult to understand and secretive scoring system.  FICO, EXP, TU, and EQ all make a lot of money off of us who are trying to see the scores they use to determine the quality of life we live.  We have a right to expect more than what we are getting.  

Those of you who defend their marketing and money grabbing policies don't see what I'm saying and probably never will.  But don't tell me I'm wrong for feeling that I'm getting ripped off when I pay for a FICO score but my lender who uses FICO scoring models arrives at a different FICO score because they used a different FICO scoring method.