topic Re: Just thinking in Understanding FICO® Scoring

Just thinking

Anonymous — Mon, 14 Apr 2008 01:25:13 GMT

If a cc company or lender stands to make a bunch of money off of selling you something on credit .. Why dont the banks and lending and mortgage companies open a free fico score website where you can monitor this all the time.. Maybe lenders need something to gossip about at the office and they enjoy turning down people.. As much money as some of these banks and lenders make they could do this, if it didnt cut into there mercede's payments to bad... Just a thought...My bank is Bank Plus wonder what they are making off of Peyton Manning this year ???

Re: Just thinking

Anonymous — Mon, 14 Apr 2008 01:31:29 GMT

I'm sorry. I read your post four times and don't understand what you're saying.

Are you asking why lenders don't provide free FICO scores to the general public? If that is your question, it's because FICO scores and the algorithms used to generate them are the property of Fair Isaac; they don't belong to lenders. If someone were to provide this information for free, FI would still need to be paid.

Re: Just thinking

Anonymous — Mon, 14 Apr 2008 13:35:44 GMT

Bevy, because it costs money each time a credit report is pulled in order to generate a FICO score. And I'd think FICO charges for each score. So the bank would be hit 2 times on the cost.

As it would be purely an expense to the bank, with no prospect to recover those costs, there's not much chance of that happening.

Novel idea though for us to get free scores!

Re: Just thinking

Anonymous — Wed, 16 Apr 2008 01:53:04 GMT

@Anonymous wrote:
Why dont the banks and lending and mortgage companies open a free fico score website
cut into there mercede's payments to bad...

I don't think it's the mercedes as much as they might have to give up the Ferrari. Wamu gives a free FICO score for all credit card members.