topic Re: Experian credit score in Understanding FICO® Scoring

Experian credit score

cjane1 — Tue, 21 Dec 2010 02:28:38 GMT

With Experian not giving us our credit score do you think that possibly companies won't consider them when considering giving credit? It would be nice if it back fired on them.

Re: Experian credit score

haulingthescoreup — Tue, 21 Dec 2010 15:35:52 GMT

Oh, heck no. Neither lenders nor credit bureaus care a flip about consumers.

edit: cna't splel

Re: Experian credit score

vanillabean — Tue, 21 Dec 2010 06:46:40 GMT

Then again, the lenders and the bureaus move at a different pace when it comes to shifting models of scores. While the bureaus in recent years have promoted their own score models with impressive eagerness, lenders are notoriously reluctant. Mortgage buyers and rating agencies would have to retool their systems.

It was easy back when FICO was the first, with Fannie Mae and Freddie Mac endorsing the FICO scores; there was no other score, and therefore no systems for the buyers and the agencies to retool. The selling of scores to consumers may even have kicked off before the bureaus launched their own scores.

FICO has had a taste of it too, given FICO 08's lack of widespread popularity among lenders. FICO 08 may well be my favorite model of scoring (AUs for family only, lol). But if we look ahead, you would think something has to give sooner or later. If we roll back into no lender-used scores for consumers, will a future law step in to mandate access to such scores?

Re: Experian credit score

Walt_K — Tue, 21 Dec 2010 19:26:17 GMT

Why would a lender care if EX sells scores to consumers. The lender only cares about EX to the extent it can provide accurate information that provides them with a risk assessment. Now if consumers decided to boycott lenders who pulled EX until EX provided scores, then you would at least have a reason for the lender to consider not using EX. But they have no direct interest in whether EX sells scores to consumers.