topic Re: Why do we have to PAY for FICO Scores?? in General Credit Topics

Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 20:45:52 GMT

I think that it's absurd that if you are poor and struggling with bad credit to begin with and you want to improve your credit that you have to PAY to get your FICO scores and Credit Scores/Reports. They always want you to buy a subscription (montly/yearly) just to get some information that should be given to you in the first place. How do they expect you to fix these problems when they are exploiting us and getting us for more money??!!! I don't agree with it....I think I should start a petition to send to the government so that they can offer programs for people who can't afford to pay for their scores so that they can get them for free.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 20:52:09 GMT

sorry, i just don't agree with you. unless of course you routinely work for free and don't expect any compensation for your time and talents.

fyi, you can improve your credit w/o knowing your fico score, and you can obtain 1 report a year for free from each of the big 3 at annualcredit report dot com

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 21:56:33 GMT

Ducky is right, there already is a government program through the FTC (I think) with www.annualcreditreport.com. There is also the FCRA that states you have the right as a consumer to receive a free report within 60 days of being declined credit.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:18:56 GMT

I have to agree with Clove. Business have to pay to get something put on your credit report and you have to pay them to see it. If all the information was guaranteed to be 100% correct on your reports, I wouldn't have an issue with paying - but it's not. CRA's report whatever is sent to them and you can either sit here like a stump and apply for credit unknowingly - or you can pay to see what is on there. Many many times the information is incorrect, so you have to keep purchasing the reports to make sure it has been corrected. I know that I have personally had to get things corrected from the same accounts more than once (wrong info listed, get it removed, and it comes back).

I don't mind so much paying a fee but I do think it shouldn't be as costly as it is.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:24:54 GMT

as has been pointed out, there are several mechanisms in place for a consumer to correct thier reports for free.

i fail to see why you need a fico score to correct inaccuracies. fair isac sells a formula that uses the info contained at the agency to assign a number, they are far removed from reporting. why should you be entitled to fair issac's product for free?

as for the reporting and issues with avenues to obtain your reports, if the FREE ones aren't plentiful enough already lobby your lawmakers to obtain a change in the law. if enough people feel the way you do the laws will be adjusted.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:27:17 GMT

The scoring algorithm is proprietary.

Think of it like Kentucky Fried Chicken original recipe chicken. Does everyone have the right to the secret formula? It's there for the taking, but there's only one way to get it.

And my God, is it delicious. *drool*

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:28:03 GMT

There are other free scores out there to let you know, bad, good, great, explanation of your score position. Won't be exact but tells you your credit shape.

WaMu.com credit card holders get free monthly PFICO scores.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:33:43 GMT

ya know i was just thinking in addition to the legislated free reports, there are about a kagillion re-sellers out there now. i would venture that if you wanted to one could sign up for a free trial membership and obtain a 3 agency report monthly.

of course you would have to spend the time and effort to cancel before the billing starts.

Re: Why do we have to PAY for FICO Scores??

marty56 — Wed, 13 Aug 2008 22:34:35 GMT

FretlessMayhem wrote:
Think of it like Kentucky Fried Chicken original recipe chicken. Does everyone have the right to the secret formula? It's there for the taking, but there's only one way to get it.

And my God, is it delicious. *drool*

Churches Chicken Spicy (Teaxs)

Poineer Chicken (California only)

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:35:56 GMT

marty56 wrote:

FretlessMayhem wrote:
Think of it like Kentucky Fried Chicken original recipe chicken. Does everyone have the right to the secret formula? It's there for the taking, but there's only one way to get it.

And my God, is it delicious. *drool*
Churches Chicken Spicy (Teaxs)
Poineer Chicken (California only)

sorry popeyes is tops for me. try telling all your high school buds your a "batterman" with a straight face.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:36:30 GMT

You don't need a score to correct inaccuracies, but you do need to know what your score is before you apply for any type of credit - especially a car or house - so that you have a bargaining chip with the finance rates. I subscribe montly to TC's 3-in-1 service to keep an eye out for inaccuracies, but the scores are no where near correct.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:40:20 GMT

tidbit1 wrote:
You don't need a score to correct inaccuracies, but you do need to know what your score is before you apply for any type of credit - especially a car or house - so that you have a bargaining chip with the finance rates. I subscribe montly to TC's 3-in-1 service to keep an eye out for inaccuracies, but the scores are no where near correct.

i agree with the validty that it is wise to know where you stand prior to a major purchase, but bear in mind that there is no law that says you are even entitled to know your fico score. up until recently you couldn't even purchase it, some could sweet talk it out of a loan officer and that was the only way it used to be obtained.

with that in mind be thankful that we as consumers finally have the luxury of purchasing them now.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 22:54:43 GMT

I am thankful that I can see my scores - it would just be great if they were a little less costly. I also wish the reports were more accurate and that business were fined for reporting inaccurate information - especially if they do it more than once. It cost consumers time and money to correct these inaccuracies - but the businesses aren't really held accountable. It's all really just a pain in the arse.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 23:30:10 GMT

Some lenders will tell you what your score is for free, if you ask them. but there is chance they could lie to you.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Wed, 13 Aug 2008 23:33:00 GMT

Justn wrote:
Some lenders will tell you what your score is for free, if you ask them. but there is chance they could lie to you.

i ask when i have them on the phone. some tell me, others say it's not permitted because they are an end user of the info, not a seller. more often than not they tell me.

sometimes when they say they can't tell me i just ask is it still above x and they will say yes or no.

Re: Why do we have to PAY for FICO Scores??

haulingthescoreup — Wed, 13 Aug 2008 23:42:40 GMT

There are reports. These are compilations of all the junk that your creditors send to the credit reports about you. As mentioned, everyone is entitled to one free one once a year from each agency, and there are well-publicized methods of cleaning them up. Plus, as also mentioned, there are the various credit-monitoring services to help stay on top of things.

Then there are FICO scores. Again as mentioned, these are the results of a proprietary formula. Just as writers want to be paid for their books, and musicians want to be paid for their music, and dressmakers want to be paid for their creations, and artists want to be paid for their paintings, FICO wants to be paid for its work. It's not a hobby for them, even though this is a hobby for me. (periodic reminder that myFICO mods are unpaid volunteers)

Re: Why do we have to PAY for FICO Scores??

smallfry — Thu, 14 Aug 2008 01:37:50 GMT

I personally think they would make more money if they offered all three for 20 bucks.

Re: Why do we have to PAY for FICO Scores??

Anonymous — Thu, 14 Aug 2008 02:19:09 GMT

We can always be optimistic and remind ourselves how part of the expense of the scores goes to operating the forums!

Re: Why do we have to PAY for FICO Scores??

haulingthescoreup — Thu, 14 Aug 2008 02:27:47 GMT

@smallfry wrote:
I personally think they would make more money if they offered all three for 20 bucks.

Big problem with this is that FICO has to pay the CRA's when a myFICO score is pulled. EQ cooperates, probably because they're in Scorewatch together with FICO. But TU and EX each have their own FAKO's, err, in-house alternative scoring systems, to flog, and they're not motivated to support access to the real scores.

We request and pay for our FICO scores here, but myFICO is a just a portal. The scores are actually crunched at the CRA's and sent back here. TU and EX know that eventually, we'll pay, so they aren't motivated to lower their cost to myFICO.

Believe me, the myFICO marketing people know how much money they could make if they could offer an affordable ongoing 3-bureau credit-monitoring product.

Re: Why do we have to PAY for FICO Scores??

rsant101 — Thu, 14 Aug 2008 02:31:22 GMT

Clove, I completely understand where you are coming from, however, I also have to disagree for the various reasons already mentioned in the thread. We all work for a living (unless you are very fortunate, lol). I imagine you would not show up to work if suddenly your company (or client) stopped paying you for your services. Price like your wage is merely a supply and demand issue. Scores are just another income stream for the major three.

That issue aside, I urge that you should really concentrate your time on the inaccuracies in your report and to create a strategy to dispute/remove those items. Concurrently, to change the various habits that placed you in the situation that you are in now. This all takes alot of time. Behavior modification is going to be your biggest hurdle.

After you have taken the time to clean your report then begin to concern yourself on the various strategies to increase your score. Which in all honesty, will also take some time. Time is on your side.

On personal note, all too often I have taken out the card (debit and chage) to pay for that morning cup of coffee. I now give myself cash every week and it seems to help me out on my budget. I brown bag lunch. We live in a consumer driven society. We have to learn to save.

Naturally, I dont mean to presuppose anything and since you are on this website your are already on track. I wish you the best of luck.