topic Re: Contact Experian to Protest Fico Score in General Credit Topics

Contact Experian to Protest Fico Score

CreditBob — Fri, 23 Sep 2011 16:46:39 GMT

I just sent Experian an email to their corporate office. As consumers we do have the right to know why they no longer will do business with Fair Isaac. So I would encourage each member to write them at the below listed address. In addiiton I would like to here from the myfico team what they were told by Experian to why business relations have been called off.

Experian
475 Anton Blvd.
Costa Mesa, CA 92626-7037

Re: Contact Experian to Protest Fico Score

p- — Fri, 23 Sep 2011 16:51:44 GMT

@CreditBob wrote:
I just sent Experian an email to their corporate office. As consumers we do have the right to know why they no longer will do business with Fair Isaac. So I would encourage each member to write them at the below listed address. In addiiton I would like to here from the myfico team what they were told by Experian to why business relations have been called off.

Experian
475 Anton Blvd.
Costa Mesa, CA 92626-7037

What business relations?

Re: Contact Experian to Protest Fico Score

CreditBob — Fri, 23 Sep 2011 16:56:35 GMT

Before a year & a half ago or so all of us members were able to pull a Experian credit report & fico score. At that time they had business relations with myfico. For the last 18 months none of us can even see our fico score specifically for Experian unless we have a lender do it.

Re: Contact Experian to Protest Fico Score

Mekitcat — Fri, 23 Sep 2011 17:32:23 GMT

This is a Quote from Experian's Site.

"Experian believes that consumers should regularly review their credit report and understand their creditworthiness including their credit score. In fact, Experian is the largest provider of credit reports and scores directly to consumers. We think transparency is important, and the more consumers understand about the lending process, the better informed they are when making credit decisions.

Experian’s recent negotiations to renew the master contract with Fair Isaac, which governs the sale of FICO scores by Experian to its clients, included discussions about Experian’s continued participation in myFICO. In the current master agreement between the companies, Fair Isaac (FICO) prohibits Experian from providing FICO scores directly to consumers, and it is a point in the contract that we would have liked to change.

Experian made every good faith effort to negotiate business terms that would be fair to both companies. However, Fair Isaac insisted on unreasonable terms and demands which they knew Experian could not accept, and damaged further the partnership between Experian and FICO. They then very quickly implied to the public that it was entirely an Experian decision. By not negotiating in good faith and knowingly insisting on unreasonable demands, Fair Isaac is ultimately responsible for Experian not providing its data to myFICO.com."

Myfico needs to renegotiate with EX that would be great if they could bring it back!!!

Re: Contact Experian to Protest Fico Score

Anonymous — Fri, 23 Sep 2011 17:26:14 GMT

Couldn't they still make it possible to pull their score from their website? I don't think myFico is entirely to blame. If Experian doesnt like myFico why not show your true experian score on their website as opposed to the plus score?

Re: Contact Experian to Protest Fico Score

CreditBob — Fri, 23 Sep 2011 17:29:10 GMT

Thanks for the information. I also sent Experian a message on Facebook. So I think if all of us send a message then I feel we just might have a chance. Both Fair Isaac as well as Experian are losing money because of the issues. I hope that they can work things out. What is interesting is what has been different with business relations with Transunion & Equifax????

Re: Contact Experian to Protest Fico Score

Anonymous — Fri, 23 Sep 2011 17:32:19 GMT

@CreditBob wrote:
Thanks for the information. I also sent Experian a message on Facebook. So I think if all of us send a message then I feel we just might have a chance. Both Fair Isaac as well as Experian are losing money because of the issues. I hope that they can work things out. What is interesting is what has been different with business relations with Transunion & Equifax????

That's what has led me to believe that Experian's claim that myFico is making unfair terms in kind of shaky. Their terms (assuming they're relative to each other) were not unfair according to TU and EQ accepting them.

Re: Contact Experian to Protest Fico Score

Anonymous — Fri, 23 Sep 2011 17:38:07 GMT

@Anonymous wrote:
Couldn't they still make it possible to pull their score from their website? I don't think myFico is entirely to blame. If Experian doesnt like myFico why not show your true experian score on their website as opposed to the plus score?

Experian maintains the database of the account information. FICO licenses the scoring algorithm to generate a FICO score from the data. It takes the cooperation of both entities to generate a FICO score. Experian can use alternative algorithms which are available to generate a Plus score or whatever the provider would like to call it.

The FICO score and cooperation between the two is still available to lenders, just not directly to the consumer.

Re: Contact Experian to Protest Fico Score

Anonymous — Fri, 23 Sep 2011 17:41:35 GMT

Oh ok understood. Oh and BTW HoldingOntoHope how accurate have you personally found Quizzle to be (I noticed it in your siggy).. I have a much higher score on there than I had when I pulled via AMEX about a month ago but I know my credit has been improving but I'm not sure if a 40 point jump is realistic.

Re: Contact Experian to Protest Fico Score

Mekitcat — Fri, 23 Sep 2011 17:47:44 GMT

I was looking for info on myfico about the matter and only found general things about it. I wanted to post myficos side but not enough info to really post anything.

It makes me wonder if it was a he wants she wants sort of thing;

"EX: These are the terms we want...."

"Myfico: No. How about...."

"EX: No.

"Myfico: How about...."

"EX: No.

"Myfico: Okay How about....

"EX: NO!!. And I don't want to play anymore

Who really knows....

I do question that too. Why wouldn't they allow you to buy your own fico....? hmm something tells me that they want you to spend money on their scoring model with the hopes that companies will start using their model like they use Fico. That's the only thing that comes to mind that would make sense.

Re: Contact Experian to Protest Fico Score

RobertEG — Fri, 23 Sep 2011 23:21:35 GMT

FCRA 609(f))5)(A):

"This subsection shall not be construed to require a consumer reporting agency that distributes scores developed by another person or entity to provide a further explanation of them or to process a dispute arising pursuant ot section 611, except that the consumer reporting agency shall provide the consumer with the name and address and website for contacting the person or entity who developed the score or developed the methodology of the score."

Re: Contact Experian to Protest Fico Score

Anonymous — Mon, 26 Sep 2011 20:07:56 GMT

@Anonymous wrote:
Oh ok understood. Oh and BTW HoldingOntoHope how accurate have you personally found Quizzle to be (I noticed it in your siggy).. I have a much higher score on there than I had when I pulled via AMEX about a month ago but I know my credit has been improving but I'm not sure if a 40 point jump is realistic.

I have no idea if it is even close to my FICO EX score as I haven't seen one in about 14 months. (Lender pull for mortgage). However I believe the number they give me is probably inflated in my case. My EX report closely matches my TU report so I would expect it to be a little below 700 (1 baddie). My EQ report is clean, just hit by AAoA and utilization so slightly above 720.

As with any FAKO scoring and not knowing how their algorithm works YMMV. I think Quizzle wants me to open several more accounts as a recommendation. Knowing how FICO weighs things that would decrease my FICO score (AAoA) as I already have a good mix.

Re: Contact Experian to Protest Fico Score

guydiver — Mon, 26 Sep 2011 23:18:27 GMT

@CreditBob wrote:
I just sent Experian an email to their corporate office. As consumers we do have the right to know why they no longer will do business with Fair Isaac. So I would encourage each member to write them at the below listed address. In addiiton I would like to here from the myfico team what they were told by Experian to why business relations have been called off.

Experian
475 Anton Blvd.
Costa Mesa, CA 92626-7037

It's all about the Benjamins $$$$, no more, no less. It's a business. I personally won't deal with anyone when EX is involved, just exercising my consumer rights.

Re: Contact Experian to Protest Fico Score

fused — Tue, 27 Sep 2011 00:11:07 GMT

@guydiver wrote:
It's all about the Benjamins $$$$, no more, no less. It's a business. I personally won't deal with anyone when EX is involved, just exercising my consumer rights.

That is why my EX report is frozen.

Re: Contact Experian to Protest Fico Score

Walt_K — Tue, 27 Sep 2011 20:01:41 GMT

@Anonymous wrote:
Oh ok understood. Oh and BTW HoldingOntoHope how accurate have you personally found Quizzle to be (I noticed it in your siggy).. I have a much higher score on there than I had when I pulled via AMEX about a month ago but I know my credit has been improving but I'm not sure if a 40 point jump is realistic.

This continues to be a point of confusion. The question doesn't make any sense. It's like asking how accurate you find a fahrenheit thermometer to be if you want the temperature in celsius. The thermometer is perfectly accurate as a measure of temperature. But it's perfectly horrible as a predicture of the temperature when measured in degrees celsius. Quizzle gives an accurate score for whatever scoring algorithm it is using. If you plug the same info in, you are going to get the same score out every time. But it is by design supposed to give you a different score than FICO. By design it weighs information differently.

ETA: I certainly do not mean to offend. What I meant is that the question, "Is Quizzle an accurate predictor of your FICO score?" is based on a flawed premise. Alternative scoring models are not meant to be predictors of FICO scores. It is possible that someone could come along, crunch lots of data, and try to reverse engineer the FICO algorithm. Such a person could market their score as a score that would estimate your FICO, and in that context, it would make sense to ask how accurately such a score predicted your FICO score. But that is not what alternative scoring models are attempting to do. They are competing models to predict payment default risk. By their very design, they crunch the data in a credit report differently because they have different views about the importance of that data to risk of future default. Thus, any information you get from anyone about their FICO score and another score being the same is going to be anecdotal.

Re: Contact Experian to Protest Fico Score

GregB — Tue, 27 Sep 2011 18:43:12 GMT

I agree that "how accurate have you personally found Quizzle to be" is a silly question.

It is actually way worse than comparing temperatures in two different scales. You can always convert Celsius to Farenheit by multiplying by 9/5 and adding 32.

Quizzle score is not a direct relationship to any EX FICO since it is a completely different algorithm based upon the same data. Any given change could make one go up and the other one go down.

Re: Contact Experian to Protest Fico Score

MarineVietVet — Tue, 27 Sep 2011 19:40:28 GMT

The question doesn't make any sense

I agree that "how accurate have you personally found Quizzle to be" is a silly question.

The question asked makes perfect sense and is not silly at all to the person asking it. Let's remember that and try and be a little more supportive.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Contact Experian to Protest Fico Score

Anonymous — Tue, 27 Sep 2011 21:55:04 GMT

Thanks MVV for the reminder. Even some of us who have been around the boards for a while can sometimes ask what seems to be a "Silly" question.