topic Re: Chase Ending Free Access to FICO Score for CC holders in General Credit Topics

Chase Slate will stop providing monthly FICO score

FlaDude — Wed, 01 May 2019 15:25:32 GMT

I just got a secure message on my Slate account that they will stop providing their current "Slate Credit Dashboard" that displays the Experian FICO score on June 9, 2019. They are pushing their Vantage based "Credit Journey" instead. While Amex still provides a FICO score with some cards, they seem to be de-emphasing that too in favor of their Vantage based "MyCredit Guide", I wonder if they will follow by dropping the FICO. That also leads to the question of whether other card providers that currently give monthly FICO scores will move away from that.

Re: Chase Slate will stop providing monthly FICO score

Shadowfactor — Wed, 01 May 2019 15:35:46 GMT

Another way for banks to cut costs is all this is. FICO scores are more expensive to obtain then vantage.

Almost every major bank provides a FICO score monthly. The list is extensive.

Re: Chase Slate will stop providing monthly FICO score

Lucifer — Wed, 01 May 2019 15:42:24 GMT

3 of my 9 credit score access points are now Vantage based scores.

Re: Chase Slate will stop providing monthly FICO score

FlaDude — Wed, 01 May 2019 16:02:02 GMT

@Shadowfactor wrote:
Another way for banks to cut costs is all this is. FICO scores are more expensive to obtain then vantage.

Certainly so, that's what leads to the question of whether this will spread.

Chase Ending Free Access to FICO Score for CC holders

importxpresions — Thu, 02 May 2019 16:58:49 GMT

It is still allowing access to the Vantage Score through transunion through Chase Credit Journey. Don't know what happened but it's pretty inconvenient, so keep this in mind if your reading other posts that state you have access to the FICO score through Chase cards.

Re: Chase Ending Free Access to FICO Score for CC holders

Revelate — Thu, 02 May 2019 20:53:22 GMT

Well this actually has a wider meaning in the credit market.

Almost all the free FICO scores were provided under the FICO Open Access program with absurdly few exceptions (DCU’s program predates it for example but not many others’ do).

What FICO Open Access offered is if a lender pulled a FICO score as part of their account reviews on existing customers, they could provide that score free of charge to the customer directly.

A lot of lenders took advantage of this, but with some lenders stepping away it means something concrete:

They are no longer pulling a FICO score for their account reviews.

That has some interesting implications for the wider market, namely either FICO is too expensive compared to other algorithms or otherwise not providing a better analysis, and that lenders are switching to other algorithms for reviews and quite possibly for UW in the future.

Not a good look for Fair Issac.

Re: Chase Ending Free Access to FICO Score for CC holders

ChargedUp — Fri, 03 May 2019 01:29:10 GMT

Chase??? Using Vantage for internal scoring and CLI's???

That's it... I've had enough internet today.

Re: Chase Ending Free Access to FICO Score for CC holders

Brian_Earl_Spilner — Fri, 03 May 2019 01:36:50 GMT

@ChargedUp wrote:
Chase??? Using Vantage for internal scoring and CLI's???

That's it... I've had enough internet today.

Chase has been using them for years along with EX and EQ fico 8.

Re: Chase Ending Free Access to FICO Score for CC holders

Revelate — Fri, 03 May 2019 01:39:34 GMT

Really for the past several years the internal score Chase developed appears to have “won” the underwriting debate.

Credit Journey or whatever it is, is just keeping up with the Joneses... or more cynically a cheap way to get access to their customer’s TU dataset by peddling a Vantage Score.

Re: Chase Ending Free Access to FICO Score for CC holders

Anonymous — Fri, 03 May 2019 12:26:18 GMT

@Revelate wrote:

What FICO Open Access offered is if a lender pulled a FICO score as part of their account reviews on existing customers, they could provide that score free of charge to the customer directly.

A lot of lenders took advantage of this, but with some lenders stepping away it means something concrete:

They are no longer pulling a FICO score for their account reviews.

They could provide that score free of charge or they have to provide that score free of charge? If they have to, I agree with what you said above. If providing the FICO score that they pull is simply an option, I don't see why they could just opt to not provide it? That being said, this doesn't mean that FICO scores are no longer being pulled necessarily, simply that they aren't being provided to the customer no?

Re: Chase Ending Free Access to FICO Score for CC holders

ChargedUp — Sat, 04 May 2019 00:56:47 GMT

@Brian_Earl_Spilner wrote:
@ChargedUp wrote:
Chase??? Using Vantage for internal scoring and CLI's???

That's it... I've had enough internet today.
Chase has been using them for years along with EX and EQ fico 8.

Why would Chase use a different model for TU vs. EQ and EX? From being around MyFico, I think I've heard of maybe one or two little known banks using Vantage for anything along the lines of decision making...

Re: Chase Ending Free Access to FICO Score for CC holders

FinStar — Sat, 04 May 2019 03:22:44 GMT

@ChargedUp wrote:
@Brian_Earl_Spilner wrote:
@ChargedUp wrote:
Chase??? Using Vantage for internal scoring and CLI's???

That's it... I've had enough internet today.
Chase has been using them for years along with EX and EQ fico 8.
Why would Chase use a different model for TU vs. EQ and EX? From being around MyFico, I think I've heard of maybe one or two little known banks using Vantage for anything along the lines of decision making...

It is my understanding that Chase CC lending does not use VS. Their proprietary model is CARS for all CC originations inclusive of CLIs.

Re: Chase Ending Free Access to FICO Score for CC holders

Revelate — Sat, 04 May 2019 20:03:06 GMT

@Anonymous wrote:
@Revelate wrote:

What FICO Open Access offered is if a lender pulled a FICO score as part of their account reviews on existing customers, they could provide that score free of charge to the customer directly.

A lot of lenders took advantage of this, but with some lenders stepping away it means something concrete:

They are no longer pulling a FICO score for their account reviews.

They could provide that score free of charge or they have to provide that score free of charge? If they have to, I agree with what you said above. If providing the FICO score that they pull is simply an option, I don't see why they could just opt to not provide it? That being said, this doesn't mean that FICO scores are no longer being pulled necessarily, simply that they aren't being provided to the customer no?

Perhaps in some universe, but please provide one rational reason why they would simply stop providing it: they built all the infrastructure to do it, getting rid of it takes actual money, and why take away any consumer service unless the reward was there for doing so?

What is the reward in this case? The actual cost to providing it was negligible if near zero compared to the rest of their infrastructure, it just doesn't track unless they couldn't do it anymore.

Occam's razor applies here.

And yes I was explicit with my wording of "could" it is not mandatory as you suggest.