topic Re: How is this legal in Rebuilding Your Credit

How is this legal

kal9988 — Thu, 29 Jul 2010 19:30:46 GMT

How is it legal for Experian to deny us access to the same credit scores that lenders use to judge us? For all the things that went into the new credit protection law, why would this get overseen?

Re: How is this legal

Anonymous — Thu, 29 Jul 2010 19:55:27 GMT

I don't think it was over looked. As a business they can sell their product to whomever they choose.

Re: How is this legal

kal9988 — Thu, 29 Jul 2010 20:43:47 GMT

Yes but as they have a monopoly on our ability to purchase a home, certainly they should have requirements to allow us to view our score. Just as legally, Experian has 30 days to investigate disputes, they should be required to give us a way to purchase the scores.

Re: How is this legal

Anonymous — Thu, 29 Jul 2010 21:47:42 GMT

I certainly would agree that it is a oligopoly but in no way a monopoly. A few is better than only one.

Re: How is this legal

RobertEG — Fri, 30 Jul 2010 04:22:08 GMT

The FCRA clearly does not ignore the issue of availbility of credit scores to consumers. FCRA 609(f) goes into detail in stating that a CRA is not obligated to provide scores generated from their data by a third party, such as FICO, or to entertain any disputes regarding the availability, or content, of a credit score.

It is called capitalism. Congress, unless there are unfair trade practive issues, usually stays clear ot telling private companies how to run their business.

Credit scoring was initially developed with the creditors as the sole market. Yes,they later saw consumer interest in seeing their scores, so branched out into the lucrative side-market of additionally offering to sell scores directly to consumers through such sites as myFICO. EX, for whatever reason, has decided to bow out of that market.

It is legal because congress has never made it illegal.

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 15:49:01 GMT

I'm signed up Experian's credit monitoring (which I am finding very helpful while trying to rebuild my credit) and my EX credit score is included.

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 15:52:39 GMT

@Anonymous wrote:
I'm signed up Experian's credit monitoring (which I am finding very helpful while trying to rebuild my credit) and my EX credit score is included.

Your EX devised score is included, which is a FAKO, not a FICO score.

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 16:02:27 GMT

Im not sure I understand what you mean - the only score I am getting from them is my EX - would that not be their correct score?

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 16:05:00 GMT

Sure it's correct - it's correctly their version of what they want to market as a credit score.

It just isn't a FICO, which is the standard that lenders use.

FICOs, by the way, aren't just one score - there's versions (TU98 vs. TU04) and others (Auto enhanced) that are FICOs.

Experian does not sell their FICOs to consumers. You can get EX FICO scores through a lender or through one credit union in PA.

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 16:07:07 GMT

really? What a bunch of rubbish! and here I thought I had the real deal!

Re: How is this legal

MarineVietVet — Fri, 30 Jul 2010 16:11:07 GMT

@Anonymous wrote:
really? What a bunch of rubbish! and here I thought I had the real deal!

What you get at Experian is called a Plus score. Don't feel so bad. I certainly didn't know that until I came here.

Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. I keep reading you can buy your Equifax score at www.equifax.com but I have yet to find the option of buying just a score without credit monitoring.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Re: How is this legal

vanillabean — Fri, 30 Jul 2010 17:01:05 GMT

@MarineVietVet wrote:

I keep reading you can buy your Equifax score at www.equifax.com but I have yet to find the option of buying just a score without credit monitoring.

Interesting wording. I take it a score with a credit report without monitoring isn't what you're looking for.

Re: How is this legal

kal9988 — Fri, 30 Jul 2010 17:23:37 GMT

welcome to the scam that is FAKO

Re: How is this legal

MarineVietVet — Fri, 30 Jul 2010 17:45:37 GMT

@Anonymous-own-fico wrote:

@MarineVietVet wrote:

I keep reading you can buy your Equifax score at www.equifax.com but I have yet to find the option of buying just a score without credit monitoring.
Interesting wording. I take it a score with a credit report without monitoring isn't what you're looking for.

Nope. I can get my reports for free. An occasional score is all I'm looking for. I neither need nor want monitoring.

ETA: I'm not saying credit monitoring is not a useful tool for many people. But for me personally I believe it would be a waste of money.

Re: How is this legal

vanillabean — Fri, 30 Jul 2010 17:41:53 GMT

@kal9988 wrote:
welcome to the scam that is FAKO

Haha, so how come that EQ FICO score is always the same as my myFICO score?

Re: How is this legal

kal9988 — Fri, 30 Jul 2010 17:48:56 GMT

there is no EQ Myfico score available for us

Re: How is this legal

laz98 — Fri, 30 Jul 2010 17:49:08 GMT

@Anonymous-own-fico wrote:
@ kal9988 wrote:
welcome to the scam that is FAKO
Haha, so how come that EQ FICO score is always the same as my myFICO score?

EQ sells FICO scores.

Re: How is this legal

laz98 — Fri, 30 Jul 2010 17:49:55 GMT

@kal9988 wrote:
there is no EQ Myfico score available for us

i think you mean EX - Experian.

Re: How is this legal

vanillabean — Fri, 30 Jul 2010 18:05:46 GMT

@MarineVietVet wrote:

Nope. I can get my reports for free. An occasional score is all I'm looking for. I neither need nor want monitoring.

ETA: I'm not saying credit monitoring is not a useful tool for many people. But for me personally I believe it would be a waste of money.

I thought we had just eliminated credit monitoring from the equation

When you get your annual free credit reports from www.annualcreditreport.com, isn't there an option to purchase your scores and that alone?

If you get your free reports elsewhere, we can discuss the security implications of such

Re: How is this legal

Anonymous — Fri, 30 Jul 2010 18:09:17 GMT

No, you cannot purchase your scores, either FAKO or FICO, without a report.