Community feedback about Experian's decision to discontinue offering FICO scores on myFICO

[dhb1313]

myFICO:

Please don't forget to update your own advertising, on this site and sent to people in broadcast emails.  Otherwise frustrated consumers may direct their anger at you.  Today I received another email advertising Suze Orman's FICO kit that allows you to pull scores from "the bureau of your choice."  Not so...

Moderator: where do i (a greenhorn) go on this site to read what PM-ing means or to enable it? Is there some way for other readers to reach me without using instant messaging?  Thank you --  Deb

edited to restore original thread title

Message Edited by haulingthescoreup on 03-30-2009 04:16 PM

[haulingthescoreup]

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dhb1313 wrote:

Moderator: where do i (a greenhorn) go on this site to read what PM-ing means or to enable it? Is there some way for other readers to reach me without using instant messaging?  Thank you --  Deb

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See if this helps:

PM FAQ's

I just click on the envelope symbol and blunder along from there.

Message Edited by haulingthescoreup on 03-30-2009 04:18 PM

[natasjlp]

Alright - so... what is my course of action. If not even Experian will give me the EX FICO score - what do I do? Perhaps I can start a lending company and buy scores for people? hmmm...

What is the difference from buying my scores here and somewhere else - how can I know anything about EX?

[Anonymous]

You can buy *a* score from EXP directly when you buy their report...it just won't be a true FICO score = pretty much worthless, but if that's all you have, it's all you have.

Unfortunately, from what I understand,  something that improves a FAKO may dip a true FICO and vice versa, so there is this "Ouja Board" component, and you'll never know for sure until the moment of truth with your lender.  I think that the importance of scores has become such that the FCRA should be amended to provide free access to all three scores once a year, just like with credit reports, and equal access to any/all scoring products that a lender would have access to (for a fee, of course). We have the right to know what information is being kept about us, and how it is being used to make decisions which influence fully every aspect of our lives.

It isn't like the old days where you sat at the desk of a lender, and s/he could see a slightly lacking report, and make a judgment call on you based on your winning smile and "go-for-it" charm (the whole point of such complicated scoring, I'm sure, is to remove the human element).  You are now instantly judged by one line of computer code (if efx.score > 725  and if tuc.score > 725 and if exp.score >725, set decision = 'approve', (else) set approve = 'decline' or something to that effect).  

I wonder what was at the root of EXP pulling out like this?  Obviously, it's financial on some level. but is it that they think their "plus score" is going to rise up and give FICO a run for its money?  Bleh!

M

[natasjlp]

so seriously. What is stopping someone from becoming a 'lender' corporation of some sort and purchase FICO scroes from EX and resell them to end users like us?

Also - does anyone have a list of banks that offer EX FICO scores?? I think I may get a checking/savings account there - - - - >

[Anonymous]

My guess is that, as soon as EXP found out you were doing that (which would probably be in violation of your subscriber agreement), you'd lose your access.  The sale of scores would probably require a separate licensing agreement (both with EXP and FI probably.  On the EXP part, we'd have to assume, they would no longer enter into such an agreement, given the topic of this discussion). 

Seems their agreement with the current banks providing the info may be mid-contract.  Once those providers' contracts come up for renewal, it's a good bet you'll lose EXP through them as well.

M

[llecs]

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natasjlp wrote:

so seriously. What is stopping someone from becoming a 'lender' corporation of some sort and purchase FICO scroes from EX and resell them to end users like us?

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Aside from heavy regulations, licensing requirements, and subscriber fees to both EX and FICO, nothing is stopping you. Those are minor details anyway and can be overcome.

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natasjlp wrote:

Also - does anyone have a list of banks that offer EX FICO scores?? I think I may get a checking/savings account there - - - - >

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PSECU, a CU in PA, still offers an EX FICO score, on a monthly basis, I believe. Also read from Barry that an HSBC product (Sears?) still offers an EX FICO score via some means.

[Anonymous]

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@marty56 wrote:

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@Anonymous wrote:

what the ???  do i see correctly you got a 923 but i see it says (Vantage) what does that mean ?

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The Vantage score was/is the leading contender to be used by lenders as an alternative to FICO scores.  It is a FAKO score but the reason I usaed it is its a cheap way to tell if there might be a change to my EX report.  I also like the letter grade idea so that the best rates might be for someone who is an A or what the call Super Prime.  You can see your Vanatge score for $6 at the EX site.

LOL the only people who are using it right now are vain/OCD score wise poeple like me.

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Just for info's sake, Kohl's uses the Vantage score.

(I think they're the only one who is, or at least has publicly acknowledged it.)

[Anonymous]

When I first read about this I wrote to my congressional representative and complained, asking that the Fair Credit Reporting Act be amended to include the RIGHT to purchase my credit score from all three credit bureaus. I don't see this as being any different than my right to my credit reports. I don't care if they want to charge me (a reasonable fee) for it, but my access to it is just as important as my access to my credit report. Since  creditors tend to use the FICO score that falls in the middle of what the 3 credit bureaus report, it is important to know what ALL THREE REPORT if you want to pay for it. Of course, if the government wants to force them to provide one free credit score per year that would be good too. Either way, I as a consumer am entitled to it--not some fake score that Experian wants to sell me, which is worthless and is tantamount to fraud!

[haulingthescoreup]

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ma_fico wrote:

Just for info's sake, Kohl's uses the Vantage score.

(I think they're the only one who is, or at least has publicly acknowledged it.)

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That's interesting! Where did you read that? I Googled kohl's vantage score and just came up with a bunch of blogs and other forums where people say they heard about it, but I can't find an original source. No luck on the Kohl's site, either.

That would be awfully surprising, since Kohl's turned over its credit processing to Chase. (They used to do more of it themselves.)