MyFico - What laws govern this area of a CRA's behavior or possible obligation if any to make information they collect/aggregate about us - to us at all?
Consumers should take action on this with their representitives, it's another instance of lobbyists having written the rules in ways that allow the CRA's to behave this way.
It said in the FAQ about this issue that some consumers receive their Experian FICO scores on their bank statements each month. Which banks offer this?
The only one I know of is PSECU in PA.
This just goes to show that the CRAs and EX more specifically are not consumer oriented companies. Like any other business they cater to who they get their money from: their suscribers (lenders, CAs, etc. anyone who reports accounts to them)
This also means that Fair Isaac - who is selling the ability to generate FICO scores to EX in the first place - is giving in to the EX "request" to not provide that information.
By extension, this means Fair Isaac is not a consumer oriented company, as well, in my opinion. They apparently are more worried about losing their dominance in the credit score industry, and the money that gives them, than they are to standing firm against such a consumer-unfriendly "request".
Now excuse me while I go get some mouthwash - I have a very bad taste in my mouth.
Creditors are getting stingy.
But why CRA?
It's not like we're getting the reports for free.
I honestly don't know why Experian would do such a thing. myFico is offering a service to the average consumers to checking all three scores, and I am sure the myFico was giving dues to each of the 3 companies for providing this information. I know if I was a credit reporting company, and I was getting money from a 3rd party provider, I would continue to allow myFico do what they are doing. (Basically free income).
Now what, will myFico go under because users will be looking for a place that will provide all 3 scores in one handy location. Seems odd to me to go to a different site to just get my Experian number, which I do not want to do, because myFico (even through only using for 2 years now) has helped me understand my credit scores and help clear my credit history of incorrect information.
I can not leave myFICO, it would be the wrong thing to do, they provide a great service. But if I am unable to get all 3 scores in one location, I might have to move, but if Experian is pulling from all other services, then I will remain a loyal customer of myFICO.
. But if I am unable to get all 3 scores in one location, I might have to move, but if Experian is pulling from all other services, then I will remain a loyal customer of myFICO.
I don't think there is anywhere else you can actually get all 3 true FICO scores!
All I have is a buch of curse words!
Our credit is all we have to protect us from predatory lending practices and now this.