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

[porkozone]

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Scamp wrote: 

The scores themselves are generated at the credit bureaus; myFICO is simply the go-between, the conduit between the consumers and the CB's through which consumers can buy their scores.

If EX doesn't want to let consumers have their scores anymore, there's nothing myFICO can do to force them to hand them over.

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Yes, but myFICO is a division of Fair Isaac, and fair Isaac is providing the formula to EX in the first place (for a fee I'm sure). The scores are generated by the credit bureaus, using formulas licensed by Fair Isaac, correct?

In one sense, that would mean Fair Isaac would potentially have some say in how their formula is used (although I'm sure it's not at all that simple), but they wouldn't want to play hardball to keep EX consistent with the other bureaus, for fear that EX would stop using FICO's formulas altogether. 

 I realize that myFICO is the go-between...I never mentioned myFICO, specifically - but you still are a representative of Fair Isaac. I'm sure myFICO itself doesn't have much weight in the decision making - and it's also apparent that your parent company knows they make more money giving in to EX (who they are essentially a vendor to) than what they make off of myFICO, but that's to be expected. 

  

[Anonymous]

Somebody needs to start a class action against EX, they are denying consumers the right to access their own personal information.

^^ Above poster, there are no myFICO EX monitoring services.

Message Edited by wcnghj on 02-04-2009 02:23 PM

[cobaltnv]

I was, naively, under the impression that as part of  the fair credit reporting act people needed to be given access to their credit scores (fees allowed). I guess that is not true.

If I were a betting man I would guess that Experian will start selling scores on their website. I really hope this blows up in their face. Of course the only way for that to happen is for lenders to stop using Experian for their lending decisions. I wonder what we as the general population can do to help encourage lenders to use TransUnion and Equifax?

[fused]

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@cobaltnv wrote:

I was, naively, under the impression that as part of  the fair credit reporting act people needed to be given access to their credit scores (fees allowed). I guess that is not true.

If I were a betting man I would guess that Experian will start selling scores on their website. I really hope this blows up in their face. Of course the only way for that to happen is for lenders to stop using Experian for their lending decisions. I wonder what we as the general population can do to help encourage lenders to use TransUnion and Equifax?

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The only scores EX will sell are Vantage and Plus scores...no FICO scores.

[Anonymous]

EXPERIAN READ THIS!!! 

Flat out .... I will ask creditors what credit bureau that they use for their decisions ... if they respond experian than I will tell them directly that I will not do business with you nor apply for credit with you because experian does not provide consumers with their Fico score. 

The buck always stops at the end consumer!!! If a lender or creditor get enough negative feedback about experian then they will relay that back to experian or use a different bureau.

I have not been satisfied with the accuracy of Experian to begin with!

[Anonymous]

if lenders are going to use these scores to determine whether or not we are eligible to received their products then we ought to have access to our scores. often times it is not what your credit report says, but your score that determines whether or not you will be able to received a credit product. how will we know if we are being treated unfairly?

I've never written a letter to my congressman or state senators, but i think i will on this one.

once again we have big business shafting the american people. is this the american way we hold so dear?

[MidnightVoice]

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@Anonymous wrote:

I will ask creditors what credit bureau that they use for their decisions ... if they respond experian than I will tell them directly that I will not do business with you nor apply for credit with you because experian does not provide consumers with their Fico score. 

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That will prevent you getting an Amex card (probably good), but may prevent you getting a good mortgage, as most mortgage lenders pull all three

[Anonymous]

Wilee,

Agreed on the big government thing, especially since I'm a little to the right of Genghis Khan. I'll disagree on one point though, I don't feel that government intervention in this case would be invasive. It would fall more under the realm of leveling the playing field for us overtaxed working schmucks.

Here's my understanding and correct me if I'm wrong. For example, when buying a new car one of the tools I'll use to determine whether or not I'm approaching a good business is to drive up in my old active duty military and college days car, an ancient yet well maintained Toyota Corolla, and in jeans. I went to my local BMW dealer for a new 335 convertible and they wouldn't even talk to me. Next town over, I at least talked to a sales rep. As it is now, they can just deny me a loan because I drop the suit and roll in with my ghetto car with no explanation as to how they reached their decision because they use the newly appointed crap-tastic Experian?

[Guardian]

As midnight said, it is irrelevant how we feel about it as that has never been a factor in how Experian screws their customer base over. They have NEVER played by the rules, they have NEVER acted in good faith, they have NEVER done anything morally, ethically or frankly legally but the fact is that the loop holes are plenty for them to continue being this way and no one is doing anything about it. The fact is that customers have no power unless we all get together and sue them in court and even then there is no real legal basis to stop them from doing this. We are legally entitled to know our information, if they don't sell it, you can't sell it, how the heck are we supposed to know this information? This is effectively blacking out the consumer base and limiting their access to their information. All because the want to sell that FAKO scores of theirs and think by pissing off the entire consumer base, somehow people are going to go and suddenly say ooh we love your score, let do away with FICO and make you the master of the universe, ooh ooh ooh...may they rot in *self bleeped*

[Guardian]

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@Anonymous wrote:
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?

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Those are FAKO scores and you get them with credit cards like Juniper and I am sure others. It is USELESS.