@KeithW wrote:How could they make much from banks, which only pull when someone wants a loan, compared with consumers, which there are a tremendously larger number of, and whom pay to regularly monitor it, rather than a one time pull? I would expect the banks to be a very small customer, dollar wise, for the previous reasons.
Banks regularly monitor each loan account, not just when the account is created. Many banks regularly pull scores each month on each customer.
Customers, unlike banks, get all their credit accounts at once. Each bank has to pull each customer separatey. Only a small percentage of people with lines of credit use MyFico.
@cashnocredit wrote:
@KeithW wrote:Why is this allowed? We are the "primary" users of our credit scores, not some bank. Why not please the people putting out the big dollars, and give them any version they need. If you want the 04 version, then have it available.
Consumers are not the primary users and buyers of credit scores, lenders are. For a long time consumers couldn't even buy a credit score let alone a FICO score. They couldn't even get a copy of their credit reports to see if there was any wrong info in them. And FICO does sell a wide variety of scores to lenders and collectors but the more modern scores cost more just like one would expect any business to do. A 5 year old car costs more than a 10 year old car of the same model.
What is the basis for your assertion on that? Have you seen a FICO pricing chart to the CRA's or are you simply pulling an analogy in this case from the auto industry which is on a depreciating physical asset which is an entirely different animal and not really comparable as a result?
I doubt there's any pricing disparity, if anything the newer versions would be discounted by some amount potentially in my estimation to speed adoption. Also FICO is no longer the only game in town, and while they are the elephant in the living room when it comes to credit scoring, there's significant competiition these days which should drive prices down.
@Revelate wrote:
@cashnocredit wrote:
@KeithW wrote:Why is this allowed? We are the "primary" users of our credit scores, not some bank. Why not please the people putting out the big dollars, and give them any version they need. If you want the 04 version, then have it available.
Consumers are not the primary users and buyers of credit scores, lenders are. For a long time consumers couldn't even buy a credit score let alone a FICO score. They couldn't even get a copy of their credit reports to see if there was any wrong info in them. And FICO does sell a wide variety of scores to lenders and collectors but the more modern scores cost more just like one would expect any business to do. A 5 year old car costs more than a 10 year old car of the same model.
What is the basis for your assertion on that? Have you seen a FICO pricing chart to the CRA's or are you simply pulling an analogy in this case from the auto industry which is on a depreciating physical asset which is an entirely different animal and not really comparable as a result?
I doubt there's any pricing disparity, if anything the newer versions would be discounted by some amount potentially in my estimation to speed adoption. Also FICO is no longer the only game in town, and while they are the elephant in the living room when it comes to credit scoring, there's significant competiition these days which should drive prices down.
You are quite right. Don't know what I was thinking. The older car analogy is quite poor and FICO04 is so locked in they could probably raise the price in places they weren't locked in with long term contracts. They could also be lowering prices to keep the brand intact.
@mitchblue wrote:Sure beats what it was when I was 18. No myFico, hell no WWW, Google or anyway to find out anything. I didn't even know what a CR was. I remember applying for a Sears store card when I was 20 and it was denied..I'm like oh okay. I didn't know why, I just assumed it was my age or something.
I think a big problem is some decide to buy product after product and spend all this money and get different scores and it's frustrating. Without using the best tool at your disposal, Google. Don't blame myFico, or any other product..blame yourself for not doing the leg work.
Yeah, this is my feeling too.
I'm finding it analagous to cleaning products: some work, some don't, and there doesn't seem to be much rhyme or reason as to which one works on any particular stain. There is research available both in book and online form to find out some information, but depending on what your individual cleaning issue is, you can wind up with a non-trivial number of products which are barely used, and wind up as wastes of money... much like unutilized scores.
End of the day there's two places everyone can get access to, to receive an EQ Beacon 5.0 score which is used in the majority of mortgages: I'm OK with that - it could be a lot better, but it could be WAY worse.
