Why myFICO is not including FICO 4 and FICO 8 scores with my subscription?

[Anonymous]

Firstly I want to start that I disagree with the way that myFICO build site works. I can't see my report dayli, but in exchange I just received emails telling thet my score has been changed, without mention the reason for that change. If they own the formula, at least mention "why" will help us to build a better score.

But the most disappointing thing is, that myFICO website OWNS those scores from FICO4 and FICO8 formulas, but after obligate customers to pay for 3 months in a row, they release the less important of those, the FICO8 used for nobody that I know giving credit. I live in California, and when I was shopping for credit everybody uses FICO4.

So, in essence I cab't dispute or build my credit from this website, and even after paid my subscription I still blind about my FICO4 score that this website owns, but preffer to sell that formula to the lenders only and not customers.

Then, myFICO gives only a "number" that is not the REAL number when you apply for credit. I felt scammed, I don't know about you, but I think that every body has the right to know WITHOUT receiving a hard pull, the score that every lender will apply when you go shopping for credit.

The next statement will sound crazy, but I believe that part of the credit system works with a excuse from myFICO to justify a bad credit, just to give a reason to the lenders to charge more in APR's.

To me, FICO8 is useless and is not worth the money paid monthly to receive a number that I can't use in my favor.

(excuse my grammar)

[elim]

lets hope the mortgage lenders catch up soon and start using 08. but i'm sure by then myFICO will be supplying us with 09 scores.

if it makes a difference, all of the CC apps i've made that have supplied a score have been dead on my FICO 08 scores. so at least we have that.

this is a common complaint whenever we (the applicants) have to deal with the hundreds of different enhanced scoring models.

[HiLine]

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@Anonymous wrote:

Then, myFICO gives only a "number" that is not the REAL number when you apply for credit. 

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You must not have read previous discussions. FICO 08 scores are VERY real numbers that are VERY applicable to credit applications. 

[Anonymous]

Thank you for your reply.

No, idon't read the previous post about that, It is good if FICO 8 scores is used to apply for many credit cards that sponsors this website, good for everybody.

I believed that you are missing the POINT, that is WHY if you OWN the algorithm and you are CHARGING monthly to the customers, WHY you don't bring the COMPLETE numbers on the market, WHY?

I want to know my scores that affects my life, I want to know FICO 4 and FICO8 together, If it is free I can understand that you keep or hide some info to make profit, BUT IF I PAY FOR THAT INFORMATION, i deserve to receive the FULL numbers from those 2 different models, no just the one to apply for a sponsoring CC.

[Anonymous]

"this is a common complaint whenever we (the applicants) have to deal with the hundreds of different enhanced scoring models."

Maybe everybody here needs to call to myFICO customer service and demand for that score, the real FICO4, or cancel their subscriptions, I will do that demand.

With FICO8 I will stay here only the obligated 3 months, with FICO4 I will keep my subscription all year long.

[HiLine]

Your response to me had too much upper case for me to read easily. But you seem to question why MyFICO does not provide FICO 04 scores. A possible reason is that they anticipate the FICO 04 becoming obsolete in the foreseeable future, and actually it already is becoming less common. The only place where FICO 04 scores are still common is Fannie Mae and Freddie Mac's underwriting standard. There is a decent chance that they will adopt FICO 08 soon anyway, because FICO 04 is so old. 

If someone calls MyFICO to complain about the lack of FICO 04 score offerings, I'll encourage that. Do I think there will be enough complains for them to change their product philosophy? Not by a super long shot. I do not know of a single poster on this forum that has ever done this. So there goes the plan. 

[Anonymous]

Thank you for your response HiLine, and sorry for much uppercases.

Maybe you need to start the new post calling for everybody to call a customer service number and request FICO4 score to be included on every paid subscription.

I am 100% convinced, and is no doubt that every single member of this community wants to know that information, that is for sure.

I don't have too much knowledge on how to works replies and posts here, but if you start the post like : "FICO4 score only a phone call away" everybody will make a click on your post and participate.

We, the people together have more power than just one only person asking byself, or complaining about that. Actually, I will recommend to ask for a Supervisor or Manager to let that our demand could scale deeper that only speaking with the customer service representative.

And for this kind of situations is the Forums exists, to reach every member and make us stronger in knowledge to the benefit of the people.

Good luck.

[cashnocredit]

Fico develops and owns the algoritms but not the data that goes into using the algorithms. The algorithms are licensed to and reside at the CRAs. The CRAs charge Fico for each score they generate with their database. There are older generic scores and there are tens of specialized scores. For instance Citi bank pulls FICO 8 but not the generic one but the FICO 8 Bank Card Enhanced score. Most Citi card holders get theirs monthly from the Citi site.

MyFICO provides generic FICO 8 scores because that is the most common generic FICO score used in granting credit. Mortgages are a special case and use older score algorithms because they combine them with a complete financial picture of an applicant and they have to build history before changing anything in their process. This is required by the agencies that guarantee the mortgages.

[Anonymous]

Again and Again i have read post on this website with customers displeased with the fact that they can not get the scores used by mortage lenders and Again  and Again thier complainants go unanswered by the people who run this website.Like myself i  signed up and found out that the scores here were only used  by credit card companys and was stuck paying for something i did not want or need  if i want to buy home soon. GIVE US A OPTION 04 OR 08 I did find a site Equifax website that will give me my mortage score and give me updates and i can CANCEL ANYTIME.     

[Revelate]

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@Anonymous wrote:

Agai and Again i have read post on this website with customers displeased with the fact that they can not get the scores used by mortage lenders and Again  and Again thier complainants go unanswered by the people who run this website.Like myself i  signed up and found out that the scores here were only used  by credit card companys and was stuck paying for something i did not want or need  if i want to buy home soon. GIVE US A OPTION 04 OR 08 I did find a site Equifax website that will give me my mortage score and give me updates and i can CANCEL ANYTIME.     

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I know FICO has heard the complaints as it was mentioned in passing to me (and I've been complaining a lot too FWIW) but I don't know what if anything they're going to do about it.  I have to imagine they know by now they've alienated a lot of individuals, hopefully they will come up with some way of addressing that but I'm not in the know when it comes to FICO Consumer things as I'm just a volunteer on the forums.