Consumers blindsided by Experian on credit score
At a time when it’s so important for consumers to monitor their credit scores, Experian, one of the three credit reporting agencies, has decided consumers are not entitled to see their FICO scores based on their Experian credit file. I did call Experian’s press office for a comment, but have not yet received a call back.
Federal law only requires that the credit reporting agencies make your credit file available, there is no law stating that you must have access to your credit score before applying for a loan.
Beginning on February 13, you will only be able to get Equifax and TransUnion credit scores on myFICO.com. When you go to myFICO you’ll see a banner headline about the cutoff by Experian. According to the notice on myFICO’s discussion boards, Fair Isaac says, “It is important to understand the majority of lenders will continue to use FICO scores based on Experian data to make creditworthiness decisions, but those FICO scores based on Experian data will not be available via www.myFICO.com, nor any other public venue.”
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Given that Experian advertises the most on TV pushing their website FreeCreditReport.com with the singer whose credit score got ruined, it’s ironic that they would close off access to this important piece of information. You can see comments about the change on the forums at myFICO.com. Here’s one excellent comment from that board: “The conspiracy theorist/paranoid side of me wants to think that this is EX giving into pressure from their lender customers, who, without an informed public with any real visibility into their own credit scoring, can approve, reject and set rates with little or no explanation to the applicant other than the standard “due to information in your credit report” bit.”
Not saying one should do so, but one were could, if so inclined, contact the company to express one’s displeasure. Perhaps at a risk to one’s credit score. Not that anyone other than lenders would be allowed to know that that has happened, of course.
To say that I despise these guys (the other two as well, but especially Experian) would be a gross understatement.
These idiots fought against giving us the right to see our credit reports in the first place.
The wingnuts were right. Less industry regulation is the obvious solution.
why cant our wonderful new congress pass some laws reining in the cabal of credit agencies and their secretive and nonsensical way of assigning a credit score, instead of passing a trillion dollar pork bill called stimulus
Uncle Dave what is the deal with your servers ?
for the past 2 weeks your site is either not there or takes up to a min to load. Has the economic hard times hit your site also and you had to cut back to an old 486 on dial up in the garage ?
just wondering
If I want to know my credit score I ask my bank – they willingly share it with me.
When have any of the credit agencies ever been willing to cough up your credit score for free? All you’ve ever been able to get is your credit report not the score.
So, it doesn’t really matter anymore anyway. I don’t think it ever did the way these credit companies handed out credit cash like there was no tomorrow. Well, it’s tomorrow. Here’s to hoping that your pension funds and mutual funds don’t go bankrupt.
We need a complete, total, 100% overhaul of our credit system. Identity theft is rampant and is a nightmare to clean up, and criminals like Experian hold all the keys to the castle. Now they’re denying us the right to know what they have in their files on us?
Lock these bastards up.
Yep. It’s time for Experian to expire.
Here is where you can get the Federal Trade Commission sanctified annual credit report for free. I’ve used it and it is indeed free once per year from each of the three agencies.
Not sure how what Experian is trying to do may affect this but it worked for me in the past.
This is criminal.
I guess they figure that the working class slaves don’t deserve to know their score, because (you know) we might hassle them.
Fucking joke.
#4: Not sure. Marc is apparently working on it. It’s pissing off us editors, too.
#12, Uncle Dave,
Yes, it is frustrating. But darn it all to heck, I sure hope Marc figures it out soon enough.
Credit is a scam. Pay cash.
Experian makes their money selling your score. So I can understand them not wanting to give it away. Alan in #10, links To the FTC site where you may get your report for free. As the site states, don’t be fooled by other places offering a free rating. They are after something and will generally charge you for it. This is the only place for the true free score.
Again, that was
http://ftc.gov/freereports
#13 – Fusion
>>But darn it all to heck
Watch it, buster.
This may be dvorak “unlimited“, but even an “unlimited” blog has to have SOME limits, and you’re skating on pretty thin ice with that kind of language.
#14 – What The F U Need Credit 4
>>Credit is a scam. Pay cash.
Fuckin’ A right. I haven’t used any credit that I didn’t pay off at the end of the month in almost 15 years.
Parasites. Leeches. Money-changing bloodsuckers.
Don’t be so dependent on credit. When demand goes down all of a sudden they will be more than happy to give you proper customer service.
I should get a commission when they sell my info.
Save up money for big items.
Bottom line;Money talks,Bullshit walks and more often than not,with a discount.
When I die sprinkle my ashes and say some beatitudes for the ages,for a fraction of the cost of a fancy casket.
I’ve had to work hard for My money,My Daddy wasn’t rich and never tried to be.
He left Me a fiddle and lots of good advice,
better than money and I haven’t starved.
My kids will get some money to blow in My honor
so why would I wish give it to the Pharisee’s for the privilege of borrowing for things that I never needed to begin with?
#19, Lou,
I agree.
#16, Mustard,
Yes, yes, I apologize. I had just read a couple of right wing nut posts claiming I had changed the subject. I’m sure you can understand my psyche at that moment.
#’s 21&22
Mister Fusion,
You only antagonize Yourself and encourage the so-called right-wingers by entering into their arguments.
What is there to accomplish?
As far as They are concerned the Ultra-wealthy are the sun and themselves the planets that exist only to orbit the immense,corpulent girth.
Any other views threaten to disrupt the fragile solar balance and send the celestial passengers spinning into the sweet corona sphere to be consumed by the ever-beckoning greed or flung off to the comet realm and be deprived of the benevolent,holy
solar radiation.
Who wants that?
Unless You have training in the field of Cult-deprogramming then some other means of entertainment would be indicated,don’t be taken for a ride on the hale-bop.
The comet is actually under the sink next to the scrubbers;/
these guys need you more than we need them. get off the merry go round and pay cash.
Uncle Dave, great post. I did a follow up on this toay at http://www.videocreditscore.com/experian-under-fire/
It looks Senator Chris Dodd is going to look into this a part of his initiative to curb credit card practices.