This Valentine's Day, Experian and Fair Isaac end their 6-year relationship. Fair Isaac recently announced that Experian decided to stop allowing consumers to access their FICO scores via myFICO.com. Currently, myFICO.com is the only place you can purchase your FICO scores based on your three credit reports from Equifax, Experian, and TransUnion. After February 13, 2009, you won't be able to purchase your Experian credit report or FICO score through myFICO.com. Moreover, you won't have access to your FICO score based on Experian data at all.
Fair Isaac's press release states that Experian didn't give a reason for ending its relationship with myFICO.com. In 2006, Fair Isaac filed a lawsuit against all three credit bureaus for violating antitrust laws when they worked together to develop and market the VantageScore. The lawsuit is still pending, but Equifax has been dropped.
Lenders will still be able to view your Experian FICO score and make lending decisions based on it. You'll still be able to access your Experian credit score (the PLUS score) from its own website and that of third-party resellers. However, according to CreditCards.com, few lenders use Experian's PLUS score, so the score may not be as useful as the more widely-used FICO score.
CreditCards.com also reports that Experian has cried wolf before about allowing FICO scores based on its data. Could they be doing it again?
In a press release, Fair Isaac says Equifax and TransUnion are both under contract to allow FICO scores, they shouldn't be disappearing anytime soon.
Working Around Experian-FICO Unavailability
Can you survive without a FICO score based on your Experian credit report data? Sure you can. Will it be harder to manage and improve your credit score? Possibly. To get your current standing, order your Experian FICO score before February 13. After that the score won't be available. You can purchase your Experian credit score from Experian or Equifax, which both use a FICO-similar 300 to 850 point scale for credit scoring. Finally, a FICO score simulator can give you a general range of your FICO score based on data you enter. Of course, these aren't the most ideal solutions, but it's enough to get by until there's something better.
Sources: Credit.com, Fair Isaac Press Release via CreditMattersBlog.com, CreditCards.com, myFICO.com
Ms. Irby, I think it unfair that you would not report WHY Experian has taken this step in regard to Fair Issac.
Several years ago FICO initiated a lawsuit against all three Credit Bureaus that would stop them from offering consumers a choice in credit scoring products. This of course chilled the relationship between Experian, and FICO. It has yet to be determined whether the new scoring system would be of benefit, however it does shed some light on the business practices of the FICO brand.
Imagine if one of your customers sued you from employing a better product. How would YOU respond?
Hi Wayne-
From the information that’s been released, we don’t know why Experian decided to stop allowing FICO score sales to consumers. Yes, Fair Isaac has a lawsuit pending against Experian, however, whether that’s the reason for Experian’s decision is only speculation at this point. That could very well be the case. But, considering the lawsuit was filed in 2006, Experian has had plenty of time to pull its data from myFICO, why now?
Actually, I probably would sue one of my most trusted customers for taking my product, tweaking it, and then trying to take customers away from me. None of it is good business and consumers like us feel the brunt of it.
I updated the post to include information about the lawsuit. That way people can make their own conclusions about Experian’s motives.
I have decided that since Experian won’t allow ME to see my own score, I am getting together with some credit conscious friends and starting a “boycott list” of all companies that use EX as their sole or main contact for consumer credit info.
I can play ball with the best of them. I’m suggesting this on several sites I regularly visit. If we can pass the word, no one will voluntarily use a company that uses Experian.
M. M.
Thank you for including the additional information. I have always found this blog interesting, (I might disagree from time to time) and thoughtful.
In my experiance (20 plus in Credit and Mortgage Industry) I have found that rather than suing my customer, I offered the BEST products, customer service, and built relationships, it worked better for me.
In any event, there will be a lesson here..
Wayne Altman: IMHO, the BEST credit score product for consumers would be the one that actually gets used by lenders in deciding credit approval. If your experience has brought you a different perspective, you should share it with us.
Wayne Altman, They have taken FICOs algorithm, modified it and trying to push it themselves, there is no choice in it. Experian only wants to use what the 3 have made, that is anti-competitiveness and it is illegal.
I heard from the genereal manager of a local GM dealership that ALL General Motors dealerships no longer use Experian as one of their information suppliers when it comes rating a customer’s credit reliability regarding new or used car purchases. Their reason was that they are used to being able to access all three via FICO, but with Experian’s cancellation of the FICO partnership, they’re down to simply using the two remaining, Equifax and TransUnion.
I was recently denied credit as a co-signer on an education loan for my son. My FICO was reported as a 615 (I was shocked); too low to qualify. Seems that I had been brought into a collection action against my mother’s checking account since I am a successor/trustee to her trust and had signed an account signature card in 1995. Experian was the credit agency the lender used to deny me as co-signer.
That very day, pulled my Experian credit report. My “Vantage Score” (which I paid an additional 5.95 to get) was an 870 (on a 501-990 scale) and I was considered to have “Prime” credit. Obviuosly, this scoring system is not reflective of whichever system lender’s actually like to use (in this case, FICO). Other consumers should be aware of this disconnect and spare the extra money charged for this useless “Vantage Score”.
Why should these credit bureau companies be able to set up FICO formulas without out any public oversight. It seems to me that their real interest is in finding ways to selectively gave a non rational basis for vendors to increase interest rates. It amazes me how errors outside of the control of the creditor are used to lower the scores and how hard it is to get these errors correct. I believe that the time has come for public (Federal) oversight and standarization of the formulas.
Is Experian in violation of the fair credit reporting act by not furnishing a FICO score? Don’t many lenders just look at the FICO score and go no further? If that is fact, then the basis for granting credit is being with held from the consumer.
I love all the folks crying tears for Experian. What about the consumer? You know….the entire reason for Experian and its ilk to exist?
Experian not allowing consumers to see their own scores means I froze Experian and simply wont use creditors that pull EX. If I need a mortgage, they can pull then. Until then, my Experian score (and Experian) can rot.
I love myficodotcom. I’m an actual client of there and have been for about 2 years. They’re great giving you instant fico results. That is pretty sad that they are splitting ways from it. Who determines algorithm of a fico anyway? Any one know the answer?
HEY Wayne – WAKE UP… “Ms. Irby, I think it unfair that you would not report WHY Experian has taken this step in regard to Fair Issac.”
Do you need a swift reminding that the score belongs to ultimately ME and NOT some Agency? How they get away charging for it in the first place is BLATANT ROBBERY.
@JaLo – Data that is generated from your behavior and viewed through a proprietary algorithm would not be considered ‘yours’ by any adjudicating body. This is an increasingly common theme in both European and North American society, get used to it.
…although, I do believe this ‘old boys network’ approach is another nail in the coffin of personal liberties. Transparency is the exception rather than the rule in almost any legal or governmental entity today.
(ref. paragraph 3 from the article) Can anyone explain to me how a Lender can have access to a consumer Experian FICO score but the consumer cannot have access. This sounds like a class action lawsuit just waiting to happen.
Evidently they weren’t crying wolf because you can’t access the Fico Score for Experian anymore. I tried yesterday and was denied. In addition, they are now pushing this monthly credit monitoring service called CIC TRiple Advantage. It gives you have free access to your reports and scores for a monthly fee of $15. I find this highly suspect since they don’t publish true Fico Scores to the public anyway. That alone could be the basis for another lawsuit for fraud.
Where’s all the lawyers when you need one?
Just got my Advantage score from Experian..990… it says I have credit rating higher than 99.10% of all US consumers! So I think WOW that”s great except I know we had a tax lein which cused my equifax to drop from 790 to 698 overnight… I just checked trans union…it’s 643!!! so 2 things ..1) I misplaced $3100.00 payrole tax check under all this crap on my desk, so it triggered a tax lein and dropped my score 92pts. It has not been released yet, but when it does hopefully I’ll get half the points? back. (3 months so far)
18 years of credit.. more than 50 accounts and more than 1.7 mil in PERFECT!! credit destroyed virtually overnight.
At this point I could’nt finance a dog house! So be careful people, it does’nt take alot ti ruin eberything. 2) DON’T WASTE YOUR MONEY on that vantage score from Experian it is a complete joke! Anyone with any advice can Email me at hart158@cox.net
FICO is a farce. Once upon a time my FICO was a 680 which was considered outstanding. As years have progressed 680 is now considered ho hum and anything above 800+ is excellent. The purpose of FICO is obviously for lender profitability. The lower your score,the higher interest you’re charged for credit. FICO is the bank’s excuse. Once the populace improves their credit over the coming years,FICO will reformulate to excellent credit being 1000+ and so your 850 score is now good but hardly excellent. Numbers can go to infinity so they just become more meaningless as FICO reformulates.
You’re either a good bill payer or a lousy one or you had a disaster that wiped you out financially untill you can rebuild your life. Happened to me and all a credit report has to do is say so in words not numbers that tell a lender nothing.
The fact that I cannot have access to the very information that exists about me is alarming and outrageous! It is only fair that consumers have access to information that can determine so much of our lives. I read about a California Leave a Comment