No More Scores

**cireone** · February 26th, 2009, 07:03 PM

I think all should read this.......................

http://articles.moneycentral.msn.com...et-scores.aspx

**Meya** · February 26th, 2009, 10:10 PM

And you know what? Garydman mentioned this months ago! He said that myfico was a rip off. Now I have every right to believe him. I don't even want to know what my true scores are if they are way less than what I have now.

Here is the posting where he mentiones it:

Everybody who has MyFICO Score Watch IT IS A SCAM. I tried the 30 day trial, put in apps where they pull equifax and NO ALERTS AT ALL. It's been over a week, had score changes, inquiries AND balance changes....NO ALERTS. If you have it I strongly suggest you cancel it and get a refund...it is a waste of your money. Also avoid the shills who run their forums. ALL their advice is designed to get you HOOKED on credit and HOOKED on paying them out the Ying Yang for what you can easily figure out yourselves. Don't fall into this trap. Pay your bills on time and don't worry about your score. Forget about it. It's just a number manipulated at will by the conspiracy that exists between FICO and the Credit Card Companies.

http://www.financeglobe.com/SocialNe...read.php?t=565

**Eldarwen** · February 27th, 2009, 07:31 AM

Originally Posted by Meya

And you know what? Garydman mentioned this months ago! He said that myfico was a rip off. Now I have every right to believe him. I don't even want to know what my true scores are if they are way less than what I have now.

Here is the posting where he mentiones it:

http://www.financeglobe.com/SocialNe...read.php?t=565

But scores are important! They are factored in on how much interest you pay on your morgage or insurance and what not.

**Meya** · February 27th, 2009, 08:52 AM

Did you read the part where they said that home loans are using another scoring factor that you don't know about? And the true fico scores are not coming from myfico?

**rwmtd** · February 27th, 2009, 09:14 AM

Wow, when I heard about this I could not believe it. When I read through the article it stated that Experian will give consumer's an "educational" score (whatever that means).

I had long since heard that there different scores are used for car buying that are not available to the consumer.

This is just wrong of Experian (they said that they couldn't come to an "agreement" with myfico).

This is just plain wrong

**Meya** · February 27th, 2009, 09:19 AM

I agree! This is why I always told members here, that creditors have thier own methods on how they judge us by our credit. I have heard of us having something that we have never seen before, I was not aware of what it was. We learn something new everyday!

**hjm331** · February 27th, 2009, 11:25 AM

Experian is doing this to profit from their FAKO scores.

**Meya** · February 27th, 2009, 11:38 AM

Oooops!

**hjm331** · February 27th, 2009, 12:01 PM

It's the truth or else why did they start selling FICO scores in the first place?

**Brian23** · February 27th, 2009, 03:58 PM

You are absolutely correct. They want consumers to buy the FAKO Vantage score (which the lady referred to it in the article as the educational score). It's not that they couldnt come to an ammicable resolution with myfico, they didn't want too.

I tell you what. This is complete nonsense. The more the days pass by with the way the economy is now, its like everyday someone else (bank, credit bureau etc) is trying to pull fast ones on consumers.

**interjack** · February 27th, 2009, 06:05 PM

From what I understand, not all creditors use FICO. For instance my credit union uses Beacon. Another example is Amex. I have received a denial from them because I scored too low on their magically and proprietary score system.

Congress should create a scoring standard and make it mandatory that creditors use it as a standard model. Credit scores should also be free and should not be the propreitary score generated from a model developed from a private company.

**eugene66** · February 27th, 2009, 06:06 PM

it's all about the mighty dollar..........call me a simpleton but that is what i believe

**interjack** · February 27th, 2009, 06:10 PM

Regardless of what Fair Issaac says about Experian not releasing reports for FICO scoring, the entire FICO is a sham. How many creditors actually use a FICO score that was derived from the Fair Issaac model? This goes against convential belief, but I think that the true FICO score is rarely used. I have never been denied for credit based on a FICO score. Usually a bank sends a denial letter saying that my credit score is too low and does not cite the algorithim used to generate the score.

Fair Issaac is just crying because people can't spend another $10 at their site.

**Rockin35** · February 27th, 2009, 08:18 PM

What a wretched wicked mess!!! I think this is about capitalizing and making some type of profit/or financial gain in one way or another off consumers.

Rockin35!