FICO Expansion Credit Score the new score on the block

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Replied by hjm331 on topic Re: One Fewer Credit Score Accessible to Consumers

I heard about this yesterday morning. I don't know what to say, we won't be able to buy our Experian FICO scores for quite some time and the funny thing is that they haven't mentioned why they're doing this.

I guess Experian wants us to buy their FAKO scores because they are the one that requested Fair Isaac to stop selling Experian FICO scores.
10 years 8 months ago #1

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Replied by wrknprogrs on topic One Fewer Credit Score Accessible to Consumers

http://www.nytimes.com/2009/02/05/your-money/credit-scores/05fico.html?_r=2


Apparently, the New York Times is on a roll with following the unpredictable and frightening moves in the credit industry. The latest involves Fair Isaac Co.’s announcement that it will no long sell Experian-based credit scores beginning on Feb. 14.

Fair Isaac Co. (FICO for short) created the FICO credit score, a method of determining the likelihood that credit users will pay their bills. Consumers have three FICO scores bases on information collected by the three largest credit bureaus including TransUnion and Equifax. Equifax’s FICO score is the most common score used, but some companies like American Express use Experian. The scores can differ by as much as one hundred points in some cases depending on the formula used. Experian cannot distribute its FICO scores to consumers directly or through other outlets. As Tom Quinn, vice president for scoring at Fair Isaac Co., put it, “their decision means that consumers will no longer be able to see or manage their scores based on the Experian data.” However, the article goes on to mention that “Experian itself will continue to sell FICO scores based on its data to lenders, so some banks may make credit decisions, at least in part, on a score that consumers can no longer see.” Moreover, Experian will likely push their own propriety three-digit credit score that does not use the FICO formula as a base.

In conclusion, this is a major setback for consumers who will be assessed based on information to which they will no longer have access. If anything, the game becomes more complicated with more formulas and proprietary ways to evaluate consumers.


Everybody is making changes that are making things "challenging" for consumers!!!!







http://www.nytimes.com/2009/02/05/your-money/credit-scores/05fico.html?_r=2

Wrknprogrs
10 years 8 months ago #2

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Replied by hjm331 on topic Re: FICO Expansion Credit Score the new score on the block

No problem! :white-flag:
10 years 11 months ago #3

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Replied by RivasGlo on topic Re: FICO Expansion Credit Score the new score on the block

and me!

:white-flag:
10 years 11 months ago #4

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Replied by Meya on topic Re: FICO Expansion Credit Score the new score on the block

:laugh: :laugh: :laugh: Thanks for saving me! :white-flag:
10 years 11 months ago #5

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Replied by hjm331 on topic Re: FICO Expansion Credit Score the new score on the block

I will never waste another inquiry with AMEX again!
10 years 11 months ago #6

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Replied by Meya on topic Re: FICO Expansion Credit Score the new score on the block

What if they don't?:innocent:
10 years 11 months ago #7

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Replied by Eldarwen on topic Re: FICO Expansion Credit Score the new score on the block

It doesn't come as a surprise with Amex. They seem to want to know everything. Some of it is rightfully so because it is their money. If they want my business, they are going to have to give me a CLI!
10 years 11 months ago #8

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Replied by Meya on topic Re: FICO Expansion Credit Score the new score on the block

Hey!!!!!! That is something to think about! :shocked:

I guess they found this idea from car makers who provide the tracking devices. This is probably how they are going to find out where we shop.

EVERYONE, LEAVE YOUR AMEX AT HOME IF YOU ARE GOING TO A BARGAIN STORE, THEY ARE MONITORING EVERY MOVE YOU MAKE. :laugh: :laugh:

Makes me feel like getting an amex and buring it by the white house until i get ready to use it. I wonder what would they think then :innocent:
10 years 11 months ago #9

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Replied by hjm331 on topic Re: FICO Expansion Credit Score the new score on the block

That's probably why they're the only ones who have that smart chip built inside of their cards. They want you think that it's a cool feature but really it's a way for them to get a hold of your personal info.
10 years 11 months ago #10

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Replied by Meya on topic Re: FICO Expansion Credit Score the new score on the block

Who knows, they probably will find a way to see where we use our debit cards. Next thing you know they are going to find out where we spend cash :upset:
10 years 11 months ago #11

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Replied by hjm331 on topic Re: FICO Expansion Credit Score the new score on the block

No, they just monitor what you purchase with your AMEX card.
10 years 11 months ago #12

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Replied by KellBell on topic Re: FICO Expansion Credit Score the new score on the block

So, you all are telling me that Amex is monitoring what I buy with my debit card? Do they know how much money I have in my bank account(s)?

Are you all being serious????????

I feel so, so, so...violated!!!!!!
10 years 11 months ago #13

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Replied by hjm331 on topic Re: FICO Expansion Credit Score the new score on the block

Wonder how they feel about charging toilet tissue with it?


Good one :laugh:
10 years 11 months ago #14

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Replied by THOMAS1 on topic Re: FICO Expansion Credit Score the new score on the block

Amex has a way of gathering info on people that i don't understand. Your bank accounts aren't listed on your credit reports, nor your income.They have to go off chexsystems, etc. for that info.

So glad i'm not with Amex anymore, and went with the Citi co-branded Amex.

I don't like the profiling Amex does. It's like having secret service on your tail everytime you charge.

Wonder how they feel about charging toilet tissue with it??:upset:
10 years 11 months ago #15

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