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MYFICO.COM to discontinue using FICO scores today!

By Matt Listro

Mortgage and Lending with National Credit Fixers - Matt Listro

February 14, 2009 03:49 AM

For anyone living under a rock (insert chuckle here) myfico.com is discontinuing offering consumers the option to get their FICO scores from their service as of today. myfico.com is owned by Experian (also for those living under a rock - I crack myself up).

Experian says that Fair Isaac (the owners of the FICO score model) won't be reasonable about prices and that is why they are not renewing their contract to provide FICO scores at myfico.com.

What this means: the consumer will be UNABLE to purchase their FICO scores themselves. The only place the FICO score will be available is through a lender. As I am sure you know (unless you are living under a rock) myfico.com was the ONLY place a consumer could go to check his/her own FICO score. Since FICO is the scoring model used by lenders nationwide it is really the only scoring model that counts.

Let's face it who does this hurt: CONSUMERS. Yes lending decisions will continue to be made using the FICO scoring model but no you can't have access to it! Consumers are already confused by the different scoring models. How many times has a client told you what their credit score was and later you figured out they were quoting their "vantage" score or some other scoring model.

Matt Listro

NCF

Toll Free: 888-NCFIXER (623-4937)

Toll Free Fax: 888-FAX-4020 (329-4020)

Local: 860-282-6181

330 Roberts Street 4^th Floor

East Hartford, CT 06108

www.nationalcreditfixers.com

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Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

Matt - It might not be a bad idea to provide a link to where folks can see this information. In my view, this is drastically unfair to consumers. Then again, consumer credit scores varied (and often drastically) from the scores pulled by Car Financing Companies and Mortgage Lenders so they kind of were to knowing your credit score what Zillow is to knowing the value of your home.

Other than that, love the picture:)

Feb 14, 2009 04:03 AM

Steve Shatsky

Dallas, TX

Hi Matt... maybe it's just me, but this seems like the sort of thing that EVERYONE should be writing their congressional representatives and senators about.

Feb 14, 2009 04:08 AM

Kathy McGraw

CELLing Realty - White Water, CA

Riverside County CA Real Estate

So, does this mean that we can no longer get the once a year score for FREE?

Feb 14, 2009 04:13 AM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

@ Kathy - It appears that way but I've been unable to verify that.

Feb 14, 2009 04:22 AM

Esko Kiuru

Bethesda, MD

Matt,

This move is likely to generate a consumer outrage that could lead to a new federal law that will force Experian to reverse its decision. Kind of bad time to do this thing.

Feb 14, 2009 04:59 AM

Kathy McGraw

CELLing Realty - White Water, CA

Riverside County CA Real Estate

Jason- Thanks :) I hope this isn't true....but hey no one asked me .

Feb 14, 2009 07:19 AM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

I think you were referring to annualcreditreport.com where you can get one copy of your credit report for free from each of the 3 bureaus once per year. Those free credit reports do not come with a score.

Feb 15, 2009 05:03 AM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

Esko said "This move is likely to generate a consumer outrage that could lead to a new federal law that will force Experian to reverse its decision"

Although in theory I agree something needs to be done but whouls we pass a law to force Experian to pay Fair Isaac what they want to charge? Should we pass a law forcing Fair Isaac to offer the scores at a more reasonable price? Which company is to blame here?

Feb 15, 2009 05:07 AM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

Jason said "consumer credit scores varied (and often drastically) from the scores pulled by Car Financing Companies and Mortgage Lenders).

I disagree with the statement. What is probably different in your example is the Car Financing Company is probably using a Vantage score and not a Fair Isaac (FICO) score. If in fact they are both using the FICO score then one must be using a different model - for example maybe one is using FICO classic 98 while the other is using FICO 08.

The bottom line is if both companies are pulling on the same day and both are using the same model (FICO 08 for instance) then they will both get the same score!

Hope this clarifies

Feb 15, 2009 05:15 AM

Jason Sardi

Auto & Home & Life Insurance throughout North Carolina - Charlotte, NC

Your Agent for Life

Matt - You may be right, thanks for the clarification. What scores they are using is the hot tip. And I still love the pic:)

Feb 15, 2009 08:09 AM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

What I can't stand is the different versions of the Fair Isaac Model. You wouldn't believe how many lenders still use that FICO classic 98 model! It makes it hard to give doof advice bcause what is benefical to a score in one model won't help in another. A little uniformity would help with being able to advise people properly.

Feb 15, 2009 01:58 PM

April Hayden-Munson

Brookfield, WI

Brookfield Wisconsin Real Estate

SInce when would anyone think that big business cares about consumers. NOT!

Feb 18, 2009 07:01 AM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

Actually big business does care about the consumer - their wallet pocket anyway - LOL. MYFICO will certainly lose revenue from not be able to sell the FICO scores but Exerian gets most of its FICO revenue by selling the FICO scores to lenders and to consumers.

Matt Listro

NCF

Toll Free: 888-NCFIXER (623-4937)

Toll Free Fax: 888-FAX-4020 (329-4020)

Local: 860-282-6181

330 Roberts Street 4^th Floor

East Hartford, CT 06108

www.nationalcreditfixers.com

Feb 18, 2009 07:15 AM

Michael S. Mackey

CENTURY 21 All Islands - Mililani, HI

REALTOR ABR, CRS, GRI, RSPS

Matt, this is pretty crazy! One day the system is going to get so convoluted nobady will be able to make any sense of it. Seems like there has to be a new standard.

Apr 15, 2009 04:13 PM

Matt Listro

National Credit Fixers - Matt Listro - Vernon, CT

Your Credit Repair Expert

Hi Michael: I think that is what some businesses are counting on!

Apr 19, 2009 09:18 AM