Experian To Stop Issuing FICO score to Consumers

By
Mortgage and Lending with Stonegate Mortgage NMLS 365858

Recently, Experian announced that they will no longer provide FICO scores to the general public. They announced that they are terminating their relationship with myFICO.com, a website that sold credit scores from all three credit bureaus (Experian, TransUnion, and Equifax), ultimately not allowing consumers to know their FICO score. Experian will allow you to purchase their own scoring model, PLUS Score and another scoring system created by the 3 bureaus known as VantageScore.

However, most lenders (mortgage, banks, and auto dealers) use the FICO scoring system. Also know that eac h scoring model calculates scores differently. Rest assured that your lender will still have access to Experian's FICO score. So, if you're in the market for a home, be sure to check with your mortgage professional before you start looking for homes. And if you have any information that may prevent you from obtaining that loan due to bad credit, let us see what we can do to help you. While you may no longer have direct access to your FICO score, keep in mind that the better and cleaner your credit report is, the more likely your score will be high enough to qualify for the loan you are looking for.

James Jeter

Credit Repair Specialist

972-665-9925

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Chip Jefferson 03/03/2009 06:45 AM
Topic:
Lending / Financial
Groups:
Mortgages
True Mortgage Professionals
Texas Mortgage Professionals
Collin County, TX Real Estate Professionals
Tags:
credit score
fico score
experian
transunion
equifax
vantage score
james jeter

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Rainer
494,722
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

GREAT blog I owned a credit repair company for 10 years lecture to 1000's times should be up for you.  Have a great weekend. 

Feb 25, 2009 10:03 PM #1
Rainer
44,487
James Jeter
Stonegate Mortgage - Carrollton, TX
James Jeter

Thanks for the comment. So what happened to your company?  Seems like you have your hands full.  Loan Officer and Realtor? 

Feb 26, 2009 05:06 AM #2
Rainmaker
175,090
Maya Thomas LLC, Broker
Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland - Key West, FL
Key West FL Historic Old Town Estates, Bungalows

Why do you think they make this decision?

Mar 05, 2009 12:04 AM #3
Rainer
44,487
James Jeter
Stonegate Mortgage - Carrollton, TX
James Jeter

From my research, it seems that Experian is trying to get the Vantage Score to be the new scoring model.  Experian will continue to sell their Vantage Score as well as their exclusisve PLUS Score to customers.  My opinion is that if they can try to eliminate FICO scores from the mainstream, lenders and banks will resort to using the Vantage Score as the primary score compared to FICO.

Mar 05, 2009 09:04 AM #4
Anonymous
alliedtrustdiamond

There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.

The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.

It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for www.alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.

Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money.

Jun 04, 2009 07:12 AM #5
Anonymous
JT

It all depaends on how old the accounts are. If you pay a 3 year old account, it will stay on your report for another 7 years from the date you pay it. It would be better to wait until it comes off in 4 more years. The older it gets the less impact it has on your score.

 

 

Dec 13, 2009 09:25 PM #6
Anonymous
CSK

So, I bought Experian's score thinking it was going to be the FICO score...How does it relate or how can I gauge my FICO score via the Vantage score I received (816).

 

Are they comparable? Should I just go to another company and pay for my FICO score?

Jan 06, 2010 01:52 PM #7
Rainer
224,541
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

FICO Scores are important and knowing how to improve it has never been more important. Check out the website I found for free FICO help www.thecreditguy.tv

Jan 23, 2012 07:30 AM #8
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