Experian To Stop Issuing FICO score to Consumers

By
Real Estate Mortgage Broker with Gateway Mortgage Group

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

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#4
Rainer
43,278
James Jeter
James Jeter
Gateway Mortgage Group

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.

March 05, 2009 09:04 am
Anonymous #5
Anonymous
alliedtrustdiamond
Anonymous User

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.

June 04, 2009 07:12 am
Anonymous #6
Anonymous
JT
Anonymous User

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.

 

 

December 13, 2009 09:25 pm
Anonymous #7
Anonymous
CSK
Anonymous User

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?

January 06, 2010 01:52 pm
#8
Rainer
140,832
Dave Sullivan
The Real Story on Your Credit Score - TheCreditGuy
www.TheCreditGuy.TV

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

January 23, 2012 07:30 am
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