Consumers lose access to Experian credit scores
March 10, 2009
Credit scores have always been one way a lender deems whether or not you are credit worthy enough to get a loan.
Lenders also use credit scores to determine what interest rate you get for a loan.
Unlike your credit report, which you can get at no cost once a year, you must pay for your credit scores. And even when you do pay for them, quite often the score you purchase isn’t the same score your lender will see. This is partially because your score can fluctuate as new information is reported to the credit bureaus. Also, different lenders pull credit scores from different credit bureaus, and some lenders have their own credit scoring methods.
I usually recommend that someone purchase his or her credit score before applying for a large loan like a car or a mortgage. Even though the scores may not be exact, at least you’ll have a rough idea of where you stand before you walk through the lender’s door.
Now, one credit bureau is limiting your ability to see your whole credit picture. Experian has announced they will no longer allow consumers to purchase their Experian credit score. Apparently is because of contractual changes between Experian and Fair Isaac Co., the creator of the FICO score.
Experian will still provide their credit scores to lenders, just not to consumers.
This concerns me. I think we have a right to access information that is compiled about us, especially so when that information can impact our lives. In the case of the credit scores, consumers are left to go into a major transaction without their complete financial picture, a picture your lender can access. It leaves the consumer at a disadvantage.
Consumers can still view their Experian credit report, just not their score.
What do you think about this news?
Comments
One Response to “Consumers lose access to Experian credit scores”
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this is another reason i believe the entire FICO scoring system should be exposed and even done away with. there are to many mistakes on credit reports for lenders to use to determine credit worth