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<span style="font-size: 17pt"><span style="color: #000099"><span style="font-weight: bold">Experian Will No Longer Offer FICO Score Access for Consumers</span>
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By Alexis Leondis
Feb. 5 (Bloomberg) -- Borrowers have less than 10 days to see their FICO credit scores calculated by Experian Group Ltd., one of the three biggest personal credit-rating bureaus.
Experian notified Fair Isaac Corp., the Minneapolis-based credit-rating company, in January that it was terminating its contract Feb. 14 to provide information to myFICO.com, the Web site operated by Fair Isaac that allows consumers to look at their scores, according to Craig Watts, public relations director for Fair Isaac.
Lenders often use the FICO score devised by Fair Isaac to assess credit worthiness when providing credit cards, mortgages and auto loans. Consumers have ordered 23 million FICO scores from the three major credit bureaus via myFICO.com since 2001, according to Fair Isaac.
“When one of those three scores goes dark, consumers have lost a significant part of their ability to understand and manage their credit ratings,” said Watts. MyFICO.com is the only source for consumers to view their Experian FICO scores, Watts said.
The other two major credit-scoring companies, Atlanta-based Equifax Inc. and Chicago-based TransUnion LLC, will still provide data to myFICO.com. Lenders will continue to receive Dublin-based Experian FICO scores.
Consumers can still find credit scores based on Experian data on Experian’s Web site, they just won’t be FICO scores, said Susan Henson, a spokeswoman for Experian, who attributed the termination to a “non-mutually beneficial” relationship. The decision was not connected to Fair Isaac’s lawsuit against Experian over unfair competitive practices, yet the litigation has not helped their overall relationship, she said.
Similar to Lenders
When consumers purchase their credit scores through myFICO.com, they obtain scores similar to what the lenders use, said Linda Sherry, director of national priorities at Consumer Action, a Washington-based consumer advocacy group. “Without the participation of Experian, it cuts down on that supposition,” Sherry said.
One FICO score and credit report costs $15.95. Consumers can order one free credit report annually from Experian, Equifax and TransUnion by going to http://www.annualcreditreport.com, however credit scores are not provided.
To contact the reporter on this story: Alexis Leondis in New York [email protected].
hmmmmm <span style="font-size: 17pt"><span style="color: #000099"><span style="font-weight: bold">Experian Will No Longer Offer FICO Score Access for Consumers</span>
</span>
</span>
By Alexis Leondis
Feb. 5 (Bloomberg) -- Borrowers have less than 10 days to see their FICO credit scores calculated by Experian Group Ltd., one of the three biggest personal credit-rating bureaus.
Experian notified Fair Isaac Corp., the Minneapolis-based credit-rating company, in January that it was terminating its contract Feb. 14 to provide information to myFICO.com, the Web site operated by Fair Isaac that allows consumers to look at their scores, according to Craig Watts, public relations director for Fair Isaac.
Lenders often use the FICO score devised by Fair Isaac to assess credit worthiness when providing credit cards, mortgages and auto loans. Consumers have ordered 23 million FICO scores from the three major credit bureaus via myFICO.com since 2001, according to Fair Isaac.
“When one of those three scores goes dark, consumers have lost a significant part of their ability to understand and manage their credit ratings,” said Watts. MyFICO.com is the only source for consumers to view their Experian FICO scores, Watts said.
The other two major credit-scoring companies, Atlanta-based Equifax Inc. and Chicago-based TransUnion LLC, will still provide data to myFICO.com. Lenders will continue to receive Dublin-based Experian FICO scores.
Consumers can still find credit scores based on Experian data on Experian’s Web site, they just won’t be FICO scores, said Susan Henson, a spokeswoman for Experian, who attributed the termination to a “non-mutually beneficial” relationship. The decision was not connected to Fair Isaac’s lawsuit against Experian over unfair competitive practices, yet the litigation has not helped their overall relationship, she said.
Similar to Lenders
When consumers purchase their credit scores through myFICO.com, they obtain scores similar to what the lenders use, said Linda Sherry, director of national priorities at Consumer Action, a Washington-based consumer advocacy group. “Without the participation of Experian, it cuts down on that supposition,” Sherry said.
One FICO score and credit report costs $15.95. Consumers can order one free credit report annually from Experian, Equifax and TransUnion by going to http://www.annualcreditreport.com, however credit scores are not provided.
To contact the reporter on this story: Alexis Leondis in New York [email protected].
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