So sick of not REALLY knowing my score, aren't you?

[PennyPinching]

How can it be, in a country like ours, that groups acting in concert with one another (EQ, EX, TR), can keep a "file" on us that affects every part of our life (especially in the consumer based society), and we have no right to see exactly what is in that file at any time? What I am specifically referring to is our credit scores. I pay for the USAA credit monitoring for example, and get three scores that appear to be OK, I then go to buy a car (or house, or whatever), and my score comes back 75 points lower than what any widely available score monitoring service provides? And then, of course, one cannot get the loan desired, and then the scores suffer more due to a needless inquiry or two or three.

Is there some effort somewhere to address this? It disturbs me that I will never know when I am deemed worthy to buy a car (or house or whatever), because I will never know my TRUE score before I ask for a loan. It should not be a mystery. Consumers should know BEFORE not AFTER. My two cents.... Now what can we do about this??

[BobWang]

These are closer:

 

http://creditboards.com/forums/index.php?showtopic=471672&page=6&do=findComment&comment=4846972

[mendelssohn]

It's not the credit bureaus, it's FICO, and there are many different FICO enhanced scores.

[BobWang]

It's actually market-driven.

[Rebuilding2010]

.... Now what can we do about this??

 

Not rely on FAKOs

[BobWang]

 

.... Now what can we do about this??

 

Not rely on FAKOs

 

YOU'RE supposed to be the kinder and gentler version.

[cv91915]

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

 

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

 

... etc.

 

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

 

No such thing as a free lunch.

Edited May 14, 2013 by cv91915

[PennyPinching]

 

.... Now what can we do about this??

 

Not rely on FAKOs

Yes, yes, but how? We can never really get what they do. Consumers should know what their scores are before going in. It's nebulous right now; so much so that I doubt anyone really knows.

[PennyPinching]

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

 

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

 

... etc.

 

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

 

No such thing as a free lunch.

I don't want them free, I just want them accurate and to be the same as the lender. Otherwise, the consumer goes in un-informed and ripe for being taken advantage of by lenders.

[BobWang]

You can learn to play the game better here.

[Occam]

The short answer is, credit scoring wouldn't work if it was completely transparent. The less the subjects (both consumers and creditors, but especially consumers) know about it, the better it works.

 

If scores were too easily available and the algorithms were known, the subjects would try to game the system.

[PennyPinching]

The short answer is, credit scoring wouldn't work if it was completely transparent. The less the subjects (both consumers and creditors, but especially consumers) know about it, the better it works.

 

If scores were too easily available and the algorithms were known, the subjects would try to game the system.

But we don't need to know any of the specifics, just the same score that the lender will be using. It's misleading for most of us, even though the websites have disclaimers, that is all we have to go off of. I should be able to pony up a few bucks, see my accurate scores, then decide "how" I can best shop for that big ticket item...

...And, Bob, thank you for the link(s) to the FICO info.

[nbipbm]

This is why I think things shouldn't be based on scores. What is important is what is on the reports. You have one maxed out card and you could lose 20 or 30 points because of it. There are people with a bankruptcy who have scores in 700's. It's completely silly to deny someone just because their score is low. Someone who only has one year of history on two cards with no negatives will still have a low score, but I don't see why not to approve them.

[BobWang]

If scores were too easily available and the algorithms were known, the subjects would try to game the system.

 

Inconceivable!

[beli]

The short answer is, credit scoring wouldn't work if it was completely transparent. The less the subjects (both consumers and creditors, but especially consumers) know about it, the better it works.

 

If scores were too easily available and the algorithms were known, the subjects would try to game the system.

Like they dont try to game the sustem now? Im happy knowing what my general score is. I get mine from fico.com if i plan on apping somewhete. my gicos have always bren 10 to 20 points different.

 

Op as others have said ingore fakos.

[BobWang]

[Fuerza]

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

 

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

 

... etc.

 

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

 

No such thing as a free lunch.

Can I order an Experian for lunch? I'll pay for a Experian report. Where can I get one, oh wait you can't!

[cv91915]

 

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

 

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

 

... etc.

 

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

 

No such thing as a free lunch.

Can I order an Experian for lunch? I'll pay for a Experian report. Where can I get one, oh wait you can't!

 

https://experian.experiandirect.com/credit/Order1.aspx?areaid=22&pkgid=F2NHZ&SiteVersionID=1003&SiteID=100345&sc=675834&bcd=CRTR07t-HM-hmp-mq-xxxx-xx-xx-xxxxxxxx-xx-xxxx&allowMobile=1&mboxSession=1368549666092-995311

 

It probably doesn't taste too good, though, even with ranch dressing.

[PennyPinching]

This is why I think things shouldn't be based on scores. What is important is what is on the reports. You have one maxed out card and you could lose 20 or 30 points because of it. There are people with a bankruptcy who have scores in 700's. It's completely silly to deny someone just because their score is low. Someone who only has one year of history on two cards with no negatives will still have a low score, but I don't see why not to approve them.

I see your point. Here's why: My wife has zero credit cards, nothing but being a second on our mortgage and some student loans in deferment because she is a full time student. We both have the Ch7. I have the income, I have credit history, I have active, positive accounts, I have 20 years of job security, etc... my score was 594. Her's? 654. How can that be? Scores do make it faster to judge an application though, but it should not be the final word as it typically is despite what lenders say.

[Fuerza]

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

... etc.

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

No such thing as a free lunch.

 

 

Can I order an Experian for lunch? I'll pay for a Experian report. Where can I get one, oh wait you can't!

 

https://experian.experiandirect.com/credit/Order1.aspx?areaid=22&pkgid=F2NHZ&SiteVersionID=1003&SiteID=100345&sc=675834&bcd=CRTR07t-HM-hmp-mq-xxxx-xx-xx-xxxxxxxx-xx-xxxx&allowMobile=1&mboxSession=1368549666092-995311

 

It probably doesn't taste too good, though, even with ranch dressing.

Let me rephrase. A Experian Fico score. Which IMO if Experian and Fico aren't currently active business partners leads me to question the reliability of the links that BW has provided. How is PSECU getting a FICO Experian score if there currently isn't a business relationship between Fico and Experian?

[PennyPinching]

Also, Bob, or anyone, which of those links will take me to the most accurate score AND which one has an option for two adults to be monitored (maybe a family option like this: http://www.equifax.com/family-identity-protection/ )

[BobWang]

Dang!

 

PSECU is a FAKO?

[hrguy]

 

I get your point on its face, but look at all of the other information, for example, that you have to pay for to refinance a mortgage:

- A flood determination. Shouldn't you be entitled to know for sure if your home is in a FEMA flood zone, and if it is, when it changes status because FEMA redraws its maps?

- A title insurance policy. Shouldn't you be entitled to know for sure if there are liens or encumbrances on your property's title, which could impact the true ownership of your home/land?

- An appraisal. Shouldn't you be entitled to know what your house is worth? It's your house.

... etc.

Truth is, all of these services, including credit reporting, cost SOMEONE a lot of money, and somebody has to pay for it. Let's say for the sake of argument that a law would get passed that says a consumer can't be charged for any of these things... well, then, the costs just get baked into other parts of your credit transactions (say, an origination or application fee)

No such thing as a free lunch.

 

 

Can I order an Experian for lunch? I'll pay for a Experian report. Where can I get one, oh wait you can't!

 

https://experian.experiandirect.com/credit/Order1.aspx?areaid=22&pkgid=F2NHZ&SiteVersionID=1003&SiteID=100345&sc=675834&bcd=CRTR07t-HM-hmp-mq-xxxx-xx-xx-xxxxxxxx-xx-xxxx&allowMobile=1&mboxSession=1368549666092-995311

 

It probably doesn't taste too good, though, even with ranch dressing.

Let me rephrase. A Experian Fico score. Which IMO if Experian and Fico aren't currently active business partners leads me to question the reliability of the links that BW has provided. How is PSECU getting a FICO Experian score if there currently isn't a business relationship between Fico and Experian?

Because they had the agreement before EX and FICO fell out.

 

The agreement was renewed between EX and FICO, and for those without PSECU will be able to get an EX FICO in the coming weeks

Edited May 14, 2013 by hrguy

[BobWang]

Also, Bob, or anyone, which of those links will take me to the most accurate score AND which one has an option for two adults to be monitored (maybe a family option like this: http://www.equifax.com/family-identity-protection/ )

 

No such thing as a most accurate score.

 

EIDT/MPM offers a spousal plan.

[prosumer]

I do agree that EX should have to sell their report to you and/or FICO and that FICO should have to sell the score to you since it has become the de facto standard, but nothing in this should be free, unless it's from a credit denial.

 

Regarding their algorithm... it's theirs to do with as they want. The free market is free to make whatever decisions with it they wish. They're fair in the fact that their algorithm would score two different people with identical files the same way, but just because someone thinks they should have a better score than another doesn't mean anything.

 

Make an alternative that is more accurate and cheaper for both consumers and lenders.