WSJ: Credit Scores: Why Aren't They Free?

[BobWang]

http://online.wsj.com/article/SB10001424127887323639604578368820334744676.html

 

Earlier this month, VantageScore Solutions, the entity behind the score, said it would roll out a new version based on the same 300-850 scale as the FICO score.

...

Credit.com also offers a Vantage score adjusted to a scale up to 850, to be more comparable with FICO scores.

 

 

[BobWang]

[BDK]

Credit.com must not have rolled out that new Vantage score scale yet. Still showing 501-990.

 

And dang, I thought you stole MY pic, until I saw the total credit limit...

 

[BobWang]

I think our 800s ARE the scaled VantageScores.

[BDK]

Two different Vantage scores shown on the same site??? Isn't the 3rd score down the Vantage?

 

 

Yours shows a Vantage 944...

[cashnocredit]

The WSJ article falls down in not pointing out that FICO scores can and do vary quite a bit themselves with exactly the same accounts reporting at different CRAs. Not good to perpetuate the idea that there is "one score." Even FICOs are combined with other application information and possibly pre-existing banking information in making a decision to extend credit.

[nodarkness]

Any media attention to consumers not having access to their own credit score is welcome. I would agree with the proposal to have the report free once a year from each of the big three CRAs.

 

HOWEVER, if it is a VantageScore, it won't accomplish much since people could still walk into a loan office and get ambushed with a radically different score. They won't understand that the scale isn't even by the same company, leading to more confusion for more people than currently know what a credit score is all about. That's probably what the government will do, though.

[BobWang]

And I thought *I* was cynical.

[cashnocredit]

I suspect FICO would love to have "free FICO" scores mandated. It would help lock in the brand. CRAs wouldn't like it though and for the same reason. FICO could raise the fees they charge CRAs to provide FICOs to lenders.

[GroupCaptain]

That insane amount of CL. Me likey!

[BDK]

I think our 800s ARE the scaled VantageScores.

 

I need to learn how to read!

[patz2009]

And dang, I thought you stole MY pic, until I saw the total credit limit...

[BamaInvestor]

That insane amount of CL. Me likey!

 

That's what I got out of that too...

[BamaInvestor]

 

With those CLs I would say BobWang...you are a CREDIT PIMP!!! Congrats!!!

[BDK]

 

 

With those CLs I would say BobWang...you are a ULTRA SUPREME CREDIT PIMP!!! Congrats!!!

FIXED

[TrevorHere]

Doesn't look too informative or accurate. Seems it only goes up to 800? At least, that's what we're all showing. And average CL of only 19K? Not high enough.

Edited March 26, 2013 by TrevorHere

[BDK]

Doesn't look too informative or accurate. Seems it only goes up to 800? At least, that's what we're all showing. And average CU only 19K? Not high enough.

I think that's what they are claiming is the average CL in the USA, which seems quite high to me.

[TrevorHere]

 

Doesn't look too informative or accurate. Seems it only goes up to 800? At least, that's what we're all showing. And average CU only 19K? Not high enough.

I think that's what they are claiming is the average CL in the USA, which seems quite high to me.

Ok. But why provide ave CL for USA but not calculate yours? Hey I guess this if free we can't complain too much, right? In any case not sure it's that useful given the omissions and inaccuracy.

[BDK]

 

 

Doesn't look too informative or accurate. Seems it only goes up to 800? At least, that's what we're all showing. And average CU only 19K? Not high enough.

I think that's what they are claiming is the average CL in the USA, which seems quite high to me.

Ok. But why provide ave CL for USA but not calculate yours? Hey I guess this if free we can't complain too much, right? In any case not sure it's that useful given the omissions and inaccuracy.

My thoughts exactly.

[Burgerwars]

I think we're smart enough to look at our reports and can tell if it's bad or good.

 

Big balances, past due, lots of recent inquiries = You're down in the dumps.

 

Low balances, everything current, long credit history, little or no recent inquiries = Time to celebrate.

Edited March 26, 2013 by Burgerwars

[clutchcargo]

I can't use either Quizzle or Credit.com. I'm assuming it's the freeze I have on EX

[BobWang]

I can't use either Quizzle or Credit.com. I'm assuming it's the freeze I have on EX

 

I know Quizzle didn't work for me with an Experian freeze.

 

I unfroze Ex for 4 months back in December.

 

When it re-freezes 3/31, I'll see if Credit.com still works for me.

[jv01]

 

Doesn't look too informative or accurate. Seems it only goes up to 800? At least, that's what we're all showing. And average CU only 19K? Not high enough.

I think that's what they are claiming is the average CL in the USA, which seems quite high to me.

 

The median is probably a lot lower. The average sounds right. If the average is 19K, there are some 57 people with $1000 limits to balance out BobWang,

[patz2009]

The median is probably a lot lower. The average sounds right. If the average is 19K, there are some 57 people with $1000 limits to balance out BobWang,

I was thinking BobWang was there to balance out all the Dave Ramsey nutjobs.

[TrevorHere]

I can't use either Quizzle or Credit.com. I'm assuming it's the freeze I have on EX

You're not missing too much with credit.com