Experian Cuts off Consumer Access to FICO Scoresby Tim Manni
Why did Experian, one of the “big three” credit bureaus, decide to cut consumers off from accessing their FICO score? While details remain quite thin, the credit bureau decided to do so late last week. The only reason why that I have found so far is what CBS5.com’s Sue Kwon called “a behind-the-scenes battle between Experian and myFico.com.” Consumers may still access their FICO scores through the other two bureaus Equifax and TransUnion.
Experts insist that consumers should continue to pull their credit reports from all three bureaus once a year:
The only place to do that is www.AnnualCreditReport.com. Your scores, which are not free, are based on the information in those reports. The reports basically detail all your credit lines and whether you’re paying them on time.
Consumers Union advocacy group said Consumers should retrieve credit reports from all three agencies including Experian and check them all for accuracy. And if you’re buying a house, ask your lender to tell you what your FICO score is from Experian and the other credit bureaus just in case they vary widely. If your Experian Fico Score is low, that could be the one your lender is basing your loan off of.
From a marketing standpoint, why would a credit bureau chose to limit their services to consumers, especially when so many depend on the results of their score?