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Effective Feb 14th, you will no longer have the ability to pull your FICO Experian score, but lenders, credit card companies and even collection agencies will continue to have access to this score. This is awful. How is it we can't know what they know? This should not be a big secret.
I just noticed there is a growing discussion on the topic at the myfico.com forums.
Actually..just say to heck with the scores and live your life moderately. Use a local bank for loans and have a good downpayment.
The only debt I've carried for the last 8 years was my mortgage. Never knew what my fico score was and didn't care. Just refi'd and I got 4.875%. Loan officer told me I had a good fico score. I told him I didn't understand why as I don't carry any debt and personally didn't care.
IMO the scores should be given out for free to the customer!!! JMO.
I agree - It's OURS, we worked for it. Same is true in my mind of our addresses, preferences, etc. - why can companies make money off of selling our info. but we can't?
Why should these privately operated finance agencies risk you discovering incorect data that is lowering your score? That would be bad for business.
Do we think that's accurate? The credit ratings companies shouldn't have any reason to care if your score is low or high. It's the reporting that makes them money. I can't think that they make more money based on the credit worthiness on which they report.
Perhaps they just want to make more money by selling it to individual consumers, instead of letting FICO sell it to us?
Say Bill..I think you probably hit the nail on the head. Now the credit rating companies can generate more money by selling the scores. And from the posts of folks upset that they are not readily available they just might make a decent revenue stream.
I could give a crap what my FICO score is. I'm never going to have a mortgage, car loan or use a credit card other than my bank debit card so WHY should I care?
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