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Fico for Experian no longer available Feb. 09

Posted by Tracy Becker in Credit Scores on February 27, 2009 | no responses

 

As of February 2009 Experian will no longer allow Fico (the credit score company that provides the consumer with access to their mortgage score) to offer scores to the consumer.

Fico has been making huge profits on selling scores to consumers across the country. It seems Experian would like to take part in those huge profits as well. That said Experian has recently come out with a score of their own called “Vantage”. Don’t be surprised if you soon see the marketing of this score to the general public to compete with Fico.

 

Credit is now such a hot topic and knowledge of the scoring systems has become more and more of a necessity. It is clear that the competition will become more intense in the days ahead. We are already seeing non stop commercials and radio ads for consumers to order reports. Many of these companies claim to give free credit reports and scores. Beware of the fine print when applying.

If you are concerned about losing access to your Experian Fico score don’t get too nervous. When preparing for a mortgage application the banks take the middle score of the 3 credit bureaus as the defining # to measure your risk factor. You still have access to Trans Union and Equifax Fico scores which will give you a pretty good idea of where you stand.

An example is: Exp fico 756, Trans Union fico 745, and Equifax fico 752. The middle of these three scores would be Equifax. So if 2 scores are high you will be fine when applying for the majority of loans.
Click here to read more about Experian blocking Fico from giving out scores to the consumer see the link below



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