You're losing access to one of your credit scores after February 14th
Experian has fired Fair Issac, and Fair Issac will not sell Experian credit scores to consumers after February 14. Well, Happy Valentines to you, too.
Experian will sell FICO scores to lenders, but with Experian not selling to consumers, you're now flying blind about that score if you've been working to keep up with your credit record and keep track of your scores. You will, after the 14th, only have access to TransUnion and Equifax.
Ironically, lenders are making credit standards higher and tougher, and qualifying for all kinds of credit is getting harder. The benchmark score of 680, which was the score necessary for any mortgage loan in recent years, has been replaced with a "good" score of 720, and interest rates on mortgages are driven specifically by credit score.
So, knowing your score is important unless you have scads of cash in your personal safe and don't want to ever borrow again (Not a bad idea, but my own safe is lately out of the stacks of cash . . . )
Tom Quinn, vice president for scoring at Fair Isaac said, “We are surprised that Experian made such a decision, particularly given what’s going on in the national economy and with consumers being concerned about their credit standing. Their decision means that consumers will no longer be able to see or manage their scores based on the Experian data.”
Experian computes another score and they will provide it to consumers . . . but since it isn't the one that goes to lenders, who really wants or needs it? I suppose people who don't know it isn't used in credit decisions will continue to buy it, and that may be the reason for Experian offering it . . . it is all about money, isn't it?
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