Experian Based Fico Score No Longer Available

February 9, 2009 No Comments »
Experian Based Fico Score No Longer Available

You can kiss your triple credit score goodbye next week, at least when it comes to FICO scores.

Beginning February 14, Experian will no longer offer its FICO-based credit score via MyFico.com, leaving only information from Equifax and TransUnion available to consumers.

That means programs like FICO® Credit Complete will no longer be available, and Suze Orman’s triple credit score pack will no longer contain data from Experian.

However, lenders and creditors will continue to receive data from all three major credit bureaus, according to Fair Isaac, the creator of the dominant FICO score.

This means lenders will still use the median score of all three FICO-based credit scores to determine credit eligibility.

But this is bad news for us consumers, as we’ll be in the dark regarding Experian data, unless we’re able to get our hands on a lender’s credit report, which contains Experian data based on FICO’s algorithm.

For the record, you’ll still be able to get an Experian credit score, but not a FICO-based score, so the data could vary from what the lenders see.

This is clearly an inconvenience for consumers, who in the past could purchase a triple-score and see all their FICO-based scores and credit reports in one place.

But it also represents Experian’s desire to be more of an independent credit score provider (the pair have litigious history).

Keep in mind that you can still get Experian credit bureau information from Annualcreditreport.com for free, though it doesn’t contain a free credit score.

Additionally, Experian runs FreeCreditScore.com, so that’s another place to see your Experian credit score, though it won’t be based on FICO’s algorithm. It’s actually the proprietary Experian PLUS score, which has a different range than the traditional FICO score.

It’ll be interesting to see if FICO continues its dominance in the credit scoring space going forward, or if Equifax and TransUnion follow suit and venture out on their own as well.

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