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If you are a consumer that hopes to obtain your Experian Fico Score, you may be out of luck. As of February 14th, Experian decided to close its doors to consumers. Consumers will no longer be able to obtain an Experian Fico score. The only people that will still be able to access this information are commercial customers which consist of only lenders.
Millions of people have been accessing their Experian Fico score through myFico.com. This particular site was the only place that you were allowed to purchase all three credit scores from TransUnion, Experian, and Equifax simultaneously. A lot of the reasons behind Experian deciding to take their scores away from public view are still unknown.
However, this sudden change after a 6 year relationship with Fair Isaac is seen extremely detrimental to consumers worldwide. The freedom to be able to see all of your three credit scores, made lending extremely easy. Many people fear that without being able to access this third crucial score, that their credit score will be computed incorrectly.
In a way it seems that the ability to be able to openly view your credit score at any given time is being ripped away. Lenders will have the ability to view your Experian fico score, but ordinary people can not do the same. There are a few speculations that Experian is at its wits end with Fair Isaac.
In 2006, Fair Isaac openly filed a lawsuit against all three bureaus. Fair Isaac claimed that the three bureaus were in breech of violating antitrust laws after they worked together to develop the VantageScore market. Presently the lawsuit is still pending; however, Equifax has since been dropped from all charges.
A press release was submitted by TransUnion and Equifax. The release stated that they would both continue to allow public Fico scores, even though their “third musketeer” decided that they wanted out of the mix. TransUnion and Equifax assure consumers that they will not be disappearing anytime soon.
Consumers will still be able to find credit scores based on Experian’s data on their website. They however, will not be able to view their existing Fico Score. Susan Henson a spokesperson for Experian stated that the termination of the relationship was closely attributed to a “non-mutual beneficial relationship”. She claims that this rash decision was in no way connected to the lawsuit set forth by Fair Isaac. Many skeptics seem to disagree with this statement.
Can the world survive without being able to view their Experian score? The answer to this question is yes, we will be able to survive. According to a recent interview with CreditCards.com, they openly stated that the majority of credit agencies do not even utilize the Experian Fico Score. With this being said, the score may not be as big of a necessity as many may think.
With Experian leaving the fico score triangle, it doesn’t seem that people will be drastically affected by the change. However, improving your over all credit score may seem a little bit more difficult, but we can all adapt to the new changes in store.