The credit bureau Experian announced that it will be terminating its agreement with Fair Isaac that allows FICO scores to be available to consumers based on its data. The news comes as a surprise to consumers who rely on access to this data to judge their own creditworthiness.
Why Are They Doing It?
After 6 years of partnering up with Experian, representatives from Fair Isaac are scratching their heads in confusion as to why the credit bureau made the decision. However, the credit bureau explains that while it is eliminating access to FICO score information, it will still allow access to its own data-generated VantageScore. The only problem is that very few lenders rely on this score to make lending decisions, which means access to this score won’t help provide the information consumers need to make borrowing choices.
What/Who Will Be Most Affected?
This decision will most affect three products that are released by MyFico.com: FICO Credit Complete, Suze Orman’s FICO Kit, and FICO Standard. But most importantly, the consumers will be affected by their inability to access the very Experian-based score that lenders using the credit bureau’s data will be able to monitor at will. There are still other online sources for credit reports available, so the impact may not be as strong as originally expected.