Credit scoring?? - Posted by Keith O.

Posted by David Butler on January 06, 2001 at 14:39:04:

Hello Keith,

The credit score model is owned by Fair, Isaac Company, who in turn licenses it to the Big Three Credit Repositories (Experian, Equifax, TransUnion).

Because of the contracts between Fair, Isaac and their lender clients, the scores are not available to consumers by right. This is beginning to change, as the public pressure over the past two years has led to various states attorney generals to pursue the issue. California has already passed a law, SB1607, that will require that a borrower’s score to be revealed to the borrower for mortgage loan applications, and spelling out four reasons why the scores were not better (where applicable). The law takes effect later this summer.

In the meantime, people who are able to obtain their scores generally have to rely on a friend or cooperative employee at a bank, lending institution, car dealer, etc. to be able to get their score. It is even better when you can get a copy of your complete scored report - because usually they look quite a bit different than the standard “Consumer Credit Report”.

In the past year, I have run across several websites that do make scored reports available. Type “credit reports” in your search engine, and sort through the various offerings to find one that offers a “scored report”. Usually they will provide the option of looking at a sample report, so you can get an idea of what you will receive. The charges for a single repository report run anywhere from $7 to $18 or so.

You might also want to have a look at our FREE report, THE COMPLETE GUIDE TO UNDERSTANDING YOUR CREDIT RATING AND CREDIT REPORT, at: http://notenetwork.com/at.cgi?a=118510&e=Reports/Complete.Guide.php3

Hope this helps, and Happy Hunting!

David P. Butler

Credit scoring?? - Posted by Keith O.

Posted by Keith O. on January 05, 2001 at 20:07:10:

I have seen quite a bit of discussion mentioning specific credit scores. I have also seen on several lenders’ sights, scores required to fall within certain program guidelines for loan consideration.
Where can I find fairly accurate, detailed information so as to score myself?
My credit should be perfect; but I’ve seen numbers ranging from 500 thru 700 in discussions, and have nothing to reference these by in terms of overall range. I’d like to truely know where I fall on the scale.
Thanks in advance,
Keith

Re: Credit scoring?? - Posted by Bruce Lawson

Posted by Bruce Lawson on January 27, 2001 at 22:22:09:

Equifax just released information that Fair Issiac will be making your FICO scores available online. One site you might want to checkout is www.equifax.com and click on news releases the info should be under Jan.2001, Also www.fairissiac.com I have not been to either of these to see if it is published or not(the information)remember there are three major reporting agencies, Equifax reports the least of the three.