My Thougths

Experian wants to break up the FICO score monopoly and try to take a piece of the FICO pie. Credit Scores are big money and a huge cash cow. Experian has their own 3 digit credit scoring system that I’m sure they will try to push Banks and lenders to use. Currently they only use Fair Isaac reports.

What it means to you

Not much right now. You can still get 2 of your FICO scores through MyFico after February 14th. You can also still get your credit reports (not scores) for FREE once every 12 months for the big three.  Annual Credit Report is the official site to obtain your free credit report. Don’t be fooled by the imitators or offers from your credit card company for a free copy of your report for a 30 day “credit protector” program. I like to pull one every 4 months so I have a yearly snapshot of my reports. However you can pull all 3 at any time. You are also eligible to receive a copy of your credit report if you were rejected for a loan. Simply call up the credit bureau from where the decision was made and the rejection letter.

Credit Bureaus

Experian

Transunion

Equifax