Experian and Credit Scores

Just read that Experian is going to stop allowing people to buy their credit score (FICO) in February.

This is a huge announcement since before 2003 no one could even get their credit score. You only found out if you were approved or declined. Most banks and lenders never told you what your score was they would say you are A or B based on score.

Since three credit bureaus report your score and depending on your lender they can choose which one to use. Some you a combination and some only use one or two. If this is approved you, the customer, will limit your knowledge by 33%.

How would you like to receive 33% less pay?

Hopefully, Experian will change their minds, but don't hold your breath.

Another reason this is huge is that TransUnion or Equifax may decide to follow Experian's lead.

This was a tool I used when I worked with clients to attempt to get them approved. I would advise them to pull their report and score prior to buying anything significant such as a home or car.

If their score was just below B or A quality they could choose to wait until score would improve or apply anyway. Knowledge is power. If Experian or any of the other credit bureaus won't allow you to see your actual score it may cause you to pay more or not be approved.

LESSON: Make sure you can see your actual credit score