Experian drops FICO Score | To use Plus Vantage

 

           Experian drops FICO Score | To use Plus credit score and Vantage Score

 The LA Times has reported the Experian Credit Bureau with headquaters in Dublin IR and a US office in Costa Mesa CA has refused to renew the contract with the FICO credit score Fair Issaic Model. Experian does plan to promote their own Plus credit score or the new Vantage credit report score developed by Experian Transunion and Equifax. The Vantage score is modeled after the normal school grading method of 1 – 100. If you score a 60 or below you have failing credit and 90 plus is excellent credit. Most creditors do not have enough history or creditor confidence in the Vantage score to use it a means to accept consumers new credit applications for loans.

 The Fico relies on the typical but complicated and misunderstood 350 to 850 FICO score range. A 600 or below is poor credit while a 692 is average and 720 plus is excellent good credit depending on the potential lenders unique requirements. Experian will still sell the FICO score to creditors wanting to qualify consumers but the consumer will be unable to buy the FICO score online starting to day Febuary 12th 2009.

 Experian failing to renew with FICO leave people with a 33% reduction in opportunities for competition between reliable and useable credit scores. The Plus credit score will figure scores similar to the FICO but will not be the same past relaibility. So what does this really mean. Experian will probably benefit by selling their own score without royalties and consumers will be locked out of 1 of the 3 past available options to take control of their credit report. Most credit cards raise interest rates and reduce available balances based on credit scores alone and the customer only knows out of three now. The creditors will have to follow suit and switch to Plus for legal reasons I would think.

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