Experian Credit Score

Discussion in 'Other Credit Card Programs' started by LAXtraveler, Mar 2, 2011.  |  Print Topic

  1. LAXtraveler
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    LAXtraveler Gold Member

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    I couldn't find a better place to put this question so I am putting under CC programs, but if it needs to be moved I won't be insulted (just tell me where you move it to please!).

    I have been able to simulate and/or get my true TU and Equifax score, but have been so far unable to find a free Experian score. Does anyone know of a reliable place to get this? Thanks!
     
  2. chemist562
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    chemist562 In Memorian

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    FICO & Experian got into a dispute & Experian will not disclose FICO's to consumers. (I think that was a year ago when that occurred [​IMG]) I can get a free Experian FICO (decent estimate) because I have a Chase checking account and Chase credit cards. That is updated monthly and is little behind. (I just now checked for December).

    There is a credit union where they provide a free Experian FICO score monthly but I don't recall the name. You could check out www.creditboards.com/forums and look under the "credit" thread.

    If you happen to apply for a loan and they pull Experian, have the loan person tell you what your score is. I wouldn't waste a hard pull for that purpose, however.
     
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  3. miles and smiles
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    miles and smiles Gold Member

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    Supposedly creditsesame.com gives you your Experian score for free.
    I haven't tried it, so I can't verify it personally, but that is what I have read.
     
  4. LAXtraveler
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    LAXtraveler Gold Member

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    I have Chase accounts and CCs as well... how does their service work for checking Experian?
     
  5. chemist562
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    chemist562 In Memorian

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    When you log into Chase, it should come up right away. I forgot to say (check with creditboards postings) that one may have to be a Calif resident. (not 100% sure about that) to get the Experian score. My wife just have the UA Visa w/o checking account and no FICO for her. I have the old WAMU's CC which became Chase.

    Note: The Experian FICO is a decent estimate (in my case--790-800). There are different versions of FICO but Chase uses a "credit card" enhanced score.

    Bottom line: Not sure if the CC's have to be old WAMU's to get FICO's.
     
  6. jbcarioca
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    jbcarioca Gold Member

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    Please keep in mind that there is actually no such thing as a single 'true credit score'. There are a huge number of such scores, almsot always called FICO whether FICO had anything to do with them or not. There are generic 'bureau scores' which is what you get on consumer sites. There are 'behavior' scores that predict delinquency, and POD- probability of default; LGD- loss given default and many many others. The scores you get are rough approximations. All three of them from credit bureaux will usually be very similar unless the bureau has erroneous information. Correcting erroneous information is the big consumer benefit from the free annual reports, not the score data.
     
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  7. FlashBack
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    FlashBack Silver Member

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    Every score I have seen that says FICO is a true FICO score. How about a link to one of these FAKE scores that say FICO?
     
  8. jbcarioca
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    jbcarioca Gold Member

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    These are not "fake" scores. They are like 'kleenex' and 'xerox' for the same reason. FICO originated credit scoring in 1956 for Ford Motor Credit Company and became the industry standard. Now major banks do their own, third parties do their own, and FICO is there too. With so many different purposes and so many different 'populations' to evaluate, there is no single 'true score' any more, as I explained above. If you know SQL (as SAS uses it) you'll find the SQL name for most bank credit scores is called FICO. That is shorter than writing out another SQL name. They are not 'fake'. The industry term is usually 'custom' and FICO is a major vendor of custom scores. There is no link because these scores are proprietary and are rarely shared with anybody outside the developer community, much less anybody outside the specific FI.
     
  9. FlashBack
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    FlashBack Silver Member

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    I hear what you are saying. I take issue with the statement that some scores say FICO and FICO has nothing to do with them.
     
  10. jbcarioca
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    jbcarioca Gold Member

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    Sorry to be blunt, but you can take issue with it but you would be wrong. I have coded the scores and done extensive data modeling with them. Fair, Isaac does not much like people using their TM FICO for non-fico scores but that is the way the world works. Nobody should like that, I don't. It is hard to figure out which score was developed where and for what when the SAS says FICOB or FICO27 and you're trying to understand whether it is a direct pull, a periodic update or something else entirely. My most recent project had over 100 scores, all called FICO-something that were developed by more than a dozen different vendors and the institution itself. Some of them were even done by FICO itself.
     
  11. FlashBack
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    FlashBack Silver Member

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    Blunt is good so I will also be blunt. Put up or shut up. [​IMG] Provide me a link where someone is advertizing a score as FICO and FICO has nothing to do with it?
     
  12. jbcarioca
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    jbcarioca Gold Member

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    You are missing the point. Nobody is advertising these scores. They are used internally by banks. The scores you see are referred to as 'generic' in the industry because they do not reflect any particular bank or function requirement. These 'generic' scores are rarely used by any bank to make credit decisions but they are indicative of overall creditworthiness.

    I apologize if I gave any idea to anybody that any institution advertised a FICO score that was not. No bank would ever advertise a credit score anyway. The three credit bureaux sell their data in many ways, and that includes selling generic FICO scores. They and FICO make money selling these scores. If they say it is FICO it is FICO. Just because it says FICO does not say that a bank will use that particular score.

    My previous posts were not enough to make this clear. The processes, procedures and scores used to make credit decisions are not reflected in the FICO score you can buy. There is no false advertising in this respect AFAIK.
     
  13. chemist562
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    chemist562 In Memorian

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    There are many versions of FICO. Some include enhanced (custom) scores including auto, mortgage, credit card, classic, etc. There are so many factors in different FICO's (I am talking about the versions of FICO, not "fake" scores). In my experience, they can vary by as much as 20 pts. It is difficult for a consumer to know because a mortgage lender will see a different FICO where a car dealer will have a different score plus the consumer gets a different version checking with myfico.com. And to confuse things further, consumers aren't able to full Experian FICO from myFICO.com due to a dispute between FICO & Experian. Sad. :mad: Experian wants the consumer to pay to pull their Vantage score. (ranges from 501-990). Vantage is not FICO.

    I can get an approximate Experian score from Chase. It is in a band such as 790-800 like mine is & it is for December. Chase is a little behind (December 2010 score on 3/2/11) but I'll take it for free. :) Good thing is it is a "soft" pull so it doesn't count as a "hard" inquiry.

    Sorry to confuse things but the above is what I know. FICO's can vary according to which credit bureau the FICO is pulled. Mine is Experian (FICO estimate from Chase) 790-800, Equifax 799 & Transunion 754. Same person, but different formulas. A few years ago, Transunion was the highest & Equifax the lowest by 30 pts.

    Bottom line: FICO's are what most lenders use to determine how to price credit products.
     
  14. FlashBack
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    No actually I thought you were making a different. All good now!
     
  15. jbcarioca
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    jbcarioca Gold Member

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    Good. I'm sorry I was not making myself clearer.
     
  16. LAXtraveler
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    LAXtraveler Gold Member

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    I have a grandfathered WaMU card from Chase as well. I still don't see where on the homepage when I log in there is the ability to check my Experian score. Any more specific direction would be great. Thanks!
     
  17. chemist562
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    chemist562 In Memorian

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    When I logged in, there is a small blue section (upper middle of page) with a button that states "get your free credit score". I am not 100% sure why I have it (I made some guesses in above threads) but I like it.

    Do you also have a checking account w/chase? I closed mine 3 weeks ago before the fees went into effect. (I also had the old WAMU checking/savings) but I still see the button.

    Sorry that I don't know the reason I have it but I made some guesses. I do like the feature. [​IMG]
     
  18. LAXtraveler
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    LAXtraveler Gold Member

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    Weird. Not on my homepage anywhere to be found. Yes I have a checking account as well. Have had one for a long time there.
     
  19. jbcarioca
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    jbcarioca Gold Member

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    "Get your free credit score" is a way for them to sell the highly profitable add-on credit bureau information product that they sell. Almost all major companies sell that way. The best source of honest unbiased information about these reports and what you are entitled to free is the FTC:
    http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm
     
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  20. chemist562
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    chemist562 In Memorian

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    While most "free credit score" are ads to upsell to credit monitoring services, with my Chase account, that has never taken place. Not that I endorse Chase but I'll take the freebie when it comes--even with limitations.

    I agree the best information about credit reports is your above link.
     
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  21. jbcarioca
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    jbcarioca Gold Member

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    I try to avoid stating my personal biases in these discussions (only the credit related ones, the others are replete with my biases). That said, I started my banking career with Chase and have been a Chase customer myself much of the time since. I was a Chemical customer (Chemical acquired Chase and adopted the Chase name) many years ago too. Chase has always had higher standards than most of the others. That has not always translated into better deals, but they have always retained my loyalty.
     
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