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     | Monday, May 15, 2000 - 10:20 am  As per TransUnion's home page, they plan to be releasing credit scores DIRECT to consumer by year's end. Great news. Experian and Equifax should follow suit...hopefully. http://www.transunion.com/
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| | Monday, May 15, 2000 - 10:55 am Thanks Lynn! I looked at the page and find this very weird: "The score is in development at this time, but will be available, free of charge, when you request a copy of your credit report from Trans Union, by the end of this year." It looks like it has nothing to do with Fair Isacc's Scores. Trans Union is developing ANOTHER Credit Score? I called their 800-916-8800 and after a very short hold spoke with a rep who knew nothing about the nature of the Score. She thought they were developing the software to add the Score to the credit report, but I can't see why that would take until the end of the year. I'd greatly appreciate any further info on this. I just sent an E-mail to Fair Isaac and will update with the response.
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| | Monday, May 15, 2000 - 06:57 pm Just as I thought, the word from Fair Isaac: "If you're talking about TU's press release today, the score they're referring to is not a FICO score (not developed by Fair, Isaac.) We don't have any other information about this score." Nice marketing ploy by TU, and LOTS of people fell for it! Obviously TU's goal is to get a piece of the Credit Scoring action. By making their new Score available to consumers they'll sell many more credit reports, and of course consumers will want creditors to use that Score. Considering that most people haven't even picked up on the fact that there are many different Scores, I predict MASS CONFUSION. I also predict that the new TU Scores will be just as flawed as the Fair Isaac Scores.
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| | Tuesday, May 16, 2000 - 07:26 am Hmmmm.....one could only hope that the TU score will, at least, track FICO's reasonably well. After reflecting on this, it does seem that Fair Isaac would still protect their intellectual property. Probably it will take a year's worth of testing and comparing the new algorhythms to FI to make sure that they are fairly close. I could live with TU's score being off of FICO's by 5 or 6 points. At least that let's you know a good approximation where you are. It is not what I first believed, apparently, but it is a first step. I guess you can't eat an elephant all in one bite.
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| | Tuesday, May 16, 2000 - 11:40 am Lynn, FICO Scores aren't even within 5 points of themselves, from one day to the next, without any changes on the report. I don't think MORE Credit Scores will better the situation at all. Consumers will be even more confused. There is no way that ANY software can predict someone's creditworthiness. The creditors *could* just have underwriting guidelines like they used to. They could state what their credit requirements are, and then we'd all know WHY we get the rates or declines we get. The reason WHY creditors use Credit Scores is so they can charge HIGHER rates and fees to people who don't deserve them.
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| | Tuesday, May 16, 2000 - 04:58 pm Agreed on all points, Christine. I guess I've gotten so inured to this that I just dance with the devil these days. It's almost exhausting trying to maintain oneself in this area. Additionally, if the 3 CRA's each do come out with their own proprietary models, how much of a spread could you expect there? It could be all over the map. Still, it's a step toward FI being forced (either in a business response, or by statute) to finally give out scores as a normal course.
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| | Friday, December 22, 2000 - 03:48 pm Now the site says scores will be available soon instead of by the end of the year. Oh well. I just don't get why they would bother developing, or have developed a scoring system just to give to consumers. Surely, they'd profit more by using their "new" scoring technique for subscribers as well. *shrug* Kelly
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| | Friday, December 22, 2000 - 05:27 pm I also wonder why Qspace developed their "Personal Credit Score for only $3.95" Could they really be making money? Are the finance industry and Fair Isaac sponsoring those scores to confuse consumers even more? I have no idea. I DO know that those scores are worthless.
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