In light of Experian's recent decision to no longer allow us to purchase our Experian FICO^® credit score, I thought it was timely to reveal why this is so significant...and to set the record straight.

Experian's decision was based on control and greed.

Experian understands that they lost the battle with lenders, so they've set their sights on consumers.

FICO credit scores have become the lending standard around the world. In other words, the majority of lenders use a FICO score to make a lending decision.

Most consumers don't know the difference between a credit score from Experian and their real credit score.

So to capitalize on this, Experian's game plan is to sell fake credit scores and fake credit score monitoring services to unknowing consumers.

Much of the confusion is centered around the fact that Experian created and sells their own fake credit score that is completely separate and different from their FICO score.

Here's how it's supposed to work...

1. Experian, Equifax, and TransUnion collect credit-related information about you.
   
   
2. They run that information through a computer model that FICO designed.
   
   
3. The model spits out a FICO score based on the information in each of your three credit reports.
   
   
4. You purchase your THREE scores from FICO to see where your credit stands before you apply.
   
   
5. Lenders use one, two, or all three (including Experian) FICO scores to approve or deny your credit.

Now it works like this...

1. Experian, Equifax, and TransUnion collect credit-related information about you.
   
   
2. They run that information through a computer model that FICO designed.
   


3. The model spits out a FICO score based on the information in each of your three credit reports.
   
   
4. Lenders use one, two, or all three (including Experian) FICO scores to approve or deny your credit.
   
   
5. You are left in the dark about your Experian FICO score, and are marketed a FAKE and USELESS Experian score that has no bearing on the decisions lenders make.
   

Here's Experian's sneaky tactic...they now only sell their fake Experian credit score to consumers...who think it's their real FICO score.

Even some of my LAB readers emailed me this week still fooled by Experian...

"...I really don't see much difference in getting my Fico Score from them directly rather than from MyFico..."

"...My question now is what is the work around? Can we be able to get our Fico scores from Experian, even though we have to pay some money to them?..."

Let me repeat...ANYTHING EXPERIAN SELLS YOU THE CONSUMER, IS NOT REAL...it's as fake as an Elvis sighting.

Why is it fake?

Because lenders don't use Experian's fake credit score to make a loan decision. Lenders purchase your FICO scores to make a lending decision.

Unless lenders stop using FICO scores...if your credit score doesn't say FICO—it's a fake, worthless score.

You might as well take what you paid for the fake score and flush it down the toilet. At least you might do something worthwhile and clean your pipes.


The problem is you can no longer purchase all three of your FICO scores before you apply for credit. You can only purchase your real Equifax and TransUnion FICO score.

And here's a little bonus for you...if you live on the West Coast you're really screwed. Most lenders on the West Coast use Experian.

But that's not all...if you want to mortgage a home, you have no way to know what your middle score is before you apply.

So much for being prepared!
Experian sells their fake credit score to a variety of lenders and other companies to be repackaged in numerous credit report and credit score monitoring services.

They're all fake...worthless.

Write this down...

There is currently no way for you to purchase all three of your real FICO scores.

There is currently no way for you to purchase a credit score monitoring service that monitors all three of your real FICO credit scores.

Sad...but true.

Look at it this way. Imagine that you walked into a Häagen-Dazs^® ice cream parlor and you ordered ice cream (my current favorite is Cookie Dough Dynamo). You would expect Häagen-Dazs ice cream, wouldn't you?

But imagine that, instead of using Häagen-Dazs ice cream, they were actually using cheap ice cream they bought from the supermarket—some no-name brand.

Well, that's exactly what Experian is doing.

You purchase a credit score expecting it to give you accurate information about your credit rating and to help you determine whether you'll get approved for a loan or not. Instead, what you're getting is a cheap imitation of the real thing.

You bought the cubic zirconium of credit scores...not the real diamond.

If you purchase Experian's credit score, and take it to a lender, you'll become frustrated.

I hear about this from lenders all the time. A person comes into their office with their fake credit scores, but when they compare their real FICO credit scores with their consumer credit scores they're different. In some cases the scores are very different—to the point they cannot qualify for what they thought they could, based on their fake scores.

If you've ever ordered your credit
scores from one of these sites, you've
been ripped-off!

Now, let's expose a few of the fake score sites.

If you want to purchase your real FICO credit scores, don't use any of these sites:

Experian.com	FAKE
Transunion.com	FAKE
Creditexpert.com	FAKE
Consumerinfo.com	FAKE
Freecreditreport.com	FAKE
Truecredit.com	FAKE
Truelink.com	FAKE
creditXpert.com	FAKE

The websites above offer fake scores.

What's worse, Experian owns Creditexpert.com, Consumerinfo.com, and Freecreditreport.com.

TransUnion owns Truecredit.com and Truelink.com.

Shame on them. The parents of the owners of these sites should spank them.

I think we should collect all the names and addresses of each company board member and start a grass-roots letter writing campaign to their mothers, fathers, and grandparents...telling them that their son/daughter is defrauding the American people.

What do you think?


Bank of America and a few other lenders offer customers a way to monitor their FICO score.

Unfortunately the score isn't a real FICO score either.

Privacy Source is basically a credit monitoring service offered through Bank of America by a company called Trilegiant. The score they provide "free" with their service is a "personal credit score"—in other words...FAKE.

And for those of you who swear that you're getting a real FICO score from your credit card company...credit card companies don't use real FICO scores.

They use a special score created by FICO just for the credit card industry. So it's still not the real deal, folks.

Whew...

That's all I have the stomach for this week. There's more, but as Jack Nicholson said in the movie A Few Good Men when Tom Cruise asked his to tell the truth... "You want the truth? YOU CAN'T HANDLE THE TRUTH."

I will be thinking of possible work-arounds over the next few weeks.

Until next week...keep smiling,


Stephen
:)

P.S. And for those of you who emailed me, Experian's decision doesn't change anything with the new BK ADVISORS program. Our first call is on schedule for tonight.

P.P.S. To end of a positive note---Here's a recent success story sent to me from Cheryl Schaeffer...

"...I can't thank you enough! I have been purchasing my scores yearly since I first met you in 1999. This year I have been truly blessed... My bankruptcy is GONE! FINALLY GONE! And I can now say that I have....
 
TransUnion - 750
Equifax - 748
Experian - 790
 
I would LOVE to have a perfect 850, but I never thought I'd get this high. I don't remember anymore what my scores were the first time I got them, but I'm pretty sure they have doubled over the years thanks to everything I've learned from you.
 
Thank you so much."

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