On January 15, Experian notified FICO of its intention to extend its contract with FICO entitling Experian to sell FICO scores to lenders, maintaining the access that lenders have had to FICO® scores based on Experian data. However, Experian also notified us that it will terminate its relationship with myFICO.com, effective February 14, 2009. FICO's myFICO.com website provides FICO scores and other information directly to consumers in order to empower them to manage their credit more effectively.
In effect, this means that consumers will no longer be able to see or manage the FICO scores that Experian is selling to lenders.
We are surprised that, particularly in a time of tremendous economic uncertainty, Experian would deny American consumers the ability to obtain their FICO scores - the score most used by lenders - calculated on Experian's data.
Despite Experian's withdrawal from www.myFICO.com, consumers are still able to obtain FICO scores based upon data from Equifax or TransUnion.
FICO remains committed to empowering consumers with information. Our aim is to make FICO scores and information about how to manage one's credit ubiquitous so that credit management becomes an everyday occurrence, much like cash management is for most consumers.
To date, millions of consumers have visited myFICO.com to learn and manage their FICO scores, and countless others have accessed the valuable credit-management information we make available on the site for free.
We also encourage banks and credit unions to participate in our Scores on Statements program, which provides FICO scores and information about how they work free of charge to a lending institution's customers.
And finally, we work with the Consumer Federation of America and other consumer advocates to provide free educational material to consumers.
While Experian appears to appreciate the value of FICO scores to their institutional customers, we hope that it will consider the value FICO scores have for consumers as well, especially at this time, and renew their participation in myFICO.com.
For news media inquiries:
Chris Groppa
chris.groppa@fleishman.com
512-495-7180