Monday, February 9, 2009

Lenders See "Invisible" Score; No Worries For Cash Advance

Experian: pulling a fast one on consumers

Cash Advance Mojo would like to take a moment to discuss something that pertains to anyone who cares about maintaining their credit. According to Silicon Valley Blogger of The Digerati Life, myFICO is going to stop using consumers’ Experian credit scores and reports when factoring their score. This is planned to go into effect on Valentine’s Day, February 14, 2009. If you need an Experian score and report, get it before then or you will lose out. Get to their Web site now!

Equifax and Transunion scores will remain available through these and other sources.

This will not directly impact your ability to apply for a cash advance, as credit scores are not typically required.

As you may know, Experian is one of the three national credit bureaus (Experian, Equifax and Transunion). They won’t be going away completely, however. They will sell FICO scores to their own customers (lenders, banks and other institutions). What will this mean? Other parties will be able to see data that we can't see. It will be that much harder to view your credit standing. I’d like to know how they plan to end-around the Fair Credit Reporting Act, because a consumer reporting agency like Experian is required by law to “provide a consumer with information about him or her in the agency’s files and to take steps to verify the accuracy of information disputed by a consumer.” ... click here to read the rest of the article titled "Lenders See "Invisible" Score; No Worries For Cash Advance"

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