Hot on Facebook

Guy Buys $123 Safe on eBay, Finds $26,000 Inside Seller tries to get half the cash back, fails »

Experian Cuts Access to Credit Scores

Consumers are about to know 33% less about their credit rating

By Rob Quinn, Newser Staff

Posted Feb 13, 2009 7:37 AM CST

(Newser) – Knowing their credit rating will become one-third harder for consumers as of tomorrow, USA Today reports. Experian, one of the three major companies that calculates credit scores, has canceled its deal with the company that provides the info to consumers, meaning millions will lose access to Experian's version of the widely used FICO score.

Consumer advocates slammed the decision as reducing transparency at a time when it's more important than ever for people to monitor their credit rating. "You now have access to 33% less important information you should have access to," one said. "If you've been declined a loan because of your Experian credit score, good luck, because you can't get it." Experian will continue to sell its information to companies.

[Images (2)]

[Quotes (1)]

Consumer advocates have criticized Experian's decision to stop making credit scores available to customers (Shutter Stock)

FICO credit scores are widely used by everybody from lenders deciding whether to grant loans to employers making hiring decisions. (AP Photo/Paul Sakuma)

« Prev« Prev | Next »Next » Slideshow

We were surprised that at this time of economic uncertainty, Experian would choose to terminate this contract and deny consumers the ability to get their score.
- Tom Quinn, a vice president at Fair Isaac

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

New Credit Scores in Play Today

Fair Isaac Corp. hopes new scores will better predict consumer defaults

(NEWSER) - New credit scores intended to make identifying bad risks easier make their debut today, with TransUnion taking the lead in offering “FICO 08” metrics, reports the Wall Street Journal. The new formula is more forgiving of one-time lapses than its predecessors, but popularizing it may take years, according to developer Fair Isaac Corp. More»

1 in 4 Americans a Credit Risk

Credit scores sink to new lows

(NEWSER) - Thanks to the Great Recession, the credit scores of millions more Americans have sunk to new lows. New figures show that an astounding 1 in 4 households are now in the lowest credit category, boosting the number of those considered poor lending risks to 43 million. Even more consumers are expected to fall into this category in the coming months. More»

Credit Checks Trap Jobless in Financial Spiral

(NEWSER) - For many unemployed Americans, a new trend is keeping the prospect of a new job out of reach: detailed credit checks of prospective employees. Once used mostly for government positions, cheap credit checks are now routine at private employers seeking to cull huge applicant pools. Businesses say they're just being responsible, but job counselors are nervous that the unemployed are being caught in a Catch-22. More»

Credit Scores Plunge as Consumers Twist in Wind

Average drops 6 points, likely to fall further

(NEWSER) - Consumers are caught in the credit crunch, and their scores are starting to show it, USA Today reports. The average TransUnion credit score fell 6 points between the third quarter of 2008 and the first of 2009, and the group’s financial services director expects it to fall even more through 2010. “Consumers are feeling the bite of the current recession,” he says. “It’s not surprising.” More»

States Seek to Restrict Employer Credit Checks

Lawmakers want employers to prove credit reports are necessary

(NEWSER) - Several states and Obama administration officials are seeking restrictions on employers that unfairly screen out job applicants using credit checks, USA Today reports. Spiking unemployment and mortgage foreclosures brought on by the financial crisis have hurt many, and lawmakers say trustworthy people are being shut out of good jobs. Some 43% of US employers check applicants for overdue payments, up from 36% in 2004. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

Experian Cuts Access to Credit Scores