Why are FICO scores so expensive?

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agp
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Why are FICO scores so expensive?

Postby agp » Tue Jun 05, 2012 6:42 am

I mean... $19.95 for 1 credit bureau's credit report! That's ridiculous. And everywhere that seems to claim to give you free credit score either does not give the FICO score, or has some sort of trap that's impossible to avoid to charge you after the trial is over.

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Postby Ratfacedudeguy » Tue Jun 05, 2012 10:40 am

Well believe it or not, lenders have to pay to obtain your FICO score as well. Think of it as wholesale vs retail where as the end consumer you're being charged a premium for an intangible product. Credit bureaus have to make money too, as do the sites or institutions that provide you with your score.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Tue Jun 05, 2012 1:00 pm

They charge more for a single report as they really want you to pay a monthly/yearly service for unlimited reports. I think it is a good idea. You monitor your computer for virus's, trojans, and spyware. Why wouldn't you monitor your credit reports as well for possible issues?
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Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Jun 05, 2012 2:21 pm

It's also a supply and demand thing as well. People find the knowledge of their fico score to be valuable, and are willing to pay the $20 for it. From a business standpoint why charge less when people continue to buy?
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MemberSince99
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Postby MemberSince99 » Tue Jun 05, 2012 2:30 pm

agp wrote:I mean... $19.95 for 1 credit bureau's credit report! That's ridiculous. And everywhere that seems to claim to give you free credit score either does not give the FICO score, or has some sort of trap that's impossible to avoid to charge you after the trial is over.


It is a bit pricey. What bothers me more than the price though since I only check it every few months (I rely on CreditSecure from Amex to monitor my reports) is the fact you can't buy an Experian FICO for any amount of money - only lenders can get that.

agp
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Postby agp » Tue Jun 05, 2012 5:32 pm

PlatinumAMEX94 wrote:They charge more for a single report as they really want you to pay a monthly/yearly service for unlimited reports. I think it is a good idea. You monitor your computer for virus's, trojans, and spyware. Why wouldn't you monitor your credit reports as well for possible issues?


Who sells unlimited reports?

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Postby JMK » Tue Jun 05, 2012 5:52 pm

What is the most secure and accurate fico score tracker these days that is somewhat affordable monthly? I used to have freecreditreport.com's system back in college.
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agp
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Postby agp » Tue Jun 05, 2012 6:22 pm

There are a bunch of websites posted on MyFico forums, but they're roughly all the same price: 14.95 - 19.95 / month. I'm really interested in the cost of the subscription that will let me do daily pulls.

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Postby DavidNY » Tue Jun 05, 2012 6:37 pm

agp wrote:some sort of trap that's impossible to avoid to charge you after the trial is over.


This is what temporary card numbers are for (like BofA's ShopSafe)

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Postby MemberSince99 » Tue Jun 05, 2012 6:40 pm

agp wrote:Who sells unlimited reports?


Amex CreditSecure has one plan (not the 14.95 plan but the 24.95 one) that allows you unlimited pulls of your reports once per day.



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