Experian Credit Report
Complaint 18192 Details

This scam has been ongoing for well over 5 years. I went to get a refi on my house based on the scores reported to me by these agencies, only to find that the scores they report have nothing to do with the numbers reported to the banks.

Nearly all banks use a FICO score, but each of these racketeers have their "own" way of computing scores that has nothing to do with FICO. Why? So they can sell you a product that makes you feel good about your credit rating. In each case the number reported on their website was nearly a hundred points higher than the score reported to the banks.

How do they get away with this? They say that they only supply the raw data to the banks, and the banks use their own methods of computing your scores. This still begs the question: Why would they (the credit bureaus) use a method so vastly different, from the most commonly used method of computation (FICO)? The answer? To scam you out of your monthly fee, by making you think your score is better than it really is, because you'll never find out unless you are denied a loan.