Quicken 2015 Credit Report Procedure?

[charliec]

I updated to Q2015 and see the Credit Report process available (for free!). Has
anyone tried this procedure in Q2015 and can relate your experience with it? Is
it really a free look at your credit report with no addition lock-in services or
is this a way for them to get certain info and start bugging you for additional
things at your cost.

Just wondering before I try it!

Thanks for any insights.
charlie

 

[charliec]

I posted the note below a few weeks ago and noticed that folks were having
problems with the Credit Score procedures in Quicken 2015. Has these issues
been resolved and you can really get a Credit Score for free with no problems
and no additional procedure requirements in Quicken. Don't want to get into a
situation where they start bugging me for stuff.

Thanks for any updates.

charlie

 

[Don in San Antonio]

I updated to Q2015 and see the Credit Report process available (for free!). Has
anyone tried this procedure in Q2015 and can relate your experience with it? Is
it really a free look at your credit report with no addition lock-in services or
is this a way for them to get certain info and start bugging you for additional
things at your cost.

Just wondering before I try it!

Thanks for any insights.
charlie

I tried it on December 26th and had no problems getting my score. From what I can see, you can only update your score every 90 days, but the credit score number is certainly there. The credit score obtained through Quicken comes from Equifax which is one of the three credit rating firms. If I recall correctly, the sign-up process does require that you give your your social security number. And I believe there were a few chances to sign up for credit monitoring but this is all from memory. Overall, I find it a useful service and would recommend you give it a try.

 

[charliec]

I tried it on December 26th and had no problems getting my score. From what I can see, you can only update your score every 90 days, but the credit score number is certainly there. The credit score obtained through Quicken comes from Equifax which is one of the three credit rating firms. If I recall correctly, the sign-up process does require that you give your your social security number. And I believe there were a few chances to sign up for credit monitoring but this is all from memory. Overall, I find it a useful service and would recommend you give it a try.

Thanks - I will look into it more.

 

[Arthur Conan Doyle]

The credit score obtained through Quicken comes from Equifax which is one of the three credit rating firms.

Just as a point of clarification for those who don't know: There is no single,
magic "credit score." Anyone can come up with a credit score formula, and
indeed, each of the major credit reporting agencies offer scores based on the
data in their files about you. They are all based on different forumlas,
weightings and because thier files will be slightly different, will result in
different numbers. Just because the scales are similar, doesn't mean the numbers
mean the same thing.

Furthermore, credit reports are by definition backwards looking. Good credit
scoring formulas are designed to be forward looking or a prediction of how well
an individual will do at replaying a future debt. Someone who comes up with a
score formula that is just a summary of what's in your credit report already
isn't offering anything useful.

Fair Issac, the creator of the most widely used FICO score, does multiple kinds
of prediction scores, depending on what the lender wants to look at (mortgage
loans, consumber debt, etc.) and what types of borrowers the lender is looking
at. A FICO score will also vary depending on what credit report is used as input
data, but it incorporates things like where you work, where you live, what
assets you own, etc.

Bottom line is that a generic credit score isn't of much use to anyone.

 

[Andrew]

Bottom line is that a generic credit score isn't of much use to anyone.

Except when it is used against you, especially when you need it like
making a major purchase or applying for a job.

 

[charliec]

Except when it is used against you, especially when you need it like
making a major purchase or applying for a job.

A question - if you get the credit score, does the sender then start hitting you
with advertising emails, etc?

 

[Arthur Conan Doyle]

Except when it is used against you, especially when you need it like
making a major purchase or applying for a job.

That's exactly my point - anyone who uses a score as a part of their credit
decision process to deny credit has to tell you what scoring system they used.
If I tell you your "Doyle Credit Score" is 850, what does that buy you?
Absolutely nothing unless the company evaluating your application uses the same
scoring system and the same credit data source.

If I tell you your "Experian Credit Score" is 775 and your creditor uses Trans
Union, what does that buy you?

Here's a tricky one: If I tell you your FICO Score is 825, what does that buy
you? As it turns out, there are a whole series of FICO Scores. Which one gets
used by a creditor depends on which FICO score they buy and which credit source
is used to compute the score.

Repeated for empahsis: Buying a generic credit score does nothing but line the
pocket of the person selling the score. If you are anticipating a major purchase
where scoring is used, you can ask them up front what system they use. Better is
just to make sure your credit history is accurate and don't expect a magic
incantation will influence any potential creditors.

 

[Andrew]

That's exactly my point - anyone who uses a score as a part of their credit
decision process to deny credit has to tell you what scoring system they used.
If I tell you your "Doyle Credit Score" is 850, what does that buy you?
Absolutely nothing unless the company evaluating your application uses the same
scoring system and the same credit data source.

If I tell you your "Experian Credit Score" is 775 and your creditor uses Trans
Union, what does that buy you?

Here's a tricky one: If I tell you your FICO Score is 825, what does that buy
you? As it turns out, there are a whole series of FICO Scores. Which one gets
used by a creditor depends on which FICO score they buy and which credit source
is used to compute the score.

Repeated for empahsis: Buying a generic credit score does nothing but line the
pocket of the person selling the score. If you are anticipating a major purchase
where scoring is used, you can ask them up front what system they use. Better is
just to make sure your credit history is accurate and don't expect a magic
incantation will influence any potential creditors.

OK - But MY point is that the three major credit agencies get a LOT (if
not the MAJORITY) of the same information from credit ccard companies,
financial institutions, etc. If, for example, you missed a major item
or fraud, or for some reason your FICO score (yes, from just the one
Quicken agency) dropped unexplainably, I would want to know about it as
fast as I can and NOT wait until my credit is denied on a purchase, or I
am jacked up to the highest interest rate.

Even if you monitor if through Quicken from the one agency, that is
worth knowing as soon as you see a potential unexplainable drop. So I
still do not buy into the fact that you say it is worthless. YMMV.

And in this case, there's no 'lining' of the pocket since it is 'free'
(assuming you bought the version of Quicken).

(I do the 'request a free score every four months rotating the agencies
as well.)

 

[Arthur Conan Doyle]

OK - But MY point is that the three major credit agencies get a LOT (if
not the MAJORITY) of the same information from credit ccard companies,
financial institutions, etc. If, for example, you missed a major item
or fraud, or for some reason your FICO score (yes, from just the one
Quicken agency) dropped unexplainably, I would want to know about it as
fast as I can and NOT wait until my credit is denied on a purchase, or I
am jacked up to the highest interest rate.

Absolutely - no problem so far.

Even if you monitor if through Quicken from the one agency, that is
worth knowing as soon as you see a potential unexplainable drop. So I
still do not buy into the fact that you say it is worthless. YMMV.

See below.

And in this case, there's no 'lining' of the pocket since it is 'free'
(assuming you bought the version of Quicken).

That's true - it was a figure of speach on my part and not accurate in this
scenario.

(I do the 'request a free score every four months rotating the agencies
as well.)

OK, this last sentence is the problem: You aren't requesting a credit score
every three months, you are requesting a credit report. Those aren't the same
thing. Everyone should request their credit report from
www.annualcreditreport.com. In fact, the smartest strategy is to request one
every four months rotating through the big 3 credit reporting agencies as you
are doing, so that's great.

What is misleading to some people is thinking that a report and a score are the
same thing. As I posted previously, while there are only 3 major credit agencies
that produce credit reports, there are hundreds of companies selling (or giving
away) scores. Scores are meaningless unless you see the exact one that your
potential creditor is using.

 

[Andrew]

Absolutely - no problem so far.


See below.


That's true - it was a figure of speach on my part and not accurate in this
scenario.


OK, this last sentence is the problem: You aren't requesting a credit score
every three months, you are requesting a credit report. Those aren't the same
thing. Everyone should request their credit report from
www.annualcreditreport.com. In fact, the smartest strategy is to request one
every four months rotating through the big 3 credit reporting agencies as you
are doing, so that's great.

What is misleading to some people is thinking that a report and a score are the
same thing. As I posted previously, while there are only 3 major credit agencies
that produce credit reports, there are hundreds of companies selling (or giving
away) scores. Scores are meaningless unless you see the exact one that your
potential creditor is using.

OK Arthur - I think we've done this to conclusion. You're right, I
ceetainly did mean a 'report every 4 months'.

Peace, and happy New Year/Tax Season upcoming.