Quicken 2015 Credit Report Procedure?

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

I tried it on December 26th and had no problems getting my score. From wha t I can see, you can only update your score every 90 days, but the credit s core number is certainly there. The credit score obtained through Quicken comes from Equifax which is one of the three credit rating firms. If I reca ll correctly, the sign-up process does require that you give your your soci al security number. And I believe there were a few chances to sign up for c redit 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.

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.

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?

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.)

Absolutely - no problem so far.

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

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.