Enough to be Dangerous: Mighty Net CreditReport.com

In 2010, Mighty Net's CreditReport.com claims that it provides a 3 bureau credit report with FICO scores from all three agencies

9/22/2010

Knowing enough to be dangerous, CreditReport.com boasts, "CreditReport.com can provide you with a 3 bureau credit report with FICO scores from all three agencies."

Actually, the credit score a consumer obtains from CreditReport.com (by using the vertical display link on the right side of the page titled Credit Ratings) has a scale of 300 to 900. The FICO is 300 to 850.

The outlandish claim comes as Experian announces that it has acquired substantially all the assets of Mighty Net, Inc., including CreditReport.com. Experian stated that it obtained an injunction against Mighty Net in a 2006 lawsuit. In 2009, the big story was the failure by Experian and FICO to agree to allow consumers access to Experian-based FICO scores.

FICO scores are tagged for use by Fannie Mae and Freddie Mac. The Federal Housing Administraton bases published statistics on the FICO. Recently, FHA announced policy changes based on FICO scores; the FICO and its company are actually mentioned by name in the Code of Federal Regulations.

Experian claims that Mighty Net has 680,000 subscribers. Mighty Net's Better Business Bureau rating is B. Experian has a D.

12/2/2010 update

Screenshot taken 9/29/2010:

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Lines are drawn

Are you a Believer or Nonbeliever—are they really used in jobs? Credit score use by employers showdown.

April, 1997: "Information on how to obtain one's credit score is suspiciously absent from your site. How do I get mine?"

"And we're not running a game show. I mean, we're evaluating risk. We're not trying to have people get--achieve the highest score."

"Fisher is a fan of going by the book and then beyond it."

"He beat the scoring proponents to the punch by scooping up the web address http://www.creditscoring.com, from which he launches often strident, sometimes wacky, but usually well-documented attacks on the credit-scoring concept and the industries that support it."

Realty Consumers Empowered By Online "Peoples" Court - "His Web site CreditScoring.com helped him-- and millions of other consumers-- extend fair credit reporting rights to credit scoring information."

"Fisher operates the www.creditscoring.com Web site, which skewers the secrecy of the credit bureaus and Fair, Isaac." - The Detroit News

"CreditScoring.com is an exceptionally-interesting site that offers news and information regarding credit scoring and-- really-- the entire credit process."

"'Garbage in, garbage out,' says Greg Fisher of Dayton, Ohio, who runs two Web sites on the subject, creditscoring.com and creditaccuracy.com."