By Greg Fisher
Misinformation about credit scores continues to grow. There's the 678 thing, the employers thing, the utilization ratio thing, the other utilization ratio thing, the scale thing, and now, the U.S. Bank PrivacyGuard Fake-O FICO thing.
The U.S. Bank website states, "Your Credit Report - Get your credit report and FICO score online now, plus have your report monitored for signs of identity theft." The statement links to another U.S. Bank web page lauding a partnership between PrivacyGuard and U.S. Bancorp Insurance Services, LLC. However, the credit score is not a FICO score. It is something called the CreditXpert score.
But, it's human nature: People who don't know what they are talking about talk anyway. And they write, too. Hoo-BOY do they write! With the Internet, there is the potential to get in front of 12-billion eyeballs in an instant— with information and misinformation. Incompetent people do not know that they are incompetent, and now they are out there with some big tools.
U.S. Bank knows enough about credit scores to be dangerous.