Hi VJ, On another thread you indicated that the E-loan scores may only be "refreshed" once a year. Others on the thread used the term "refresh" once a month. Can you clarify this for me? My interpretation is that you are saying that we consumers can only see a new score once a year. For instance I saw my score of 695 in April 2001. Will this number remain unchanged until April 2002. I had planned to use E-loan again in July now that they are doing soft inquiries. Anyone else who has info on this, please share it especially if anyone has contacted E-loan directly. Thanks - Jim
JUST MY OPINION...I would say 1 refresh per year... APRIL 2001...YOU CAN "REFRESH" MAY 2001...BUT NEVER AGAIN TILL APRIL 2002... IF I WAS LIMITED TO BASICALLY 2 PER YEAR...I WOULD WAIT 6 MONTHS...
If you're really curious, here is the contact I've been emailing at eloan. Eduardo Pretell VP, Product Management E-LOAN, Inc. eduardop@eloan.com Tel: (925) 560-2615 Fax: (925) 556-2683
I sent an email to eloan asking how many refreshed scores I'm allowed, timing, etc. Still no reply.... I'll update if I get an answer.
Jim, You need to look at the big picture.Your scores change every day.There is a fico score that you can refresh every 30 days or so online with EQUIFAX, if your willing to pay for it again.There is also a service that will give you 2 of the 3 CRAs fico scores for about $12 all together. E-loans credit score is not a fico score.It is generated through a secondary provider of risk analysis(CreditInfonet), based on very much the same criteria as fico, but not exactly the same.Thats why your fico and e-loan score probably won't be the same at the same moment in time. Credit infonet scores, with all things being equal, tend to be 15-25 points higher than fico scores because things like account problems 5+ years ago don't count quite as negatively against you, etc. The beauty of this system is it can tell you how many points your score will change if I do this or that differently,or if I do nothing different how much my score will change in a month, or 2 months, or 12 months.Watch for the second generation flexibility.This will be awesome. Think about it from a bank thinking of granting a loan.(ie , if this applicant does nothing dfferent in 60 days, is his score going up next month or down? I could picture the phone call to e-loan.Call 6 times and pick the answer you like the best but they will still all be wrong. The restriction of when your e-loan score can be refreshed is at CreditInfonet, not e-loan.This may also change. I'll find out more. ...So the hard inquiries came of 40,000+ reports and experian changed them kicking and screaming about it all the way.I don't think everyone realizes how BIG a win this was for the consumer. It would have never been changed if it wasn't for some some head strong corporate opinions at e-loan and CreditInfonet not caving into experian's usual, blah,blah,blah, status quo, we can do whatever we want additude. To Jim- I really hope this helps To E-loan- Kudos, and invest educating your employees with a higher degree of understanding of credit scoring. To CreditInfonet- Well done,play fair, GOOD LUCK and beware the darkside.. And Thank-You again for a job well done. VJ
