The Atlantic: Credit Scores are a scam

[Mother Fussbudget]

Short, but interesting article in The Atlantic Monthly for January.  No surprises here for those with a few brain cells to knock together...
[that's why you're HERE and not out "shopping", right?]  ;-)

Credit Scores Are A Scam

"Two Major Credit Reporting Agencies Have Been Lying to Consumers"
"A CFPB [Consumer Financial Protection Bureau] investigation concluded that Transunion and Equifax deceived Americans about the reports they provided and the fees they charged."

Essentially:
1) Consumers see one FICO number; Lenders and businesses see a different more detailed FICO number.
2) Consumers signing up for a 30-day free-trial of credit reporting services [NOTE:  *NOT* the 'free credit report dot com' service] reportedly are auto-enrolled in a $16/month 'full' subscription without notification.

[gimp]

It's a really lovely business that manufactures both the demand and the supply, and since that isn't enough, they lie and cheat to get more money out of people.