Letter to the Editor

In response to the BusinessWeek article
Credit Scores: Not-So-Magic Numbers

February 12, 2008


Mr. Stephen Adler
Editor in Chief
BusinessWeek
1221 Avenue Of The Americas, Fl 43
New York, NY 10020
Contact by: Mail

Dear Stephen:

I was disappointed to see CreditXpert Inc. mischaracterized in Dean Foust’s article, “Credit Scores: Not-So-Magic Numbers.” It is disheartening to be categorized as “busy hackers” alongside “credit doctors,” “piggybackers” and other dubious practices that bear no resemblance to the innovative, empowering company we have built.

CreditXpert was the first company to lift the veil of secrecy surrounding credit scoring—a number that determines a consumer’s ability to get a loan, a job, a credit card, a home. In 2000, our company pioneered the first consumer credit score and analysis tool because we believe consumers have the right to know and understand their credit scores. Today, with credit score disclosure the standard practice, we continue to develop solutions to help lenders and consumers make better, more informed decisions about credit.

We refute the article’s insinuation and state emphatically that CreditXpert does not exploit any score provider’s “flaws” or affect the integrity of any scoring model. In fact, our company opposes any practice that conceals past credit problems, or produces inaccurate representations of consumer credit. Rather, all our solutions focus on identifying specific behaviors that will help consumers improve their credit as they move forward.

In direct contrast to Foust’s statement, CreditXpert has never claimed to “reverse-engineer” any credit score provider’s formula. Our company’s expertise grew from a rich background in credit that began with its parent company, a leading developer of credit scoring models in the 1990s. Its scoring models were deployed directly on credit bureau systems and were used by top credit card issuers. Today, our products and services draw from our extensive experience with credit scoring, data mining and predictive modeling.

CreditXpert continues to be a driver for transparency and integrity of credit information which benefits both consumers and lenders by revealing true scores and by encouraging positive credit behavior.

Sincerely,

David G. Chung
Managing Director

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