FICO Scores Used by Lenders are Now Available to Consumers

FICO Scores Used by Lenders are Now Available to Consumers FICO announced it will make up to 18 variations of consumers’ FICO scores available for the first time. FICO publishes different scores based on the needs of the type of credit involved–car loans, mortgages, credit cards, etc. Before, FICO allowed consumers to see only their “base” FICO score at the firm’s subscription-based site, or through the free FICO Score Open Access program used by some credit card issuers. Those scores are not the same scores used by lenders when they make credit decisions. Now, the company will offer up...


Credit Scores Should be Free!

Karen Blumenthal of the Wall Street Journal asks why consumers have to pay get credit scores. As important as credit scores are to consumers, they currently have to pay fees to Experian, Equifax, Trans Union or others to get their own scores. The report states this could change. In March, bills were introduced in both the House and Senate that would give consumers access to free credit scores once a year. The report points out that credit bureaus sell dozens of different credit scores, some intended only as “educational” for consumers, some generic ones for lenders and some tailored for...


All About FICO Credit Scores from the FICO CEO

Mark Greene, chief executive of Fair, Isaac & Co., creator and proprietor of the FICO score provided this explanation of credit scores: “The FICO score is a measure of a consumer’s financial health and creditworthiness,” Greene says. It’s simply a number, ranging from 300 to 850 — the higher the better. The average FICO score in the U.S. is about 700, and pretty much every bank in the country uses a FICO score when making lending decisions. But while the scores are important, they’re not the be all and end all. “Scores are meant to be one of several things...


Experian FICO Scores No Longer Available to Consumers

Experian just announced that it will no longer allow public access to FICO scores based on its credit reports, as Public Citizen’s blog reported February 16 and the New York Times reported earlier. The other two credit reporting agencies, Equifax and Trans Union, will continue to allow the public to view their FICO scores. Experian’s decision could have disturbing consequences. Because Experian will continue to sell FICO scores to lenders and creditors based on its data, those lenders may base decisions on factors that consumers can no longer see. Particularly if you are thinking about applying for major credit, you...


Credit Crunch Means Higher Scores Necessary to Get Best Rates

In its January 4, 2009, edition, the Wall Street Journal reports that it now takes a 760 FICO score to get the best rate on a 30 year mortgage, 740 for the best rate on 15 year mortgages, and 720 for the best 3 year auto loan rate. Formerly, 720 would get the consumer the best rates on these loans. The inflation in required credit scores is a result of the current credit crunch.

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