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myFICO.com Introduces Service to Help Consumers Find Best Loan Rates Based on FICO Credit Score

Monday 9 February 2004 00:04 CET | News

Fair Isaac Corporation has launched the first online service to help consumers instantly compare competing loan rates based on FICO credit scores, instead of comparing only the premium rates lenders advertise but normally offer exclusively to people with the highest scores.

The Loan Center on Fair Isaacs consumer site, www.myFICO.com, allows visitors to compare national and local lenders rates currently being offered to people in their area who have FICO credit scores similar to their own. If consumers like a particular lenders posted rate, the site helps connect them with the lender for more information or to apply for the loan. The initial lineup of lenders participating in the Loan Center offers a wide range of loan and interest rate options for consumers. Visitors to the Loan Center can compare the current rates of local lenders and several national lenders, including Countrywide Home Loans, E-LOAN, E-TRADE Mortgage, IndyMac Bank and Pricelinemortgage. Visitors see a comparison of interest rates offered by these lenders for five different mortgage products, all matched to the consumers FICO credit score or suggested score range. The Loan Center is available free of charge to all visitors to the myFICO Web site. MyFICO plans to add more lenders and rates for both automobile and home equity loans to the service in coming months. The FICO score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations. In addition, more than 40 of the nations 50 largest financial institutions rely on the FICO score to help them determine an individuals credit risk. The myFICO Web site offers informative, actionable credit information services that help people improve and protect their overall financial health. Through www.myFICO.com and its associates, over three million FICO score-based information products have been purchased to date.


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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech