For the First Time Ever, 18 FICO Scores Available to Consumers
The most commonly used credit score rating FICO will soon offer 18 different variations of the credit score to consumers. This announcement by FICO closely follows the news recently about how American consumers need to be more informed about their credit ratings and scores are calculated.
FICO will provide 18 different credit scores for a fee, which will be tailored for mortgages, car loans, credit cards, etc. Until now, consumers were allowed to view only one FICO score at their official site or through the Free Open Access Program that some credit card issuers offer.
Of the 18 scores, five are based on data provided by Equifax and Experian, respectively. These scores include ones that can be used specifically for credit card and auto lending. The remaining 8 scores, to be added soon, will be based on TransUnion.
Consumer will be asked to pay a monthly subscription payment of $24.95 or a one-time price of $59.85 to access these scores.
How these scores will help consumers
FICO’s Executive Vice President stated that these new scores will set a standard for consumer empowerment. The soon to be available 18 FICO scores will be used in making 92 percent of all lending decisions. In fact, the factors that go into computing these scores are already considered by all the lenders in making lending decisions. The new scores are geared to help consumers better understand how credit is calculated and being used by lenders to make decisions about loans and rates.
If you are interested in educating yourself on how your credit score is calculated, you can start today. You don’t need to wait until all 18 FICO scores are available. Contact one of our credit repair specialists to walk you through the process. At RMCN, we specialize in credit repair, restoration and education.