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 MyFICO.com 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 to 10 additional FICO score versions — five will be based upon Equifax data and five will be based upon Experian data. Scores based on TransUnion data will be added later. “By making these scores available along with FICO Score 8, we have created the most complete consumer credit score product ever available, and set a new standard for consumer empowerment,” said Jim Wehmann, executive vice president for scores at FICO. The 18 FICO scores to be available are used in 92% of lending decisions using any FICO score according to the company. “In other words, if you are applying for any type of loan, the chances are overwhelming that one of these 18 scores is being used,” FICO spokesman Jeff Scott said.
The catch? Getting scores from MyFICO.com requires a monthly subscription to the site starting at $24.95 per month for a minimum of three months — or a one-time purchase for $59.85.
According to a post in today’s edition of Credit.com, consumers may be surprised to find variance among the scores — let alone surprised at the number of different “grades” they might receive for their credit history. Consumers can get two of their credit scores for free on the Credit.com site along with information on how your scores compare to the average American and personalized advice for improving it.