Fair Isaac Plans to Add Interactive Online Credit Score Simulator

Share this content:
Fair, Isaac and Co. Inc. plans to add interactive capabilities to its Score Power credit profile report later this year.

Users will be able to access the credit score simulator and perform "what if" simulations online that will predict how certain actions and habits would affect their credit rating.

Developed with Equifax Inc., Score Power provides consumers with an Equifax Credit Card Profile, which is used to calculate the FICO credit score used by lenders to determine credit eligibility and credit limit, and provides suggestions for improving and maintaining that score.

Score Power reports can be purchased for $12.95 each and include the consumer's current FICO score, an Equifax Credit Profile, an explanation of the FICO score and how lenders interpret it, and tips on how to improve the score over time. For $38.85, Fair, Isaac offers the Score Power Subscription, which includes the ability to check a FICO score's progress over time by accessing four credit reports a year.

The FICO score, which was developed by Fair, Isaac, is a number between 300 and 850 that lenders use to determine a consumer's credit risk. The score is a snapshot of a consumer's credit risk at a particular time. The higher the FICO score the more likely a consumer is to be approved for loans and receive favorable rates.

The interactive version of Score Power will be the first available to consumers and enable them to simulate how opening a new credit account will affect their FICO score.

The company also plans to add additional services to Score Power, including a monitoring service that alerts consumers to changes in their FICO score and credit reports. A three-bureau credit report service also will be added that will provide consumers with a single source for credit reports from the three major credit reporting agencies: Equifax, Experian and TransUnion.

Loading links....

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here