Clearer View Of Your FICO Score

Dated: February 3 2015

Views: 426

A major change has arrived to home buyers. Buyers can now check there credit score before consulting with a mortgage lender. On Monday, Fair Isaac Corp. (the developer of the FICO credit score) announced that it is now selling consumers a look at certain versions of the FICO score.  FICO scores are used in most cases to determine whether to approve consumers for loans and at what interest rate. Before now home buyers were not able to see their actual FICO scores lenders see until after they have applied for a mortgage. If consumers know these scores before hand they can decide whether they are ready to apply or if they need to improve their scores. While knowing you score ahead of time it will also help when finding a mortgage lender. Before now, in most cases,  consumers were only allowed to see three FICO scores (Equifax, Experian and TransUnion). However, now consumers can check these more specific scores other than the three. Major credit cards are beginning to show FICO scores as well. FICO's goal is to provide consumers with their REAL scores. Jim Wehmann, executive vice president, says that many companies claim they show you these FICO scores but in most cases they are false and not the scores that are used for applying for a mortgage. He also says by doing this it will help clear up consumer confusion around educational scores and scores that are actually used by lenders. If you are more interested in knowing your actual FICO score visit myFICO.com. You will have to pay for this service but it will provide you with all of your FICO scores including the ones used by mortgage lenders. 

Blog author image

Terry Ivie

Texas Real Estate Consumer Protection Notice

Want to Advertise on this Site?

Latest Blog Posts

How To Know If Its Time To Buy A Home

Owning your own home has long been part of the American dream. It's a goal most of us rightfully aspire to, and one that can often help build wealth. Indeed, 64% of Americans own a home today. If'

Read More

Health Benefits Of Strawberries

Did you know that strawberries have been around since ancient Roman times; and were used for medicinal purposes such as: alleviating inflammation, fever, kidney stones, bad breath, gout and more!

Read More

Distorted SelfImage

Have you ever been to an amusement park that had those crazy mirrors that make you look funny? There are mirrors that make us look really tall and thin. Others that make us look short and wide.

Read More

The Telltale Signs Its Time To Refinance

Have you been giving some thought to how you might be able to save money if you refinanced your mortgage? How do you decide if it’s really worth it? Here are four signs that show you might

Read More