myFICO.com Introduces First Service to Help Consumers Find Best Loan Rates Based on FICO Credit Score
February 10, 2004
SAN RAFAEL, Calif.--(BUSINESS WIRE)-- Fair Isaac Corporation (NYSE:FIC) has launched the first online service to help consumers instantly compare competing loan rates based on FICO(R) 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 Isaac's 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 lender's posted rate, the site helps connect them with the lender for more information or to apply for the loan.
"Most consumers know they should shop around for the best interest rate," said Russ Mann, vice president of myFICO(R) services. "As FICO scores are a key component in the lending decision, we introduced our Loan Center to help people compare rates from leading lenders based on FICO scores. The savings to be had by improving one's score and shopping rates by score can be a real eye-opener for many people. It's one more way that myFICO is helping people become more credit-empowered."
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 consumer's 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.
Source: Fair Isaac