Industry News

Fair Isaac launches loan comparison service

myFICO.com aims to help consumers find best rates based on FICO credit score
Published on Feb 9, 2004

Fair Isaac Corp. today announced the launch of an online service that aims to help consumers instantly compare competing loan rates based on FICO 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. The FICO score is used to make billions of credit decisions each year, including more than 75 percent of mortgage loan originations, according to a company statement. 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 t...

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