Discover announced the launch of CreditScoreCard.com, a website where anyone(no matter their credit card provider) can obtain their official FICO credit score (not just VantageScore) for free. Making an account takes a few minutes. The website provides a score, information on what is helping and hurting the score, and educational resources. The FICO (Fair Issac Corporation) score uses credit scoring algorithms using national credit bureau data. Different models are built for specific purposes, such as mortgages, auto loans and credit cards. Government mortgage agencies (Fannie Mae, Freddie Mac) require the use of FICO credit scores. Many banks also use FICO credit scores, and are unlikely to change in the foreseeable future. FICO credit scores continue to be used in 90% of all credit decisions made by lenders in the U.S.
- Discover has launched a site that allows users to get their FICO score for free.
- Why does getting you’re FICO score matter? They created the first generic credit score and are considered important when getting a loan for a mortgage or in banking.
- There are multiple versions of a FICO score.
“As a result of the mortgage market and bank inertia, FICO credit scores continue to be used in 90% of all credit decisions made by lenders in the US.”