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Consumers Keep Tabs on Credit Scores.

Mortgage Servicing News

| July 01, 2005 | COPYRIGHT 2005 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Minneapolis -- Fair Isaac Corp., pioneer of the FICO credit score used by lenders to evaluate consumer credit risk, said that its myFICO consumer division and its partners have sold the 10-millionth FICO score to U.S. consumers. The milestone coincides with the fourth anniversary of www.myFICO.com.

"In four short years, myFICO.com has grown from a one-product experiment in consumer education to become the most trusted source in the country for people wanting to learn their real credit rating and the kinds of actions they can take to improve it over time," said Cheri St. John, vice president of Global Scoring and Consumer Solutions for Fair Isaac, in a press release.

"As a consumer destination, myFICO.com is unmatched in the industry for the product innovation, educational tools and information it provides."

As an example, Ms. St. John cited Suze Orman's FICO Kit, the industry's first collaboration with a celebrity financial expert to provide consumers with personalized information to help them understand what they can do to improve their credit standing and potential over time.

"That little three-digit number - your FICO score - is the most important number you have when it comes to your financial future," said Ms. Orman, an Emmy-winning talk show host and author of The New York Times best-seller, "The Money Book for the Young, Fabulous & Broke."

"Just about every financial move you make for the rest of your life will be somehow linked to your FICO score. Knowing and improving your FICO score is the most important way to make more out of your money."

Since its introduction in 2001, myFICO.com has delivered a steady stream of new and useful credit education tools to consumers. Key innovations over the past four years include:

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