Announcing myFICO Feature Enhancements!

BLOG - Announcing myFICO Feature Enhancements

  Great News! Enhanced FICO® Score Explanation Report (based on Experian credit report) now available.           Starting yesterday afternoon, all myFICO solutions based on Experian credit report data  (FICO Standard, FICO Score 3-Report View) will now include a newly designed FICO Score explanation report design to help you better understand and manage your FICO Score.       New explanation features include:   Incorporation of positive factors impacting your FICO® Score. Positive factors reinforce the good credit behaviors of high achievers, and encourage those people who may be working to manage their credit or improve their financial health. Personalized credit analysis and comparisons to … [Read more...]

myFICO Welcomes Financial Literacy Month

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While April is the official National Financial Literacy Month, we at myFICO like to think that sound financial literacy practices should be a 24/7 common practice for everyone.     And why shouldn’t it be when having a strong understanding of how to create/stick with a budget, the benefits of investing and saving, how the credit system works, how lenders evaluate applications for credit, how interest fees accrue and knowing your consumer rights can all save you thousands of dollars and loads of time.     At myFICO, we focus on that part of financial literacy related to consumer credit and encourage everyone to participate in this year’s National Financial Literacy month with the following activities:     Check your credit reports to … [Read more...]

Protecting Your Credit and Financial Reputation

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Most people use their credit and debit cards every day with little thought regarding the fact that criminals are desperately trying to get access to your card information so they can run up fraudulent charges, create counterfeit credit cards, withdraw cash from ATM machines  (if they can intercept your pin number) or sell your information to other criminals.   And I am not talking about the random thief who steals a wallet or purse and uses the cards to rack up a couple hundred dollars at a nearby convenience store.  I am talking about highly sophisticated fraud rings led by really smart people who leverage advanced technology to access credit and debit card information on a larger scale.   Case in point – recent data breach notifications by Target and Neiman Marcus … [Read more...]

Credit Card Holiday Tips to Help Protect Your FICO Score

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The holiday shopping season is now in full swing and retailers are aggressively tugging on our emotions implying that true happiness and the ultimate expression of your love can be only be achieved through the purchase of gifts.   I know firsthand how easy it is easy to get caught up in the hubbub of the holidays and potentially over spend or make credit-related decisions that may have longer term negative impacts.  Here are some helpful tips to consider that can help protect your credit rating as you migrate through this hectic time of the year!   Be selective when applying for a store credit card:  Retailers aggressively “hawk” their credit cards and loans products to holiday shoppers often promoting free gifts and/or incremental discounts on that day’s purchases … [Read more...]

Refinancing a Car Loan

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Most people are familiar with the concept of refinancing a mortgage loan – but what about refinancing your auto loan? Did you know this is possible? Is this a good idea?   As with any refinancing decision, the validity of it depends on your unique situation:     What is the interest rate with your current auto loan and how does it compare with current rates? Obviously it only makes good financial sense to refinance if you can get a lower rate.  Check out auto loan interest rates by FICO® Score range for your State to see if current rates are lower than the rate you are currently paying. How far are you into the existing loan term? Remember, interest is “front loaded” in an auto loan (meaning in the beginning of your loan term most of your monthly … [Read more...]

The Government Shutdown and Your Credit

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As “Closed” signs surface across various Federal government offices and sites, it is likely to affect most of us in some manner as the government services we rely on may be temporarily unavailable.   For the overwhelming majority of consumers, this closure will have no effect on your personal credit as most of us do not work for the Federal government and credit related functions are generally managed by private businesses.   You may be impacted, however, if you are in the midst of a securing financing for a home loan. If you are doing a FHA loan, HUD (the U.S. Department of Housing and Urban Development) stated that they will be able to continue processing single family loans during the shutdown.  They did share there will be a limited number of FHA staff available … [Read more...]

Lenders can see all 3 and now you can too!

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The US credit reporting system can be confusing at times: there are multiple credit bureaus, a variety of credit scores, and a bunch of rules and regulations regarding the permitted use of this information.   It can sometimes drive a person crazy trying to figure it all out!   Questions I am frequently asked are: why are there three credit bureaus and three FICO® Scores?  Do I need to stay on top of just one or all three?  Does my lender pull all three or just one?  Which one?   In the U.S. there are three national credit bureaus (Equifax, Experian and TransUnion) that collect, update, store and sell our credit histories.  The credit bureaus compete against each other to have the most robust, current and accurate credit information on the US population, … [Read more...]

Mom, I’m Going to College and I Need a Credit Card

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I had the pleasure of spending a couple of days with my brother and his family as his daughter is preparing to go off to college in a couple of weeks.  She is excited about the adventures and experiences that await her, and is busy trying to get organized with the “stuff” she will need to have prepared.   Interestingly, the subject of credit cards came up and my niece expressed that it was really important she have a credit card to be used only “in case of emergencies”.  My niece is one of those people that will give a stranger her last dime and seems to spend $20 when she only has $10.  As such, her parents had concerns about her ability to “self-regulate” and not consider charging a bunch of late night pizza’s for her dorm floor as “an emergency”!   However, they … [Read more...]

How Student Loan Debt Factors into Your FICO® Score

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This year’s summer break may be a bit more stressful if you are a college student who plans on taking out subsidized federal student loans to help pay for upcoming tuition.  Unless Congress takes action this summer to restore lower rates, new student loans will have interest rates twice what they were in the spring semester (3.4 percent to 6.8 percent).  You don’t need to be a math major to know this is not good news.   This difference in interest rates will increase the total amount of money you end up investing in your education.  And it will likely impact a lot of US consumers.   With education costs rapidly outpacing inflation, more students and their parents are taking out student loans to pay for education. Based on recent FICO research looking at a large data … [Read more...]

Your FICO® Score Based on Experian Data Now Available!

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Exciting news -- you can now access your FICO® Score based on Experian data at myFICO.com.  This makes myFICO.com the only place consumers can get FICO® Scores and credit reports from all three credit bureaus.  Why is this important?  Because your lender may be looking at FICO® Scores  and credit reports based on data from all three credit bureaus, or may be using just one of the three, but you have no way of telling which one.  Let me explain.   In the U.S., there are three national credit bureaus (Equifax, Experian and TransUnion) that house credit histories on most of us.  Each of these agencies uses the FICO® Score algorithm to produce a version of the FICO® Score based on the data they collect on each consumer.  Lenders request these scores when evaluating consumer credit … [Read more...]

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