news.cuna.org/articles/Credit-reporting_services_expand_FICO_access

Credit-reporting services expand FICO access

December 30, 2014

COSTA MESA, Calif., and SAN FRANCISO (12/31/14)--Two credit-tracking services announced they will offer consumers expanded access to their credit histories and scores.

Credit bureau Experian will provide FICO scores as a complement to its direct-to-consumer products such as its credit reporting and identity theft protection.

FICO scores are commonly used by lenders to determine a consumer's credit eligibility for credit cards, auto loans, mortgages or other lines of credit. The FICO scores help lenders assess credit risk and can influence the credit limit, interest rate, loan amount or other terms offered to a borrower. FICO scores historically have been separate from the reports that consumers can request from the credit-reporting bureaus.

Credit Karma, which gives consumers free access to their credit reports and scores, now will provide information from both Equifax and TransUnion, the other two major credit reporting bureaus.

Credit Karma is the first to offer free credit scores and reports--that are updated weekly--on an ongoing and on-demand basis from two national credit reporting bureaus.

Consumers also can go to annualcreditreport.com for free reports from all three credit agencies, which by law are required to provide such a report for free every 12 months upon request.