250 Million Consumers Now Get Free FICO Scores

A growing number of consumers now have access to their FICO score, free of charge.

Many credit and debit card issuers offer free credit scores these days. However, the gold standard of credit scores is the FICO score. This is because lenders more often use the FICO score in evaluating whether to approve a loan.

Other “free” scores are supplied by the three main consumer credit bureaus: Transunion, Equifax and Experian.

FICO takes data from the credit bureaus, applies its own proprietary algorithms, and produces its own scores. FICO scoring is often seen by lenders as being more comprehensive, and reliable, than simply using data from a given agency.

However, you should know that there are several different versions of the “FICO Score.” Many consumers are surprised to learn that their FICO score isn’t what they thought it was, when they go to apply for a loan. This happens when the lender is using a different FICO score than the one that consumer has obtained access to.

The best way to see all of your FICO scores is to pay for FICO’s MYFico service.

Still, it’s good to see that more consumers have access to FICO scoring.

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