Before the end of this year Americans will be able to access a credit score simulator that enables them to explore "what if" scenarios online and learn how certain habits and behaviors could affect their credit score over time. This new interactive feature will be added to the wildly popular Score Power service developed by Fair, Isaac and Equifax. Since its launch in mid-March of last year, Equifax has sold more than one million Score Power reports to consumers. Score Power provides consumers with an Equifax Credit Profile, which is used to calculate the FICO credit score, and a personalized analysis of the score that includes suggestions for improving and maintaining the score. According to customer research, consumers seek out the Score Power service and FICO scores for a variety of reasons. The most common reasons relate to an impending major purchase, 60% of surveyed customers note that they plan to take out a loan in the near future for a car, home or other substantial investment. Sixty percent also note that they are interested in raising their FICO score. After using the service, 80% of Score Power customers say they have acted to improve their FICO score, including paying more attention to paying bills on time (25%). Sixty percent of users say the information they received made them feel more in control of their finances. Fair, Isaac and Equifax say they also plan to launch a monitoring service that will alert consumers to changes in their score and credit report. For more information visit www.equifax.com or www.myfico.com.
Before the end of this year Americans will be able to access a credit score simulator that enables them to explore "what if" scenarios online and learn how certain habits and behaviors could affect their credit score over time. This new interactive feature will be added to the wildly popular Score Power service developed by Fair, Isaac and Equifax. Since its launch in mid-March of last year, Equifax has sold more than one million Score Power reports to consumers. Score Power provides consumers with an Equifax Credit Profile, which is used to calculate the FICO credit score, and a personalized analysis of the score that includes suggestions for improving and maintaining the score. According to customer research, consumers seek out the Score Power service and FICO scores for a variety of reasons. The most common reasons relate to an impending major purchase, 60% of surveyed customers note that they plan to take out a loan in the near future for a car, home or other substantial investment. Sixty percent also note that they are interested in raising their FICO score. After using the service, 80% of Score Power customers say they have acted to improve their FICO score, including paying more attention to paying bills on time (25%). Sixty percent of users say the information they received made them feel more in control of their finances. Fair, Isaac and Equifax say they also plan to launch a monitoring service that will alert consumers to changes in their score and credit report. For more information visit