Accessing your FICO score may get easier

You may soon be able to gain access to your FICO score on a regular basis — for free.

Your FICO score — named after Fair Isaac Corp. which generates it — is used to help make a myriad of credit decisions, including more than 75 percent of all U.S. mortgage loan originations. But most of the time, it still costs about $15 to order your score from a credit reporting agency. The score is not included on the free annual credit reports you can order from www.annualcreditreport.com.

But now, Fair Isaac is looking to expand a six-year program that provides free credit scores to consumers through their banks and other financial institutions. Called FICO Scores on Statements, the program has reached just 1.5 million consumers to date.

In the past, credit bureaus actually prohibited lenders from sharing FICO scores with loan applicants, even for a fee. That began to change in 2001, when California legislators required credit bureaus to share the score with credit applicants.

FICO scores range from 300 to 850, with anything around 800 considered “outstanding.” If you’re looking to refinance your mortgage at today’s record low rates, your FICO score may play a role in the pricing of that loan.

For more information on how your credit scores affect your access to credit — and the rates you’ll pay — see Your Credit Scores from the Consumer Federation of America and the Fair Isaac Corp.

Popularity: 84% [?]