myFICO.com Introduces "One-Stop Shop" for Loan and Credit Information

In response to the desire by consumers for an objective source of helpful loan and credit information, Fair Isaac Corporation, the pioneer of the FICO® credit score used by most lenders to evaluate consumer credit risk, today announced its enhanced Loan Center for consumers at its consumer website, www.myFICO.com. myFICO’s Loan Center provides an online “one-stop shop” for consumers to obtain their FICO credit scores and related information and apply it to pursue personal financial goals such as purchasing a home or refinancing a mortgage.

A recent survey commissioned by the myFICO® service found that Americans consider the Internet to be one of the most effective ways to receive educational information about personal finances and credit. myFICO’s online Loan Center, which includes tip sheets, check lists and calculators, helps consumers take an active, educated role in the lending process by coaching them through vital questions such as, Is this the right time?, What are the risks involved?, and What loan products are best for me?

“myFICO understands that preparing for the loan process can be intimidating and difficult for many consumers,” said Andy Jolls, vice president of myFICO. “Because myFICO is in a unique position to serve as an informed and trusted advisor rather than as a lender, we created a web destination where consumers can gather independent, expert information to make better informed decisions and maximize their results.”

How The Loan Center Works

myFICO’s website introduces consumers to the lending process and loan types, and helps them decide if the timing is right. Then based on their FICO score, consumers can learn in real time what lenders will likely offer them in estimated annual percentage rate (APR) and monthly payment. Consumers can also learn if refinancing an existing loan would be worthwhile, perhaps in response to a new interest rate or an improved FICO score.

When a consumer is ready to receive offers from lenders for a particular loan, myFICO works with an intermediary to convey the consumer’s information to a broad network of over 300 lenders and bring back information on up to four lenders who express interest in working with the consumer. The consumer then may choose one of those lenders and work directly with it to close the loan. Lenders who are interested in participating in myFICO’s Loan Center should contact bizdev@myfico.com.

To further assist consumers, myFICO plans to expand the range of loans and programs available on the Loan Center. For more information on the Loan Center including its helpful tips, tools and check lists, go to www.myFICO.com.