Free credit score and credit reporting at MyFico

When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they`d take by lending money to you. The credit score is considered as a number that represents the worthiness of a person’s credit and the probability that a person will pay for his or her debts. The lenders such as credit card companies and banks make use of these credit scores for evaluating the potential risk taken by lending money to the consumers. A poor credit rating/credit score indicates high risk of defaulting on a loan, and thus leads to high interest rates or the refusal of a loan by the creditor. Due to wide usage of credit scores, the credit is very easily available and is cheaper for the consumers.

FICO scores are the credit scores that most lenders use to determine your credit risk. They are computed by the Fair Issac Corporation. Each of the score is derived by your credit history from each major credit reporting agency: Equifax, Experian, and TransUnion. Your FICO score is calculated using the information in your credit reports. These reports contain all information that each credit bureau has on file about you. Because your credit history may vary from one credit reporting agency to the next, your FICO scores may be different from one another. The scores will also change when the information in your credit report are updated as time pass.

MyFico, a consumer division of Fair Isaac, is offering free credit scoring and reporting. It is the authority when it comes to credit scores. It offers informative credit-information products that help people to understand actions that they can take to achieve and protect their overall financial health. It is allied with national credit reporting agencies Equifax and TransUnion to create a new generation of credit information products that empower consumers to understand and protect their true credit standing.

The free trial from MyFico includes a 10-day credit monitoring service and if you keep your service beyond the free trial, the cost is $12.95 a month. Moreover, coupons are available from the website http://www.savingsheadquarters.com/coupon/myFICO offering discounts on various MyFico products.


To get more knowledge about myfico and other factoid, visit the credit score site.