Magazine article American Banker

Fair, Isaac and Equifax Selling Fico Scores to All

Magazine article American Banker

Fair, Isaac and Equifax Selling Fico Scores to All

Article excerpt

Equifax Inc. and Fair, Isaac & Co. have introduced an online service that makes Fico credit scores directly available to all consumers for the first time.

The product, called Score Power, costs $12.95 and is available through the Equifax Web site and another site, www.myfico.com, the companies said Monday.

Anyone who buys Score Power gets a Fico score (the number used most often by lenders to assess creditworthiness); Fair, Isaac's Fico Guide, a written analysis of the score; and Equifax's credit profile, which contains the person's credit history data. Consumers also get access to an "800" number and e-mail support.

"Both of our companies have had their own initiatives before," said Cheri St. John, general manager at Fair, Isaac. "But we felt strongly that the scores needed to be accompanied by the underlying credit report information on which they were based."

The Fair, Isaac-Equifax partnership was announced in January, but the companies have been working for about a year to bring this product to market, said Mike Cummins, general manager of Equifax's consumer division. "We have the data and information; they have the scoring model and the explanation," he said.

Equifax and Fair, Isaac are collecting information about customers who buy Score Power and have retained the right to sell it to third-party marketers and other companies. But customers can choose not to participate in the data collection program. "We wanted to make sure that we kept our options open," Mr. …

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