HOME BUYERS GET FULL ACCESS TO FICO SCORES.
It used to be nearly impossible for prospective home buyers to see the exact FICO score that their lenders were seeing but that’s all about to change thanks to versions of the score previously only available to lenders. Lenders generally utilize FICO scores in order to determine whether to approve an applicant and what their interest rate will be.
Scores seen by lenders are typically different from the scores consumers see when they check their own credit report. Knowing one’s score can be very helpful when it comes to comparison-shopping. For example, consumers can compare if loanDepot, Bank of America or Wells Fargo will provide the most favorable rates for individuals in their score range.
The full FICO score will be available at an additional cost. Consumers also have the option of accessing their score on a monthly basis for $14.95 monthly. The report will also include factors which influence their actual score; this can be quite helpful for individuals who are looking to improve their score before applying for a mortgage. Consumers actually have numerous FICO scores; not just one. There are different scores for auto loan, credit card accounts and mortgages.
This new move by FICO is an effort to give consumers the most accurate information. Various companies online claim to provide scores to consumers that the scores are actually very different from the score utilized by the lenders