In the late 1990s, when mortgage lenders began widespread use of credit scores, the credit score providers told lenders to keep the scores secret from the borrowers. The score providers would otherwise cut off the lender. This secrecy created a howl of protest.
4 Unless, perhaps, your credit score makes you look better than you deserve.
Nevertheless, eloan.com braved the storm and began releasing scores to its customers. True to their word, the credit score providers threatened to throw eloan.com out of the fraternity. Not only did eloan.com refuse to buckle under, the California legislature entered the fray and mandated release of credit scores to all Californians. Shortly thereafter, Fair, Isaac (FICO) set up its web site, myfico.com. Now, for around $50, anyone can learn their FICO scores as created from credit data held by the three major credit repositories (Equifax, Experian, and Trans Union).
Was this article helpful?