Fair, Isaac and Co. Inc. -- the firm that developed the use of credit scoring in mortgage applications -- has expanded its Web site with easy-to-understand information on credit scoring.
"Scoring gives lenders a fast, fair and accurate snapshot of credit risk at a particular point in time," said Cheri St. John, a senior vice president.
The site will detail how credit scores are developed and used. It will also inform consumers on how they can improve their credit scores over time.
The site also will include instructions for correcting inaccuracies in credit reports and describe what a credit score takes into account and what it does not.
Fair, Isaac -- know as FICO -- recommends that consumers check their credit report periodically for inaccuracies, particularly several weeks before applying for a mortgage. If there are errors, contact each of the three national credit bureaus (Trans Union, Experian and Equifax) and your lender. Do not rely on so-called credit repair services.
Fair, Isaac's Web site can be found at: www.fairisaac.com.
Pub Date: 1/10/99