Experian-based FICO Scores To Be Discontinued On myFICO.com

One of my friend send it to me via email.I thought let me share with you guys.If any one using this service then you won't use this after 13th Feb.

Attention Lenders:

Fair Isaac has received notification from Experian of its decision to terminate the agreement which allows the distribution of Experian-based FICO® scores and reports from www.myFICO.com.

The change will be effective on February 14th, 2009. While Experian’s decision eliminates the consumers’ ability to see their own FICO® scores, it will not impact your ability to use FICO® scores in your lending decisions.

Specifically:
• This action by Experian is specific to our consumer business unit.

• Fair Isaac is dedicated to offering FICO® Scores to financial institutions via all three of our bureau partners to provide the most independent and fair representation of a consumer’s credit picture.

• Experian recently recommitted to continue offering FICO® Scores to its lending clients.

• To meet consumers’ credit empowerment demands, Fair Isaac will continue to offer both Equifax and TransUnion credit management services through our myFICO.com web site.
Be assured that we will communicate any change in status to you should it occur. Until then, we look forward to providing quality analytic scores and services as we work towards advancing innovations in our offerings.

If you have any further questions, please contact your Fair Isaac representative.

Your New And Improved FICO Score

This what come to my mail, And i thought let me share with you guys as a good infromation for build up you credit scroe.

Fair Isaac - they're the company that develops the formula that determines your FICO credit score - is rolling out a new version FICO 08 with the credit bureau TransUnion.

Now this new FICO score is supposed to be an improvement and we really welcome any improvements to credit scoring since there are so many mistakes that can be made with credit scores.

Here's what this score will mean for folks: The new FICO '08 scoring model will really target folks in the subprime category of scores in the 600s. These are the people that lenders are really struggling to predict how well they might pay their bills.

They are the folks whose credit score might change the most as bankers move to this new model. (If your score is in the 700 to 800 range you are less likely to be impacted).

This new program takes care of a couple of problems we've been talking about for sometime.

For example, a library card fine won't send your credit score plummeting because the new scoring model ignores collection accounts under $100.

It will also ignore isolated delinquencies. So if you forgot to pay your utility bill while you were on vacation, but were good for all other debts, don't worry, your credit score won't be affected.

First, this isn't likely to happen anytime soon.

It could be months or even years before these changes become reality for folks.

In the meantime, Fair Isaac has a program where consumers may be able to get their credit scores for free through their bank or credit union.

And don't forget there are a number of free Web sites where you can get an estimate of your score, including Credit.com and Creditkarma.com.

And of course, don't pass up getting your free credit report from all three credit bureaus at annualcreditreport.com.

Source: cnn money

The FICO® Score Estimator from myFICO®

Answer ten easy questions and FICO will give you a free estimated range for your three FICO® scores, plus customized product recommendations from myFICO®, the most trusted name in credit scoring. Click Here
Some good information about how to Improve your Credit Score



Capacity used. This simply means how much of your available credit you are using, sometimes referred to as utilization ratio. A lower ratio is better, either by lower balances or higher credit limits. If you’re maxed out on all your cards, obviously that’s not a good sign. Logically, closing credit cards means you have less available credit.

Length of credit history and past credit applications. To be specific, not the only length of your oldest line, but also the average age of all your accounts matters. In addition, you’ll have less need for new credit appl
ications if you can keep your existing purchasing power.

Closed by creditor or consumer? A lesser concern is whether the account is marked as “closed by creditor” as opposed to “closed at consumer’s request”. Since FICO doesn’t release the details of their scoring algorithm, it is still debated whether this matters to the numeric score. Some credit repair experts say it does, others disagree. However, if someone does a manual review of your credit report, it can raise some questions as to why the account was closed by the lender.