Although everyone talks about credit scores and how you can get a free report and all this stuff, it's still a pretty confusing process at times. The organization that created FICO scores is trying to change that.
FICO, the creator of the almost-universally-used credit score, has just released a free app for the iPhone and iPod Touch that estimates users' scores based on a handful of questions.
The app does not actually tell users their actual FICO score. It doesn't ask for a social security number or any personal identity information for that matter. Instead, it asks for things like how many credit cards you've owned and how often you are late with payments, and then gives an estimated range of where your score is likely to be.
This is a convenient option for users who want a basic idea of where their credit habits put them on the credit score scale, without the process of validating information, finding a legitimate way of obtaining information, and avoiding online schemes.
The app is free but will try to entice people to join the company's premium myFICO online services. "This is a perfect time to give all iPhone and iPod touch users a cool, easy way to estimate their FICO scores and gain access to the wealth of free educational content and features on myFICO," said the man in charge of myFICO.com, Shon Dellinger.
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