SAN RAFAEL, Calif. – Fair Isaac Corp. has launched an online service, MyFICO.Com, designed to help consumers instantly compare competing loan rates based on their FICO credit scores, instead of comparing only the premium rates lenders advertise but typically only offer exclusively to people with the highest FICO scores. The Loan Center on Fair Isaac's consumer site, allows visitors to compare national and local lenders' rates currently being offered to people in their area who have FICO credit scores similar to their own. If the visitor likes a particular lender' posted rate, the site helps connect them with the lender to receive more information or to apply for the loan. The Loan Center is available at no charge to all visitors to the myFICO Web site. The company says it plans to add more lenders to the site and rates for both auto and home equity loans to the service as well. The FICO score is used to make more than 75% of mortgage loan originations annually, according to Fair Isaac.
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