A website launched by the leading source of consumer credit datato help consumers better understand their credit scores has beenpicking up traffic steadily, according to a company spokesman.


Careen Foster, director of global scoring services for FICO,explained that the source of the widespread FICO scores launchedScoreInfo.org to helpconsumers understand their scores and the new disclosure noticesthat lenders are having to provide borrowers whenever they issue aloan.


“We wanted to help consumers and borrowers understand what someof the new forms mean and better understand the relationship totheir credit,” Foster said.


FICO launched the site because, as of Jan. 1, 2011, amendmentsto the Fair Credit Reporting Act require lenders to send aRisk-Based Pricing disclosure notice whenever a lending decision,based on a consumer's credit score or credit report, results inless favorable credit terms, such as a higher interest rate orlarger down payment requirement. According to FICO's data, thisyear U.S. lenders are expected to process more than one billioncredit applications, resulting in the delivery of approximately 500million of these Risk-Based Pricing disclosure notices, in additionto the millions of notices consumers already receive when theircredit application is denied, the company said.

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