Consumer Payment Card News

Scoring a Loan

Instead of taking a shot in the dark when applying for a new loan, you might want to consider a new service which matches your personal credit score with loan rates offered in your area. Fair Isaac, the inventor of the “FICO” credit score, is now offering a “Loan Center” that enables consumers to compare national and local lenders’ rates currently being offered to people in their area who have credit scores similar to their own. If consumers like a particular lender’s posted rate, the site helps connect them with the lender for more information or to apply for the loan. Visitors see a comparison of interest rates offered by these lenders for five different mortgage products, all matched to the consumer’s FICO credit score or suggested score range. The Loan Center is available free of charge to all visitors to the myFICO Web site. The initial lineup of participants in the “Loan Center” include Countrywide Home Loans, E-LOAN, E-TRADE Mortgage, IndyMac Bank and Pricelinemortgage. For more information visit: “”

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