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Equifax Inc. (NYSE:EFX) and myFICO.com, a division of Fair Isaac Corporation (NYSE:FIC), announced their launch of Score Watch, the most powerful service available for monitoring consumers' credit health. With Score Watch, consumers can track their FICO(R) credit score and see how their score impacts the interest rates likely to be offered by mortgage, auto and home equity lenders.
Available to consumers from both http://www.myfico.com and http://www.equifax.com, Score Watch helps consumers to proactively manage their FICO score -- the score most lenders use -- and identify the right time to make a major purchase.
Score Watch continuously monitors subscribers' Equifax credit file for changes that can affect their FICO scores. Once a change is detected, Score Watch alerts subscribers via email or wireless text message, advising them to visit a secured web site for a detailed explanation of the change in credit status. If the subscriber's credit score changes by a significant amount due to changes in their credit file, the Score Watch alert will also include their up-to-date score.
Score Watch subscribers also can preset a target score and be notified when they reach it, a valuable service for consumers who are aiming to qualify for a mortgage, home equity, or auto loan at a lower interest rate. Score Watch is available immediately, and costs $7.95 per month or $79.95 for 12 months.
"Score Watch is the only monitoring service that helps consumers check and manage their FICO credit score, the score most lenders use,"said Cheri St. John, vice president of scoring and consumer solutions for Fair Isaac. "It provides consumers with an effective and affordable tool for keeping a close eye on the most important measure of their credit health."
"The Equifax credit bureau is committed to delivering the resources and knowledge consumers need to manage their credit health and reach their financial goals," said Paul Springman, chief marketing officer, Equifax. "With Score Watch, consumers gain access to an important tool that makes preparing for a major purchase much easier -- a critical component in the planning process."
With Score Watch, consumers can take advantage of a range of features, including:
-- Information updated daily about current average interest rates for various types of loans and the specific credit score ranges that are currently receiving those rates.
-- Secured website where members can track how their score has changed during their subscription, get credit scoring tips, and get explanations of the factors impacting their current FICO score.
-- Email and wireless alerts when there is a change to a subscriber's score that is likely to affect an interest rate.
-- Ability for subscribers to set the target FICO score they are seeking to achieve and be notified when they reach it.
-- Two Score Power(R) reports that include an overview of the consumer's FICO credit score and a copy of their Equifax Credit Report(TM).
Score Watch is the second consumer product jointly developed by Fair Isaac and Equifax, integrating Fair Isaac's FICO scoring technology with Equifax's credit file monitoring expertise. Through this relationship, Equifax and Fair Isaac provide tools and resources designed to enlighten consumers about the value of credit scores and how their behavior can affect their credit score over time. In 2001, Equifax and Fair Isaac introduced Score Power, an online credit score service that delivers Fair Isaac's FICO credit score and the Equifax Credit Report.