How do I get my Fico Score

Where can I get my Fico Score?

FICO's new FICO score helps creditors to better evaluate risks. Formerly known as Fair Isaac Corp, the firm said Thursday that past due health care benefits already paid will be ignored in the calculation of exposure to debtors. There will also be discounting of past due health care benefits still to be paid under the new score scheme and will help raise the FICO average for those customers who mainly have outstanding health care debt by 25 points, the firm said in a declaration.

Not only will the new system improve the identification of high-risk borrower and help sub-prime creditors to minimize the risks of doing business outside of their borrower base, John Ulzheimer, a loan analyst and former FICO staff member, said. Consumer end up with medicated debt for different reasons than they accept other debt, such as home loan or bad debts.

According to the U.S. Consumer Financial Protection Bureau (CFPB), after a call for debts collectors, they could settle their debts immediately but still score a score on their creditworthiness. Both the FICO score changes are addressing that by weighting medically indebted less heavy than unsettled Credit Card indebtedness and other accumulation information, according to the Statement.

The effects of the changes on creditors, however, remain unknown. "I am not quite sure what effect this will have on sub-prime financiers, because for the valuation to make sense for clients, financiers must actually begin to use that valuation," Ulzheimer said. But the FICO amendment comes after the CFPB in a CFPB annual review this year said that loan scores excessively punish individuals with medically related debts in comparison to other kinds of debts.

"Given the crucial importance of credibility for consumers' life, we welcome moves by manufacturing to adapt the weighting of healthcare debts to predict a consumer's credibility as accurately as possible," a CFPB spokesperson said Friday. This new score will be available to creditors through US inquiry bureaus this autumn, FICO said.

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