“We are enthusiastic to be the first company that cooperates with Fico to introduce this important tool to the credit community,” said Shelley Leonard, president of Xactus. “Our deep industrial connections and experience with scores simulation tools will play a key role in the roll -out of the simulator and promote rapid acceptance.”
With the tool, lenders can simulate how different financial actions – such as paying off debts or increasing credit use – can affect the Fico score of a borrower.
By modeling these potential changes, lenders can help applicants understand how their credit profile influences loan options and interest rates, according to business leaders.
“Together we are delighted to launch our innovative tool, which will ultimately enable lenders and borrowers to make better informed decisions,” said Geoff Smith, vice -president and general manager of consumer scores at Fico.
The new product only comes a few months after Housingwire reported that Fico would increase the prices of credit scores to $ 4.95, the third consecutive year of walks. Companies downstream from Fico in turn also raised their prices, frustrating mortgage providers.
