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Consumers will have more access to FICO scores

Jan 14, 2015
Bank of America and J.P. Morgan Chase, two of the largest lenders in the U.S., have agreed to start showing some of their borrowers their FICO scores for free. FICO scores are a key metric that lenders use to decide who to lend to and what interest rate to charge. 

President Barack Obama announced the move on Monday, emphasizing the importance of making these “once-secretive scores” more transparent to millions of consumers. FICO scores are used in about 90 percent of consumer-lending decisions. Consumers can purchase some of their scores, but everyone has several FICO scores and they can’t necessarily see the one the lender is using. 

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