Equifax, Fair Isaac Introduce Credit Score Monitoring Service
Equifax and Fair Isaac have announced Score Watch, a consumer FICO credit score monitoring service.
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.
Consumers will have to pay $7.95 per month to monitor their FICO scores using Score Watch. Providian recently started making consumer FICO scores available online to its cardholders for free.
"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.""Equifax 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."
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