Credit Cards Online Information

Until now, consumer credit scores were a closely guarded secret, even to consumers themselves.

iPlace, Inc., the internet's leading developer of consumer and business-based credit and personal information access products, announced today it has launched a consumer credit score product on its QSpace.com site.

This new Internet-based service will reveal to consumers for the first time the information that lenders have held close to their vests for decades - their individual score that indicates their credit-worthiness.

"An individual's credit score plays an integral part when they apply for credit cards, mortgages and other types of credit. Unfortunately, consumers have never had direct access to their credit score," explained iPlace CEO Stu Siegel in making the announcement. "iPlace is on a mission to enable consumers to access information about themselves that they've not been able to easily access before."

Until now, the complex formula that synthesizes a consumer's credit report into a three-digit score has been kept secret and only made available to lenders. Credit score access has been a hotly contested issue between consumer advocacy groups, credit bureaus and Fair, Isaac and Co., whose FICO model is widely used by lending institutions.

Currently, there are three bills before Congress that would help enable the disclosure of credit-scoring information to consumers.

The new credit score access capability iPlace now offers through its QSpace.com site empowers consumers to learn their personal credit score and receive a detailed explanation of how the score was derived.

iPlace recently received a $5 million cash investment from Equifax (NYSE:EFX), the country's premier provider of consumer credit data. The companies have also entered into a multi-year strategic alliance to create and deliver the next generation of web-enabled credit products to businesses and consumers.

iPlace's groundbreaking credit score product is not the first time the Philadelphia-based company has enabled consumers to access their personal information. They were the first to give consumers web access to their credit reports and first to offer a web-based credit monitoring service.

# posted by Medical Information : 3:45 AM