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- Title
FAKO VS. FICO: WILL A FREE CREDIT REPORT PROVIDE AN ACCURATE CREDIT SCORE?
- Authors
Calafiore, Pablo; Sosa-Fey, Josephine; Harun, Syed
- Abstract
This study explores the possibility that the credit score range provided by a free credit score calculator is comparable to the credit score obtained from the fee-based service provided by Experian. If free informative credit scores (FAKO) are within a reasonable range from Fair Isaac Corporation (FICO) scores the implication would be that consumers can estimate their own credit scores with acceptable accuracy and can forgo use of a subscription to a relatively expensive credit monitoring service provided by Experian. The purpose of this study is to document the accuracy of FAKO scores when compared to FICO scores. The importance of this research is that if the free FAKO-produced credit score is significantly accurate, consumers who cannot afford the feebased credit score service would be more likely to monitor their credit scores and thereby benefit from the ability to manage personal finances more closely.
- Publication
International Journal of Business & Economics Perspectives, 2014, Vol 9, Issue 1, p36
- ISSN
1931-907X
- Publication type
Academic Journal