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March 15, 2006 | Kathy M. Kristof, Times Staff Writer
The nation's three biggest credit-reporting firms said Tuesday that they would standardize how they calculate consumer credit scores, with the goal of making the numbers easier for lenders and borrowers to understand. The joint move by Equifax Inc., Experian and TransUnion also amounts to a competitive challenge to Fair Isaac Corp., the developer of the well-known FICO credit-scoring system.
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BUSINESS
March 15, 2006 | Kathy M. Kristof, Times Staff Writer
The nation's three biggest credit-reporting firms said Tuesday that they would standardize how they calculate consumer credit scores, with the goal of making the numbers easier for lenders and borrowers to understand. The joint move by Equifax Inc., Experian and TransUnion also amounts to a competitive challenge to Fair Isaac Corp., the developer of the well-known FICO credit-scoring system.
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