Credit Report Q&A

How do FICO scores enter into the loan modification process, if at all?

Your servicer will likely use your FICO® score, along with other factors, to help determine the new terms of your loan, such as your mortgage rate. In general, your FICO score plays a key role any time you apply for new credit or change the terms of a loan. That's why staying credit savvy and maintaining a good credit rating remains so important.

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Your FICO® Scores can impact your loan interest rates, terms, approvals and more. Learn more

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myFICO is the consumer division of FICO. Since its introduction over 25 years ago, FICO® Scores have become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use FICO Scores to make consumer credit decisions.

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