myFICO has announced that starting yesterday users can access some additional features whenever they request an Experian product (single score or three in one). This is called Enhanced FICO® Score Explanation Report. This was developed to help users better understand their FICO score (other score providers such as Credit Karma, Credit Sesame & Quizzle have been offering this type of functionality for awhile now).
Unfortunately it looks like the data they are currently providing is extremely basic and doesn’t tell you how much individual items are affecting your score by. For example in the screen shot they provided they’ve listed the following:
For anybody that’s made themselves familiar with how FICO scores are calculated, none of this information will come as a surprise. Which is OK because this type of thing is probably intended to educate the uniformed. The most interesting data points are probably what numbers FICO high achievers have, but this data was already made public long ago. Hopefully this is the start of myFICO adding more advanced analytics to help people better understand how the score works, it’d also be good to see if this product was rolled out to Equifax & TransUnion products.
