Norwalk, CT (PRWEB) October 4, 2010
FreeScore.com, a leading online site providing consumers with affordable and unlimited access to all three of their credit scores and their complete credit profiles, announced a new online tool: The Credit Score Simulator. The simulator allows consumers to input "what-if" scenarios to assess the impact of potential financial actions on their TransUnion credit score.
The Credit Score Simulator helps consumers avoid common pitfalls that could sink their credit scores. Users begin the simulation by inputting different financial scenarios they feel are pertinent to their specific situation. Options include adding a new credit card, eliminating credit card balances, letting an account go to collections, raising the limit on a credit card, and more. Once users enter their most likely actions, the simulator quickly calculates what could likely happen to their credit score.
Carrie Coghill, Director of Consumer Education for FreeScore.com said, "The Third Quarter 2010 FreeScore.com Credit Score Awareness Survey showed that only 14% of consumers know the factors* that account for their credit score. The credit score simulator will help consumers understand how different factors affect their credit score without causing any actual damage. This simulator not only helps our customers increase their credit score knowledge but also helps them determine the range of variation they could have with their credit score. Consumers will now be better educated and better prepared about the 'what-ifs' of credit."
The factors that account for a consumers credit score are:
- Types of credit used
- Payment history
- Length of credit history
- Amounts owed
- New lines of credit
About FreeScore LLC
FreeScore.com is the leading online consumer credit site, providing consumers with affordable, unlimited access to all three of their credit scores and complete credit profile. Launched in 2009 with an award-winning advertising campaign featuring actor, economist, and lawyer, Ben Stein, FreeScore.com has serviced more than 750,000 members. Members have unlimited access to their credit scores from all three bureaus, a complete credit profile, and expert tips, articles, videos and other educational information about credit management. For more information, go to FreeScore.com.