CIC Corporation, a leading credit information agency, is set to launch its new service called "Credit Guidance," aimed at enhancing consumer understanding of credit scores. Starting November 28, 2024, consumers will be able to access their credit guidance information, which includes a three-digit credit score index ranging from 200 to 800. This index is calculated based solely on objective transaction facts, such as payment status and account balances, without considering personal attributes like age or income. The service is designed to promote responsible borrowing and prevent multiple debts by providing consumers with a clear understanding of their credit status and the factors influencing their scores. Member companies will also gain access to this information from April 1, 2025, for evaluating creditworthiness. CIC emphasizes transparency and accuracy in its scoring methodology, ensuring that consumers can see the rationale behind their credit scores, thereby fostering trust in the consumer credit market.
Read the full article here.