SANTA MONICA, Calif., May 26, 2016 /PRNewswire/ -- Lenny, the first app to offer credit lines to Millennials, announced today a partnership with FICO (NYSE: FICO) to provide students and post-grads with their FICO® Score, the standard measure of consumer credit risk. Through its app, Lenny users can now access their FICO® Scores at no cost, learning where they stand financially and how they can build credit history accordingly.
Many college students and graduates enter the 'real' world not realizing how their credit score will affect their entire adult life. In fact, thousands of Millennials are graduating college and entering the workforce with poor credit or no credit at all. According to NerdWallet, about one third of Millennials have never even applied for a credit card, which means they are not building credit and will have a hard time when they need a credit history.
"Millennials struggle with achieving good credit, a critical piece when making major life purchases. Lenny aims to make financial empowerment a key focus, not an afterthought, for a generation often overlooked by financial institutions and products," said Joe Bayen, founder and chief executive officer, Lenny. "Giving our users free access to their FICO® Score is just one more step in our commitment to helping young adults succeed financially."
Lenny users can press a button in the app to view their FICO® Score as well as a historical graph representing how their score has changed over time. FICO® Scores range from 300 to 850, with higher scores representing lower credit risk and eligibility for preferable credit terms.
"By providing FICO® Scores to young adults, Lenny is demonstrating its leadership and commitment to this important group of people as they embark on their financial journeys," said Jenelle Dito, principal consultant, FICO. "As young people move through life, access to financial services becomes increasingly important. It's crucial that they receive the kind of education and service that Lenny provides in order to understand their creditworthiness in the eyes of lenders. Naturally, that begins with knowing their FICO® Scores – the scores used in more than 90 percent of lending decisions in the U.S."
Lenny offers credit lines from as little as $100 to $10,000 with zero percent interest when balances are repaid in full and on time. Lenny uses a credit-deciphering algorithm to determine risk. Once a credit line has been approved, users can cash out to their bank account or instantly pay their friends using the peer-to-peer payment function.
Lenny was co-founded by entrepreneur Joe Bayen, who experienced first hand how a negative credit rating can impact and hurt future purchases. Lenny ensures that no other students or graduates find themselves crippled by a damaging credit rating.
FICO is a trademark or registered trademark of Fair Isaac Corporation.
Lenny is the first exclusively mobile-led lending app aimed at helping millennials manage and secure their credit scores. Founded by CEO Joe Bayen and COO Francesco Matteini, Lenny helps users secure credit and boost their credit rating to help in later life. Lenny is a licensed lender in the State of California. All credit lines subject to approval. Rates and terms will vary. Terms and conditions apply.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at www.fico.com.
JCUTLER media group
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lenny-partners-with-fico-to-provide-millennials-with-fico-scores-for-free-300275254.html