FICO® Score Open Access is being used by credit unions as well as banks to increase engagement with their members
180 million consumer accounts can now access their FICO® Score for free through 100 financial institutions
US financial institutions of all sizes are offering the FICO® Score Open Access program to their customers as a way to empower them to take control of their financial health. Participants in the program provide FICO® Scores and related information to their customers, and participating lenders range from the country's largest lenders to dozens of credit unions, some with as few as 300 members. Thanks to these lenders, 180 million consumer accounts are now getting their FICO® Scores for free.
"Our members continue to flock, in growing numbers, to our website when their FICO Scores are updated," said Mark Kretzschmar, senior vice president of loan servicing at State Employees Credit Union (SECU) in North Carolina. "The FICO Score Open Access program has been an excellent benefit to engage and educate our customers about the importance of financial responsibility."
"We are very pleased to be offering this benefit to our membership," said Margarete Mucke, vice president of Remote Services at Star One CU in California. "Members like seeing their score and highly anticipate when the monthly update is coming. Through education and increased awareness of their FICO Scores, our members better understand how lenders evaluate their credit health. This transparency aligns with the core values of our credit union."
"We're very satisfied with the comprehensive education including the FICO Score, key factors that affected the score, and score-related frequently asked questions that our members receive as part of this program," said Amy Forcier-Pabst, EVP of Member Experienceat Royal Credit Union, which services Wisconsin and Minnesota. "We anticipate increased online engagement from our members as a result of this program."
"From the very beginning we have been committed to providing the FICO Score Open Access program to even the smallest community banks and credit unions," said Jim Wehmann, Executive Vice President of Scores at FICO. "Many of these institutions serve unique communities and consumers, and we wanted to make sure that they too had access to the FICO Score used by their lender. The response from credit unions, with their strong commitment to member service, has been tremendous. With our most recently signed programs, about two-thirds of the participants are credit unions."
The FICO® Score Open Access program was introduced in 2013 by FICO to help educate consumers on FICO® Scores and increase consumer access to FICO® Scores. The 100 lenders in the program give their customers free access to the same FICO® Scores they are using to manage credit accounts. They also provide the top factors affecting the score, so customers better understand their financial health. President Barack Obama recognized and praised the program and its participants in 2014.
"Knowing your FICO Score is a critical part of managing your personal finances," Wehmann said. "Your FICO Scores are the only credit scores worth knowing, because they're the scores lenders actually use to rate your creditworthiness."
The FICO® Score is the standard measure of US consumer credit risk, and is used in more than 20 countries. More than 10 billion FICO Scores are purchased in the United States each year by lenders for their risk management decisions. Through its myFICO® service and the FICO® Score Open Access program, FICO helps millions of American consumers understand their credit health.
FICO continues to support the expansion of the FICO® Score Open Access program and welcomes additional credit unions and lenders to participate in the program. Visit the information page for details.
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 170 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.