New Feature on PenFed Online Banking Site Provides Free Access to 'FICO® Score' to Eligible Members
PenFed partnered with FICO to develop and integrate the 'FICO® Score' feature into its online banking service. The benefit is available for free to PenFed members that have active checking accounts, installment loans, and revolving lines of credit with the credit union.
ALEXANDRIA, Va., July 22, 2014 /PRNewswire-USNewswire/ -- Committed to its ongoing mission to develop and provide the best in enhanced and innovative financial products and services to its membership, PenFed (Pentagon Federal Credit Union) today announced that eligible PenFed members are now able to view their FICO® Score through the credit union's online banking service. The new feature is made available by PenFed for free as part of the FICO® Score Open Access program.
"We are very pleased to begin offering this benefit to our membership," said Steve Troxel, vice president of lending services at PenFed. "We think it is important that our members have easy access to this invaluable financial information. The benefit not only enhances the online banking services available on our site and serves as an important educational and financial tool, but it also reinforces the value of credit union membership."
PenFed partnered with FICO to develop and integrate the FICO® Score into its online banking service. Successfully launching the feature on July 12, 2014, the benefit is now available to PenFed members who have active checking accounts, installment loans, and revolving lines of credit with the credit union.
"Consumers today are confused by the various educational credit scores available for purchase," said Jim Wehmann, executive vice president of scores at FICO. "Through FICO Score Open Access, PenFed members are seeing the same FICO Score used to manage their account."
"This is a definite win-win for our membership. The benefit places our member in the driver seat, and provides them with the opportunity to fully engage in important knowledge that pertains to their personal finances and their overall financial well-being," said Troxel.
To learn more about PenFed FICO® Score Open Access program and how it works, visit PenFed.org/FICOScore.
About PenFed (Pentagon Federal Credit Union)
Established in 1935, PenFed is one of the largest credit unions in the country serving nearly 1.3 million members worldwide; with more than $18 billion in assets. Its longstanding mission has been to provide superior financial services, responsive to members' needs in a cost effective manner. PenFed offers market leading mortgages, automobile loans, credit cards, checking, and a wide-range of other financial services with its members' interests always in mind. Serving a diverse population, there are many ways to become a PenFed member; including numerous association members and employee groups. PenFed is federally insured by the NCUA and is an equal housing lender. PenFed does business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act, and is a member of NAFCU.
For more information about PenFed, call 800-247-5626 or visit PenFed.org.
About the FICO® Score
With over 10 billion FICO® Scores used worldwide every year to empower lenders to make credit decisions, the FICO® Score has become the standard measure of U.S. consumer credit risk. FICO® Scores are used today in more than 20 countries on five continents, as well as all of the top 50 U.S. financial institutions and both the 25 largest U.S. credit card issuers and auto lenders. FICO® Score: The score lenders use. ™
About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO, "The score lenders use" and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries
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SOURCE Pentagon Federal Credit Union
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