100 financial institutions of all sizes now provide FICO® Scores to their customers for free
- 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.
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 Obamarecognized and praised the program and its participants in 2014.
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.
Source: FICO Press Release