Barclaycard and First Bankcard are the first to give their U.S. customers free scores and education through FICO® Score Open Access
FICO (NYSE: FICO) announced that credit card customers of Barclaycard US, the payments business of Barclays in the United States, and First Bankcard, the credit card division of First National Bank of Omaha, can now access their FICO® Scores completely free of charge.
Through the new FICO® Score Open Access program, these customers will have access to the same FICO® Scores used by Barclaycard and First Bankcard to manage their accounts. In addition to their FICO® Score — the standard measure of U.S. consumer credit risk — these customers will see the two most important factors affecting their score, as well as FICO educational materials to help them better understand credit scoring and what behaviors impact their FICO Score.
“Consumers today are confused by the various credit scores available for purchase,” said James Wehmann, executive vice president of Scores at FICO. “This new program provides individuals with the specific FICO Score used by lenders to make credit decisions regarding an individual customer. In 2012 approximately 10 billion FICO Scores were bought by lenders for risk management purposes and we are prepared to allow all of them to be shared with bank customers without any additional score fee charged by FICO to lenders.”
The FICO® Score Open Access program is available to all financial services providers in the U.S. that use FICO® Scores to manage consumer credit. Institutions can visit http://subscribe.fico.com/open-access for further information and details.
Source: FICO Press Release