As part of their ongoing delivery of credit management tools to consumers, TransUnion and Fair, Isaac and Company, Incorporated announced the launch of a joint initiative to boost consumers’ control over their personal credit standing. For their first collaborative product, TransUnion’s subsidiary, TransUnion Consumer Solutions, and Fair, Isaac are providing consumers online access to TransUnion credit reports accompanied by FICO(R) credit risk scores.
“Just as the FICO score is the industry standard for credit risk assessment, the educational services we are creating with TransUnion Consumer Solutions will set a new standard for consumer credit empowerment,” said Tom Grudnowski, CEO of Fair, Isaac. “We are providing the tools and actionable information to help consumers take control of their credit relationships and, through responsible credit management, maximize their true credit potential.”
The FICO score is the premier risk score developed by Fair, Isaac that lenders use to make millions of credit decisions each year and is a key factor in more than 75 percent of all mortgage loan originations in the U.S. TransUnion is a leading global provider of business intelligence services that facilitate millions of successful credit transactions a year for consumers.
The first product being offered is the TransUnion Credit Profile Plus FICO Score. Customers can now view the credit information in their TransUnion credit files as lenders see it, along with their FICO score and a personalized score analysis. These tools help consumers understand their credit health, how their credit risk is evaluated, and how their credit behavior will impact their credit score and borrowing potential. This product is priced at $12.95 at [www.transunion.com] and soon will also be available at Fair, Isaac’s consumer site, [www.myFICO.com]. Purchasers can view their information online for 30 days. Both Web sites additionally provide educational information to help consumers make better-informed credit management decisions.
Also available is the TransUnion Credit Profile Plus FICO Score Subscription. Priced at $38.85, this product allows consumers to purchase three TransUnion Credit Profile Plus FICO Score Reports and receive a fourth Report free of charge. The four Reports may be viewed at any time within one year of purchase, allowing consumers to monitor changes in their credit behavior over time.
“These initial products we have created with Fair, Isaac form a platform for TransUnion to offer a spectrum of services that will help consumers understand their credit worthiness and achieve their financial goals,” said Harry Gambill, TransUnion CEO. “TransUnion’s leadership in consumer credit information and education, paired with Fair, Isaac’s leadership in analytics, sets the stage for us to create new useful tools for consumer credit empowerment in the U.S.”
TransUnion and Fair, Isaac have worked together for more than a decade to create products that help businesses manage credit risk. This new consumer-focused effort will produce a suite of innovative products and services that leverage the high quality and accuracy of TransUnion credit reports and the precision of FICO credit risk scores. This powerful combination will provide consumers greater insight into their personal credit standing and guidance for sustaining and improving their credit potential over time.
Their new joint products represent an extension of an ongoing consumer market focus for both companies. In May 2000, TransUnion became the first credit information company to endorse access to credit scores for consumers. Fair, Isaac has provided consumer access to FICO scores since March 2001. Together the companies have helped lead an overall industry shift toward more open, informative and accessible credit scoring information and guidance for consumers on improving their financial health and credit standing.
TransUnion is a leading global information solutions company that customers trust as a business intelligence partner and commerce facilitator. TransUnion offers accurate and reliable financial data through a broad range of products and services that enable customers to manage risk and capitalize on market opportunities. The company uses leading-edge technology coupled with extensive analytical capabilities to prevent fraud and facilitate credit transactions between businesses and consumers across multiple industries and channels, including the Internet. Founded in 1968, Chicago-based TransUnion employs 3,600 associates that support clients in 24 countries. Visit us at [www.transunion.com].
TransUnion Consumer Solutions is a wholly owned subsidiary of TransUnion created to bring credit management products and educational tools to the consumer market. Leveraging TransUnion’s more than 30 years of credit information expertise, TransUnion Consumer Solutions seeks to deliver high-quality, leading-edge services that empower consumers to manage their personal finances with greater confidence and success. For products and information, visit [www.transunioncs.com].
About Fair, Isaac
Fair, Isaac and Company (NYSE:FIC) is the preeminent provider of creative analytics that unlock value for people, businesses and industries. The company’s predictive modeling, decision analysis, intelligence management, decision management systems and consulting services power more than 25 billion mission-critical customer decisions a year. Founded in 1956, Fair, Isaac helps thousands of companies in over 60 countries acquire customers more efficiently, increase customer value, reduce fraud and credit losses, lower operating expenses and enter new markets more profitably. Most leading banks and credit card issuers rely on Fair, Isaac solutions, as do insurers, retailers, telecommunications providers, healthcare organizations and government agencies. Through the [www.myFICO.com] Web site, consumers use the company’s FICO(R) scores, the standard measure of credit risk, to manage their financial health. As of August 5, 2002, the business of HNC Software Inc., a leading provider of high-end analytic and decision management software, is part of Fair, Isaac. For more information, visit [www.fairisaac.com].