FICO says 100 million consumer accounts in the U.S. now have regular access to FICO Scores for free. The FICO milestone was achieved less than two years after the FICO Score Open Access program launched.
FICO Score Open Access, the program that allows lenders to provide FICO Scores to consumers for free, has proven beneficial for both consumers and lenders, as described in a new report published by the Federal Reserve Bank of Philadelphia’s Payment Card Center and based on data from Barclaycard, a participant in the FICO program.
The report summarizes Barclaycard’s experience providing cardholders with regular, free access to their FICO® Scores through the FICO® Score Open Access program. Among Barclaycard’s findings:
• 84 percent of enrolled cardholders check their FICO Scores every month
• Credit card utilization by the riskiest cardholders generally declines after they enroll in the program
• Delinquency rates of the people enrolled in the program remain below those of their nonparticipating peers for up to nine months after enrollment
The success of the FICO program extends beyond the holders of 100 million consumer accounts. FICO Score Open Access for Credit & Financial Counseling, launched to help the estimated one million consumers annually who are in need of credit and financial guidance, has signed on more than 30 non-profit credit counseling providers just six months after launching. The program has enabled qualified counselors, like those at New York Legal Assistance Group, to share FICO Scores along with additional credit education materials, so they can have deeper conversations with their clients and help provide a more sustainable path to rebuilding their financial health.
The FICO Score Open Access program is available to all financial services providers in the U.S. who use FICO® Scores to manage consumer credit.
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