Dozens of credit unions, some with as few as 300 members, are now offering the FICO Score Open Access program to their customers as a way to empower them to take control of their financial health. To-date 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 Obama recognized 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.
For a list of some of the institutions that provide free FICO® Scores through the program, visit http://ficoscore.com/where-to-get-fico-scores/
“Our members continue to flock, in growing numbers, to our website when their FICO Scores are updated,” said Mark Kretzschmar, senior vice president of loan servicing at State Employees Credit Union (SECU) in North Carolina. “The FICO Score Open Access program has been an excellent benefit to engage and educate our customers about the importance of financial responsibility.”
FICO holds more than 170 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud.
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