FICO is lifting the curtain for consumers on the 19 most commonly used versions of the FICO Score from the three major credit bureaus. Combined, the 19 score versions represent approximately 95% of FICO Scores sold and used by lenders.
FICO is making additional versions of the FICO Score available to consumers. Anyone who buys a product with a base FICO Score 8 from myFICO.com now also receives up to 10 additional FICO Score versions ” five based upon Equifax data and five based upon Experian data.
Tom Quinn has been appointed to the Credit.com consumer education expert team, bringing with him more than 20 years’ experience with the likes of FICO, Experian and Citibank. He spent the last 15 years at FICO creating and delivering scoring educational initiatives and was later appointed to develop, launch and grow myFICO.com to give consumers direct access to their FICO scores. He was subsequently appointed VP of the division. For what is now FICO, he acted as Product Manager of the MDS Bankruptcy Scores and spent several years in Citibank’s Credit Card division.
Equifax and Fair Isaac have inked a deal to develop and sell advanced analytics and scoring solutions for businesses and consumers. Under the agreement, the two companies will jointly market and sell new “FICO” analytic products. The companies also agreed to work together to accelerate testing and roll-out of the “FICO 08” model for Equifax customers. Separately, Fair Isaac has agreed to dismiss Equifax as a defendant in its lawsuit against VantageScore and the three national credit reporting companies. Equifax and Fair Isaac have a long history of providing products that combine the Equifax credit report with the “FICO Score,” including the delivery of “ScorePower” and “ScoreWatch” through Equifax’s Personal Information Solutions business at Equifax.com, as well as through Fair Isaac’s myFICO.com web site.
VISA USA announced the national launch of its “What’s My Score program” for college students by giving away 5,000 free FICO credit scores for “Financial Literacy Month”. To receive their FICO score, students will first have to take a free 15-minute online financial education tutorial, designed to provide a crash course in responsible credit use. A recent survey of VISA credit and debit cardholders include: 64% of cardholders surveyed knew their credit score by the age of 40 and 15% of those cardholders surveyed never learned their score. In addition to “What’s My Score,” VISA also runs the award-winning “Practical Money Skills for Life” program, a free, multilingual educational resource complete with home, school and at work financial lesson plans. “Practical Money Skills for Life” is aimed primarily at teachers and students in elementary through high school, as well as adult consumers. The acquisition of “What’s My Score” allows VISA to dramatically expand the reach of the company’s financial education efforts to the nation’s 17.5 million college students.
A new report has found that by 2009, nearly 85% of consumer credit cards in circulation are expected to offer some sort of reward for its usage. The “U.S. Market for Rewards Cards” study by Informa Research Services also says that 46% of the U.S. population owns at least two credit cards and more than 16% access at least half of their credit. Informa says that issuers offer low introductory credit card rates and no fees to attract customers, but many banks are also offering rewards or rebate incentives.
A survey commissioned by the Consumer Federation of American and Providian has found that the proportion of consumers who understand that making payments on time influences credit scores rose from 87% in 2004 to 93% in 2005, however, consumers still lack basic facts of how credit scores are established and the importance of monitoring the information available from the credit bureaus. 31% of those surveyed said they had obtained their credit scores in the past year, up from 24% in 2004. 20% of the respondents know that just making minimum payments on credit cards will lower one’s scores and less than one-quarter (23%) know the identity of the three major credit bureaus. CFA is a non-profit association of some 300 consumer groups which seeks to advance the consumer interest through research, education, and advocacy.
MicroBilt has become the first reseller of Fair Isaac’s “Falcon ID” solution to the financial services industry. Falcon ID provides businesses identity fraud detection by applying predictive data from both internal and external sources and determines identity fraud risk while enabling the processing of applications and transactions of genuine customers. MicroBilt provides credit bureau data access and retrieval, credit, collection and data sources. Fair Isaac Corporation is a provider of creative analytics,offering predictive modeling, decision analysis, intelligence management, decision management systems and consulting services.
Georgia-based MicroBilt has inked a deal to resell Fair Isaac’s consumer products, including “myFICO,” to U.S. lenders for use in marketing, acquisition and customer retention programs. MicroBilt will offer its Protection Packages as group programs to credit unions, banks, financial intermediaries and dealers to complement the products and services afforded to their customers and members. MicroBilt, a division of Bristol Investments, Ltd., provides credit bureau data access and retrieval, providing credit, collection and data sources. Fair Issac provides consumers with FICO scores, the standard measure of credit risk.
Equifax and Fair Isaac have partnered to launch a new service to enable consumers to track their “FICO” credit score. “Score Watch” continuously monitors subscribers’ Equifax credit file for changes that can affect their FICO scores. Once a change is detected, “Score Watch” alerts subscribers via email or wireless text message, advising them to visit a secured Web site for a detailed explanation of the change in credit status. If the subscriber’s credit score changes by a significant amount due to changes in their credit file, the “Score Watch” alert will also include their up-to-date score. “Score Watch” subscribers also can preset a target score and be notified when they reach it, a valuable service for consumers who are aiming to qualify for a mortgage, home equity, or auto loan at a lower interest rate. “Score Watch” is available for $7.95 per month or $79.95 for 12 months.
Fair Isaac’s myFICO.com has launched a line of products and services for consumer identity theft and credit protection. The new “myFICO Identity Theft Security” comes in a “Standard” version for $1.95 per month, a “Deluxe” edition for $4.95 per month, and a “Premium” version to be released later this year. The “Standard” version constantly monitors over 400 sources of public data for subtle changes to a borrower’s personal information and includes identity theft insurance and a toll-free help line with personal assistance. The “Deluxe” version adds quarterly monitoring of the consumer’s “FICO” credit score. The “myFICO Identity Theft Security Premium” program will soon be available through certain bank partners and on the myFICO.com Web site later this year. The “Premium” product gives consumers all the benefits of the “Deluxe” product, but with the added strength of Fair Isaac’s “Falcon Fraud Manager.” Falcon minimizes fraud losses by detecting fraudulent card transactions in real time, then instantaneously alerting the customer.
Fair Isaac has launched a new online consumer service to fight identity theft and fraud. “ID Fraud Intercept” monitors more than 400 public and commercial databases for changes to the consumer’s personal address or phone number. The service also highlights signs of potential fraud that may appear in a customer’s personal credit report and “FICO” score. Customers also receive detailed, expert guidance and online tools for monitoring their own credit reports and responding to possible identity theft.