FICO Score Open Access Program Reaches Milestone of 250 Million Consumer
Chennai,India — February 5, 2018 Analytics software firm FICO (NYSE: FICO) today announced that more than 250 million consumer credit and loan accounts have free access to the actual FICO® Scores used by lenders to manage those accounts through its FICO® Score Open Access program. More than 100 financial institutions participate in the FICO® Score Open Access program. Also,eight of the top 10 credit card issuers participate in the Open Access program.
Credit card issuers arethe largest users of creditscores and these eight lenders are sharing the actual FICO Scores theyacquirefor consumer risk management decisions. The FICO® Score OpenAccess program is designed such that the score the customer sees exactlymatches a score version the lender uses within their risk management decisions.
With the FICO® ScoreOpen Accessprogram, U.S. financial institutions of all sizes are helpingcustomers by providing increased transparency and more financial education.Participants range from the country's largest banks and lenders to start ups,credit card issuers, mortgage servicers, auto lenders, and student loanproviders. Dozens of credit unions including Franklin Mint FederalCredit Union, SRP Federal Credit Union, and PenFed Credit Union are alsoparticipating in the program. FICO® ScoreOpen Access provides consumers with regularly updated FICO® Scoresas well as the most important factors affecting the score. Participatinginstitutions deliver the scores to consumers via a variety of channels,including online banking websites, mobile applications and paper statements.
“The FICO Score Open Access programoffers unprecedented transparency, empowering millions of consumers to seethe exact FICO® Scores used by their lendersfor creditdecisions,” said Marie Morel-Seytoux, vice president, Scores, atFICO. “Being able to easily access credit scores for free aswell as the factors that affect them are critical in a customer’s financialjourney.”
In addition, Wells Fargo, Navy Federal Credit Union,Commerce Bancshares, Inc., Ollo Card Services, Farm Bureau Bank, FranklinMint Federal Credit Union, SRP Federal Credit Union, and PenFed Credit Unionaresharing FICO Score 9, the newest version of the FICO® Score, withcustomers for free. Hundreds of lenders areusing FICO® Score 9 whichenhances the treatment of unpaidmedical collections, resulting in these collections having a smallerimpact on the FICO® Score.Now customers can better understand the ways inwhich events like medical collections impact their scores.
Through its myFICO® service andthe FICO® Score Open Accessprogram, FICO helpsmillions of American consumers understand their credit health. Check outthe list of the institutions that provide free FICO® Scoresthrough the FICO® ScoreOpen Access program. Gain more information about the FICO®Score Open Access program here.
The FICO® Score is the standardmeasure of U.S. consumer credit risk, and used in more than 90 percent ofconsumer lending decisions in the U.S. and in more than 25 countries on 5continents. More than 10 billion FICO® Scores are purchased in the UnitedStates each year by lenders for their risk management decisions.
- More than 100 financial institutions participate inFICO® Score Open Access
- Growing number providing FICO Score 9 to customers, including Wells Fargo, Navy Federal Credit Union and Commerce Bancshares, Inc.
- Eight of the top 10 credit card issuers participate in the Open Access program
- More than 2.5 billion FICO® Scores are available to consumers each year through the program, increasing credit score transparency and driving financial health