The FICO®Score Open Access program has reached another major milestone — 100 Million – and counting.
Less than two years ago when we launched FICO®Score Open Access, the holders of 8 million consumer accounts were eligible to receive their FICO®Scores for free. Today we are proud to say that number has surpassed 100 million.
It’s more than just a big number – it’s a big deal.
Lenders benefit from increased customer loyalty and trust, and reduced delinquency and attrition rates. A recent report published by the Federal Reserve Bank of Philadelphia’s Payment Card Center summarizes Barclaycard’s experience providing cardholders with regular, free access to their FICO® Scores through the program. The data shows that cardmembers who actively access their FICO®Scores become more responsible consumers of credit.
For consumers, the program is a giant leap in transparency. The process of obtaining credit can be confusing, but the first step to combatting that is to give consumers access to the same FICO®Scores used by their lenders so they know how lenders view them. Having an accurate impression of how a lender views his or her credit risk, a consumer can make more educated credit decisions.
And, for the one million consumers annually who are in need of credit and financial guidance, our expansion program, FICO® Score Open Access for Credit & Financial Counseling, has enabled counselors to have deeper conversations with their clients and help provide a more sustainable path to managing their financial health.
This achievement is thanks to the many program participants that share our commitment to consumer financial empowerment. Today there are more than 50 participating banks and lenders and more than 30 participating non-profit credit counseling providers, and we look forward to adding more in the near term.
Eligible organizations interested in participating in the FICO® Score Open Access for Credit & Financial Counseling program may visit the FICO Community for credit and financial counseling.
The FICO® Score Open Access program is available to eligible financial services providers in the U.S. who use FICO® Scores in consumer risk management decisions. Institutions can visit http://subscribe.fico.com/open-access for further information and details.
