More than 100 million credit accounts in the US are now getting free FICO® Scores from their lenders through the FICO® Score Open Access program. This program is helping consumers understand their financial picture — but how can it help credit and financial counsellors in their work with consumers?
That’s where FICO® Score Open Access for Credit and Financial Counseling comes in. Through this program, credit and financial counseling providers in the US can share FICO® Scores they have already purchased — for example, for initial customer contact or for financial management plan review — with their customers with no additional score fees or program fees. (The sharing of FICO® Scores with counselling customers is otherwise not permitted by the credit bureaus or by FICO.)
Knowledge about FICO® Scores may support a customer’s progress and commitment to more responsible financial health management, and reinforce behavior changes that last long after counseling sessions end. Additionally, making FICO® Scores available to your customers as part of the program may help with customer retention by encouraging customers to stay on their financial management plans.
To learn more, watch this recorded webinar from the National Fair Housing Alliance (NFHA).