Bola Sokunbi of Clever Girl Finance recently chatted with Jenelle Dito, Director, FICO® Score Open Access program, for her podcast episode ‘Dispelling The Most Common Credit Myths’. Jenelle shared her personal story with money, what she learned in the process of her own money challenges and how people can empower themselves with credit knowledge.
This follows the FICO Score Open Access program hitting an important milestone! The program now reaches more than 300 million consumer accounts, provides free access to the FICO® Score used by lenders for credit decisions and the factors that affect them. Participating institutions deliver the scores to their customers via a variety of channels, including online banking websites, mobile applications and paper statements. More than 170 financial institutions participate in the FICO® Score Open Access program including eight of the top 10 credit card issuers. The FICO Score is the standard measure of U.S. consumer credit risk used in more than 90 percent of consumer lending decisions in the U.S.
In addition, FICO® Score Open Access for Credit and Financial Counseling empowers credit and financial counseling providers in the U.S. such as Operation HOPE and Justine PETERSEN to share FICO® Scores — for example, for financial management plan review — with consumers for free. The program was designed specifically for credit and financial counselors to increase consumer understanding of the FICO Score.