Americans can view all the most commonly used FICO Score versions for mortgage, auto and credit card lending
SAN JOSE, Calif. — February 2, 2015 — FICO (NYSE:FICO), the predictive analytics and decision management software company, today announced it is making additional versions of the FICO® Score available to consumers at myFICO.com, giving Americans an unprecedented level of information on the scores that guide 90 percent of lending decisions in the U.S. These additional FICO Score versions will also be made available to qualified resellers and affinity clients that make FICO Score-based products available to their customers.
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. These include prior versions of the base FICO Score, as well as industry-specific FICO Score versions for auto and credit card lending decisions. An additional five FICO Score versions based upon TransUnion data will be available to myFICO customers in the coming weeks.
“While FICO Score 8 is the most widely used credit score in America, the thousands of lenders using FICO Scores also can use different versions for particular credit risk decisions,” said Jim Wehmann, executive vice president for Scores at FICO. “By making these scores available along with FICO Score 8, we have created the most complete consumer credit score product ever available, and set a new standard for consumer empowerment. Consumers should accept no less.”
Along with the additional scores, myFICO.com customers receive the top factors that influence each score, and an explanation of which scores are commonly used for decisions on different types of credit products. This will help them understand how their credit profile appears to lenders evaluating them for mortgages, auto loans or credit cards.
This development supports FICO’s commitment to consumer empowerment, and complements its highly successful FICO® Score Open Access program, which makes FICO® Scores available for free to consumers. When lenders participating in FICO Score Open Access display the FICO Score, they are required to communicate to their customers the FICO Score version, the credit bureau on which it was based and the date it was calculated.
“For many Americans, the free FICO Score and related content provided by their lender will be more than enough,” said Wehmann. “But for those who want more — including monitoring and alerts, a FICO Score 8 simulator and additional versions of the FICO Score from all three bureaus in an easy-to-understand dashboard — myFICO.com and other qualified FICO Score resellers and affinity clients will truly be one-stop shops for understanding consumer credit profiles.”
“Since introducing the groundbreaking FICO Score 25 years ago, we’ve continued to bring to market new and improved versions, along with FICO Score versions specifically designed to be more predictive for the auto and bankcard markets,” Wehmann said. “This continuous innovation has benefited lenders and consumers alike, and improved credit access for millions of consumers. Now we are helping people see these additional FICO Score versions, and get an even better picture of their credit standing.”
FICO is the leader in credit risk scoring. 90 percent of the top U.S. lenders rely on the FICO® Score for consumer credit risk analysis.
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health through myFICO.com. FICO: Make every decision count™. Learn more at www.fico.com.
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