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Milestone: 100 Million Consumer Accounts Now Get Access to FICO® Scores for Free

20 de octubre de 2015

Milestone: 100 Million Consumer Accounts Now Get Access to FICO® Scores for Free

FICO Scores 20 de octubre de 2015

Regular access to FICO® Scores drives positive consumer behavior, results say 

SAN JOSE, Calif. — October 20, 2015 — Holders of 100 million consumer accounts in the U.S. now have regular access to FICO® Scores for free. FICO (NYSE:FICO) announced the major milestone today, less than two years after the FICO® Score Open Access program launched.

"The more consumers know about their own credit health, the better it is for everyone," said Jim Wehmann, executive vice president, Scores, at FICO. "Just two years ago we launched FICO Score Open Access with the holders of 8 million consumer accounts able to receive their FICO Scores for free, and today we have surpassed 100 million, thanks to the nation's lenders that share our commitment to consumer financial empowerment. Because the process of obtaining credit can be confusing, there's no better place for people to start than with the actual credit scores their lenders are using."

FICO® Score Open Access, the program that allows lenders to provide FICO® Scores to consumers for free, has proven beneficial for both consumers and lenders, as described in a new report published by the Federal Reserve Bank of Philadelphia’s Payment Card Center and based on data from Barclaycard, a participant in the FICO program.1

The report summarizes Barclaycard’s experience providing cardholders with regular, free access to their FICO® Scores through the FICO® Score Open Access program. Among Barclaycard’s findings:

  • 84 percent of enrolled cardholders check their FICO Scores every month
  • Credit card utilization by the riskiest cardholders generally declines after they enroll in the program
  • Delinquency rates of the people enrolled in the program remain below those of their nonparticipating peers for up to nine months after enrollment

"The program aligns with our overall business philosophy of being fair and transparent," said Paul Wilmore, Managing Director of Barclaycard. "We are pleased that the preliminary data shows that cardmembers actively accessing this information are becoming better consumers of credit."

The success of the FICO program extends beyond the holders of 100 million consumer accounts. FICO® Score Open Access for Credit & Financial Counseling, launched to help the estimated one million consumers annually who are in need of credit and financial guidance, has signed on more than 30 non-profit credit counseling providers just six months after launching. The program has enabled qualified counselors, like those at New York Legal Assistance Group, to share FICO Scores along with additional credit education materials, so they can have deeper conversations with their clients and help provide a more sustainable path to rebuilding their financial health.

"This tool has provided an unprecedented opportunity for our counseling program, and the low-income, vulnerable populations we serve," said Doug Ostrov, director of financial counseling at the New York Legal Assistance Group. "By accessing individual FICO Scores, these consumers and their financial counselors can have a fruitful conversation about what these scores mean and how they can be improved to enhance a person's overall economic stability. Our clients are eagerly attending workshops where we share FICO Scores. It provides a teaching moment, where clients see for themselves what the problems are and how, together, we can make a plan to fix them. In just a few short months, NYLAG has disclosed FICO Scores to more than 500 clients - and we look forward to working with hundreds more as the program unfolds."

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 all financial services providers in the U.S. who use FICO® Scores to manage consumer credit. Institutions can visit http://subscribe.fico.com/open-access for further information and details.

Sobre FICO
FICO (NYSE: FICO) es una empresa líder de software de analítica que ayuda a negocios de más de 90 países a tomar mejores decisiones que incrementen el crecimiento, la rentabilidad y la satisfacción del cliente. El innovador uso de Big Data y de algoritmos matemáticos por parte de la empresa para predecir el comportamiento del consumidor ha transformado sectores enteros. FICO ofrece software de analítica y herramientas que se emplean en múltiples sectores para gestionar riesgos, combatir el fraude, crear relaciones con clientes más rentables, optimizar operaciones y cumplir con estrictas regulaciones gubernamentales. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. Las soluciones FICO emplea estándares de código abierto y cloud computing para maximizar la flexibilidad, hacer despliegues más rápidos y reducir costes. La empresa también ayuda a millones de personas a gestionar su salud crediticia personal.

FICO: Make every decision count. Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

FICO and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

About Barclaycard:
Headquartered in Wilmington, Del., Barclaycard US is the fastest growing top 10 credit card issuer in the nation.  The company creates customized, co-branded credit card programs for some of the country’s most successful travel, entertainment, retail, affinity and financial institutions. The business also issues its own Barclaycard branded credit cards: Barclaycard Ring, Barclaycard Rewards, and the award winning Barclaycard Arrival product series.  Additional information on Barclaycard can be found at BarclaycardUS.com.

Stay up to date on Twitter: @barclaycardus  | YouTube: youtube.com/BarclaycardUS | Travel Community: barclaycardtravel.com | Facebook: facebook.com/BarclaycardUS  | Instagram: instagram.com/barclaycardus

1Nothing in the text should be construed as an endorsement by the Payment Cards Center or the Federal Reserve Bank of Philadelphia of any organization, its products, and/or services.

Contactos de la sala de prensa

Greg Jawski
Américas

greg.jawski@porternovelli.com
+1 212-601-8248

Darcy Sullivan
Europa, Oriente Medio y África

dsullivan@fico.com
+44 (0) 209-940-8719

Saxon Shirley
Asia Pacífico

saxonshirley@fico.com
+65 6422-7795

Marisa Arribas
Latinoamérica

marisaarribas@fico.com
+1 786 482 7231

Milla Delfino
América Latina

milladelfino@fico.com
+55 11 97673-6583