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January 15th, 2009

FICO Expands Availability of Credit Score

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Imagine if you could log onto your online banking account and click on a feature that not only tells you your exact credit score for free each month, but explains the attributing factors of why it is so. For an estimated 200,000 members of the Pennsylvania State Employees Credit Union, those new features are now a reality.

The program is an extension of Fair Issac’s, the developers of the FICO credit score (”used to help make billions of credit decisions each year, including more than 75 percent of U.S. mortgage loan originations”), “Scores on Statements” program.

According to a press release issued today by Fair Issac “The Fair Isaac Scores on Statements program not only benefits our members by giving them a free view into their financial health, but it also helps PSECU by educating our members on the positive impact of responsible credit behaviors,” said Gregory Smith, President and CEO of the Pennsylvania State Employees Credit Union.  “This ultimately results in a higher value member base, fully engaged online with us.”

From the Wall Street Journal:

“We’re in talks with a lot of our major customers now,” said Michael Campbell, chief operating officer at Fair Isaac. Typically, customers will see the same FICO score that the bank is using to make its own lending decisions. Consumers will get their FICO scores and the top reasons for why their score is what it is, how their actions have affected their scores and ways to improve them.

The features available to online bankers include:

  • The account holder’s FICO Score accompanied by the top credit factors contributing to that score;
  • Score tracking for up to twelve months to help the account holder monitor changes;
  • Educational information to help account holders understand and manage their FICO Scores over time;
  • Link to www.myFICO.com for exploring FICO Score-based credit management products and services.
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4 Responses to “FICO Expands Availability of Credit Score”

  1. Akbar Says: January 21st, 2009 at 12:14 am

    Providian oops I mean Washington Mutual dang I mean now JP Morgan Chase Has been offering that for over 3 years now.

  2. Unfair Treatment of WaMu Customers Says: January 31st, 2009 at 12:23 am

    Yes, but Chase is now taking away this free service which WaMu customers have been enjoying.

    What lousy treatment they are giving us! And we are powerless to do anything about it.

  3. Tim Manni Says: February 2nd, 2009 at 10:48 am

    Unfair Treatment,

    So this is a service you used to benefit from until Chase took over WAMU? This seems to be just one of the negative impacts of bank takeovers.

    We’d like to hear more about it.

    Thanks for your comment,
    Tim

  4. Mortgage FICO - HSH Financial News Blog » Blog Archive » FICO Expands « Mortgage FICO Says: February 4th, 2009 at 8:14 am

    [...] HSH Financial News Blog » Blog Archive » FICO Expands extension of Fair Issac’s, the developers of the FICO credit score (” used to help make billions of credit decisions each year, including more than 75 percent of U.S. mortgage [...]

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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