FICO Expands Availability of Credit Score
by Tim Manni
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.
