Analytics software firm FICO recently revealed 250 million consumer credit and loan accounts now have access to FICO Scores used by lenders via the FICO Score Open Access program.
“The FICO Score Open Access program offers unprecedented transparency, empowering millions of consumers to see the exact FICO Scores used by their lenders for credit decisions,” Marie Morel-Seytoux, vice president of Scores at FICO, said. “Being able to easily access credit scores for free as well as the factors that affect them are critical in a customer’s financial journey.”
Officials said the Open Access program is designed in a manner where the score the customer sees exactly matches a score version the lender uses within their risk management decisions. Financial institutions of all sizes are helping customers by providing increased transparency and more financial education.
FICO officials said the process involves participating institutions delivering the scores to consumers via a variety of channels, including online banking websites, mobile applications, and paper statements. More than 100 financial institutions participate in the endeavor, in addition to eight of the top 10 credit card issuers.
Officials said the FICO Score is the standard measure of American consumer credit risk and is used in more than 90 percent of consumer lending decisions while more than 10 billion FICO Scores are purchased in the United States each year by lenders for their risk management decisions.