myFICO Celebrates 20 Years of Empowering Consumers with Enriched Credit Education
SAN JOSE, Calif., April 7, 2021 /PRNewswire/ -- FICO (NYSE: FICO) is honored to celebrate 20 years of helping consumers access their FICO® Scores, become more informed of their credit standing and enrich their lives through myFICO.com.
With the launch of myFICO.com in 2001, for the first time ever, consumers were able to get direct access to their FICO® Score alongside a detailed explanation of their FICO® Score and information to better understand their credit. FICO, being at the forefront of this transparency revolution in credit scoring, launched myFICO to help everyday people see how lenders may view their credit, forever changing the consumer's role in the lending process. FICO® Scores are used by 90% of the top U.S. lenders.
Over the last two decades, myFICO has remained committed to ensuring transparency and providing best-in-class financial education resources and timely features for consumers' credit journeys with myFICO delivering an average of 6,400,000 alerts per month regarding credit bureau, FICO® Score and identity related changes.
In a recent survey of both myFICO members and a random population, findings revealed that myFICO members exemplify a higher level of confidence surrounding their knowledge about credit scores. The survey findings showed that myFICO members were more likely to be confident they have a higher level of credit score knowledge - 76% of respondents self-identified as very knowledgeable/knowledgeable about credit scores versus only 59% of the general population who said that they were very knowledgeable/knowledgeable.
Additionally, in a related credit score quiz survey, the data showcased that myFICO members answered 80% of the questions correctly compared to the 51% of the random consumer population.
"Before myFICO was introduced, consumers had limited resources to help them understand their assessment of credit risk as well as limited insight into their financial health," said Geoff Smith, vice president, Scores at FICO. "Over the past 20 years, myFICO has provided millions of consumers access to their FICO® Scores, the score used by 90% of top U.S. lenders, to help consumers get fair and fast access to credit education."
"This is a major mileston celebrating two decades of innovating, educating, guiding and creating space for communities to lean towards a life of financial wellness and hope," said Marsha Barnes, founder, The Finance Bar. "As a woman of color, I know first-hand how essential it is for individuals to feel included and empowered, and it has been an honor to work alongside FICO to serve those who are enthusiastic about the impact that their credit scores can have for themselves and their families."
myFICO continues to evolve as FICO remains committed to educating consumers along their credit journey. For example, myFICO solutions now have enhanced features like positive score factors, insightful score ingredient ratings, credit bureau attributes and the FICO® Score Simulator, which helps consumers understand how future credit choices may impact their FICO® Scores. These additional features continue to promote transparency in credit scoring and the lending process as they help demystify credit scores for everyday consumers.
"Congratulations to myFICO on 20 years of helping consumers understand their credit," said Ted Rossman, industry analyst at CreditCards.com. "Your FICO® Score is one of the most important numbers in your financial life. myFICO has helped countless Americans gain a better understanding of important milestones like buying a home and paying off debt."
In addition to myFICO, other FICO initiatives provide consumers access to their FICO® Scores through the FICO® Score Open Access Program and Score a Better Future events which help consumers build a better understanding of their FICO® Scores. To get more information on myFICO's 20th anniversary, please visit: https://www.myfico.com/20years.
For FICO news and media resources, visit www.fico.com/news.
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