FICO Score Open Access For Credit and Financial Counseling · This presentation is provided for the...

© 2018 Fair Isaac Corporation. Confidential. 1© 2018 Fair Isaac Corporation. Confidential. This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation’s express consent.

For Credit and Financial Counseling

FICO® Score Open Access

Gigi LigonsSr. Consultant, Scores, FICO

© 2018 Fair Isaac Corporation. Confidential. 2

Agenda

• FICO, the Company

• FICO® Score Open Access for Credit and Financial Counseling, the Program

• Program Materials

• Program Benefits

• Getting Started


About FICO and FICO® Score Open Access for Credit and Financial Counseling


• FICO is the pioneer of credit risk scores

• FICO provides superior predictive models and tools to power lending decisions

• FICO® Scores are used by 90% of top U.S. lenders, and in 90% of U.S. lending decisions

• FICO strives to increase consumer financial literacy

• The FICO® Score Open Access program─ Enables lenders to share FICO® Scores and related score education with customers─ Millions of consumer accounts now have free access to their FICO® Scores ─ Expanded to include credit and financial counseling

Who Is FICO and What Do We Do?

© 2018 Fair Isaac Corporation. Confidential. 5 © 2018 Fair Isaac Corporation. Confidential. 5

FICO® Score Open Access for Credit and Financial CounselingEnables FICO® Scores purchased for counseling or financial education services to be provided to your clients*

FICO® Score

Two Score Factors

Client Educational Content

* Without additional score fees charged by FICO


Program Materials


Program Materials

Counselor reference materials

Guide to help you get started quickly

Questions and Answers document

FICO® Score Summary Report Generator

One Webpage has all the program materials you need


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FICO® Score Summary Report Generator – Share Valuable Information With Your Customers


FICO® Score Summary Report Generator – Share Valuable Information With Your Customers


Comprehensive Reference Materials• Basic Facts about FICO® Scores – in Spanish and English

• Understanding Your Credit educational video series – with Spanish subtitles

• Two educational documents – in Spanish and English─ Understanding FICO® Scores─ Frequently Asked Questions about FICO® Scores

• Additional FICO® Score information can be found on:─ http://ficoscore.com/education/─ http://ficoscore.com/info/

• E-Learning Course

• Understanding your credit report • What is a FICO® Score

• What goes into FICO® Scores • Managing your FICO® Score

• How lenders use FICO® Scores • What credit score matter

http://ficoscore.com/education/

http://ficoscore.com/education/


Program Benefits

© 2018 Fair Isaac Corporation. Confidential. 12 © 2018 Fair Isaac Corporation. Confidential. 12

Benefits of Sharing FICO® Scores – The score lenders use®

“I appreciate being able to assure clients that FICO is

the score that majority of lenders use, and they can

feel confident that their hard work on improving their

FICO® Score is going to pay off in the future.”

Prepare the consumer to understand how the lender views their credit risk by creating transparency between the consumer and the lender


Benefits of Sharing FICO® Scores – Financial Health

“We have several folks who got high-interest car loans

(29.9%) when their scores were much lower or

nonexistent who we’re now helping to refinance and save

significant amounts of money.”

May improve the financial health of your clients


Benefits of Sharing FICO® Scores – Measure Effect

Measure the effectiveness of your program

“We are seeing on average about 70% of our clients

increase their credit score at their 6 month follow up

appointment.

“She got to work paying off debts, starting a monthly

savings plan and re-financing an auto loan. After six

months, we did a second pull to find that her score

had increased over 150 points”


Benefits of Sharing FICO® Scores – Customer Retention

“As financial coaches, we have also found that the 6-month

score updates are a useful tool for client retention. If there

are clients with whom we have fallen out of contact, we have

found success in re-engaging them using their FICO®

Score.”

“It is very rare that a client walks away from a credit report

review feeling MORE anxious than they were before they

knew their actual FICO® Score, and the prospect of

watching it grow is a great retention tool.”


Getting Started


1- Determine Eligibility

• Provider has a primary purpose of providing financial counseling

and/ or financial educational services

• Provider has an active end user agreement with one of the three Consumer Reporting

Agencies (Experian, Equifax, TransUnion) or resellers (in the case of Equifax and

TransUnion) to purchase FICO® Scores for the purpose of financial counseling or risk

management decision

• Provider is a 501(c)(3) non-profit organization or a government agency (or other

government entity) that provides social services

• Provider is not considered a “credit repair organization” as defined in the Credit Repair

Organizations Act (CROA)


2 – Sign The PLA

• Does not affect or require changes to most existing agreements with the bureaus**May require a simple amendment to existing bureau agreements

Agreement Does: Agreement Does Not:

Grant a license to share FICO®

Scores and education content with clients

Alter your existing processes of purchasing FICO® Scores

Describe how you can use the FICO brand and content

Give you the right to provide a copy of credit report to clients

• Participants must sign a Program License Agreement before sharing FICO®

Scores with counseling clients


3 – Start Sharing FICO® Scores and Educational Materials With Your Customers

• FICO® Score Display Page─ FICO® Score Summary Report Generator output

• Basic Facts about FICO® Scores ─ Available in English and Spanish

• Refer your customers to FICO’s educational page for more information

• Start sending your quarterly reports to FICO─ Number of scores disclosed through the program─ Insights into the effectiveness of the program


It Is Valuable, Free and Simple

Determine eligibility

Sign the Program License

Agreement and return with

application to FICO

Receive access and Download

program materials

Inform staff and

counselors

GO!!Start sharing FICO® Scores

and related educational

materials with your clients

https://community.fico.com/openaccesscfc

START HERE!


A Sample of Participants

To see additional participants, visit www.ficoscore.com/where-to-get-fico-scores

© 2018 Fair Isaac Corporation. Confidential. 22© 2018 Fair Isaac Corporation. Confidential. This presentation is provided for the recipient only and cannot be reproduced or shared without Fair Isaac Corporation’s express consent.

Thank You!

Gigi [email protected]

Questions: [email protected] Get started: https://community.fico.com/openaccesscfc


How does it work?

(optional)

Top two score factors

FICO® Score Lockup

FICO® Score Meter

History graph

Score version & type, CRA and score dateConsumer Credit Education content

Consumer-use disclosure

Ability to Opt Out

More disclosure

(optional)


Channels & Frequency

Frequency of score display

Scores refreshed with each account management scores update

Online Banking

Statements

Mob

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