myFICO Celebrates 20 Years of Empowering Consumers with Enriched Credit Education
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
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
"This is a major milestone celebrating two decades of innovating, educating, guiding and creating space for communities to lean towards a life of financial wellness and hope," said
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
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.
myFICO makes it easy to understand your credit with FICO® Scores, credit reports and alerts from all 3 bureaus. myFICO is the consumer division of FICO– get your FICO Scores from the people that created the FICO Scores. For more information, visit https://www.myfico.com.
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Greg Jawski for FICO, Email: firstname.lastname@example.org, Phone: +1 212-601-8248