Americans are becoming more financially responsible. And all thanks to a new tool that allows them to keep a closer eye on their financial health. Its name is FICO Score Open Access.
Wells Fargo & Company launched this new, free program in March, to help its 30 million eligible consumer credit customers view their FICO Score, learn what factors impacted their scores and get personalized credit tips. The financial services company announced earlier this month that two million of its customers have already used the program and viewed their scores.
“We want to support our customers’ financial health and help them see their credit in a whole new way because it can impact everything from obtaining a loan to renting an apartment,” Shelley Freeman, head of Consumer Credit Solutions for Wells Fargo, said in a news release. “That’s why we integrated a customer’s FICO Score with their mobile banking experience so checking their credit health is as easy as checking their account balance.” Customers can see their scores through Wells Fargo Mobile banking.
How the program works and what it offers
FICO Score Open Access lets customers see those scores Wells Fargo uses to manage its customers’ credit accounts. It includes:
- Free access to a customer’s FICO Score and what impacts the number.
- Personalized Wells Fargo credit tips based on their score factors.
- An interactive graph of the customer’s recent FICO Score history.
- Credit education, answers to frequently asked questions, and more.
To use it, you only need to access your Wells Fargo account. Once there, you will see a link that will direct you to your FICO Scores. The financial services company said that its customers will be able to access their FICO Score via desktop or laptop later this year.
“Customers who have already opted in to view their scores are giving us positive feedback,” Freeman added. “Perhaps what’s most satisfying is 45 percent say they’ve taken some action as a result of this new program. That tells us we’re truly helping our customers understand and manage their credit and lay a path for a financial future that works for them.”
Your credit score is extremely important. It represents your creditworthiness, how likely it is that you will pay your debts. Banks and credit card companies always look at your credit score to evaluate the potential risk of loaning you money. The higher the credit score, the better it is for you. That’s why it’s so important to always monitor and take care of your credit score. To find out more about how your credit score is calculated, read the following article.