FICO, the provider of a credit scoring model widely used for many lending decisions, has expanded a program that allows tens of millions of consumers to regularly receive their free FICO scores.
The FICO Open Access program is expanding to provide FICO scores to about 1 million consumers annually who are in need of credit and financial guidance. The expansion will take place through nonprofit credit counselors and participating government entities, according to FICO.
Experian, one of FICO’s credit bureau partners, has also agreed to allow qualified credit counselors to share Experian credit reports with clients.
The expansion of the program, FICO said, is designed to help consumers who have credit management problems by offering FICO scores and credit education material that can help consumers understand credit scoring and learn how to responsibly manage their finances.
FICO says its scores are used in 90 percent of consumer lending decisions in the U.S.