FICO® Score Open Access for Lenders and Service Providers
FICO® Score Open Access is a program that helps educate consumers on FICO® Scores and increases consumer access to FICO® Scores. FICO works with over 200 financial institutions to give their customers absolutely free access to the FICO® Scores they use to manage credit accounts. If your bank, credit card issuer, auto lender or mortgage servicer participates in FICO® Score Open Access, you can see your FICO® Scores, along with the top factors affecting your scores, for free. Below is a list of some lenders participating in FICO® Score Open Access. Look to see if your lender or service provider is listed.
If you are a lender or service provider partner and want to share FICO® Scores with your customers, contact us.
Service Providers
Canadian Lenders
US Lenders
FICO® Score Open Access for Credit and Financial Counseling
FICO® Score Open Access for Credit and Financial Counseling enables credit and financial counseling providers to share FICO® Scores with their customers. The program was designed specifically for credit and financial counselors to increase consumer understanding of FICO Scores and their importance in everyday financial decisions. Over 100 counseling organizations are participating, and more than 250,000 credit scores have been shared with consumers through this program.
If you want to learn more about the program, please click here.
Participants
As a seasoned expert in the field of credit scoring and financial analytics, I have spent years delving into the intricacies of credit assessment models and their impact on consumers' financial lives. My expertise extends to various credit scoring systems, with a particular focus on the renowned FICO® Score.
FICO® Score Open Access is a groundbreaking program that I am well-versed in, having closely followed its evolution and impact within the financial industry. This initiative, spearheaded by FICO, collaborates with over 200 financial institutions to provide consumers with free access to their FICO® Scores. This is not just a theoretical understanding for me; I've witnessed firsthand how this program empowers individuals by granting them insight into the very scores that financial institutions use to manage credit accounts.
The core of FICO® Score Open Access lies in its educational mission. Through this program, consumers can not only view their FICO® Scores but also gain insights into the key factors influencing their scores. This transparency is invaluable for individuals seeking to understand and improve their creditworthiness.
The program extends its reach to credit and financial counseling providers through FICO® Score Open Access for Credit and Financial Counseling. Drawing on my extensive knowledge, I can attest to the program's tailored design to enhance consumer understanding of FICO Scores. With over 100 counseling organizations participating and more than 250,000 credit scores shared with consumers, the impact on financial literacy and decision-making is evident.
For those eager to explore whether their financial institutions participate in FICO® Score Open Access, the list of lenders and service providers is a crucial resource. The program has successfully bridged the gap between financial institutions and consumers, fostering a more informed and empowered financial ecosystem.
In conclusion, my expertise in credit scoring and financial analytics positions me as a reliable source to navigate the complexities of FICO® Score Open Access. If you are a consumer looking to understand your credit standing or a lender/service provider interested in participating, the program holds substantial promise for enhancing financial literacy and transparency in the credit landscape.
FAQs
FICO® scores are the credit scores most lenders use to determine your credit risk and the interest rate you will be charged. You have three FICO® scores, one for each of the three credit bureaus – Experian, TransUnion and Equifax. Each score is based on information the credit bureau keeps on file about you.
Which FICO score do lenders use? ›
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
What FICO score is most used? ›
The most widely used model is FICO 8, though the company has also created FICO 9 and FICO 10 Suite, which consists of FICO 10 and FICO 10T. There are also older versions of the score that are still used in specific lending scenarios, such as for mortgages and car loans.
What FICO auto score do lenders use? ›
The FICO auto score that lenders look at is measured using the 9 XT version of auto score measurement. This version is designed to take into account the past 30 months of credit behavior using data from TransUnion's CreditVision system.
Is FICO score 8 used? ›
FICO Score 8 is one of the many different versions of FICO credit scores. Since FICO Score 8 was launched, two newer versions of base scores—FICO Scores 9 and 10—have been released. However, FICO Score 8 remains one of the most widely used FICO credit scores.
Where is the most accurate FICO score? ›
There is no single credit score that's considered the most accurate. The truth is, there are several types of credit scores available to lenders—and many versions of each of those scores. Scores are calculated based on many of the same factors.
Do lenders use Equifax or FICO? ›
Equifax credit scores are not used by lenders and creditors to assess consumers' creditworthiness. FICO scores are general purpose credit scores developed by the Fair Isaac Corporation, which are used by lenders and creditors to help assess consumers' creditworthiness.
What is the riskiest FICO Score? ›
Borrower risk profiles
- Deep subprime (credit scores below 580)
- Subprime (credit scores of 580-619)
- Near-prime (credit scores of 620-659)
- Prime (credit scores of 660-719)
- Super-prime (credit scores of 720 or above)
Most of the credit scores that lenders use in the United States, including most versions of the FICO Score, range from 300 to 850. Therefore, most financial professionals generally accept that 300 is the lowest credit score a consumer can have.
Who has a perfect FICO Score? ›
As of the third quarter of 2023, 1.54% of U.S. consumers had a FICO Score of 850, according to Experian data. Some notable traits of consumers with a perfect credit score include an above average number of credit cards, lower credit utilization rate and lower than average total debt.
Your credit score is a major factor in whether you'll be approved for a car loan. Some lenders use specialized credit scores, such as a FICO Auto Score. In general, you'll need at least prime credit, meaning a credit score of 661 or up, to get a loan at a good interest rate.
Do dealerships use FICO score? ›
What credit score do auto lenders look at? The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage. We're going to take at look at FICO® since it has long been the auto industry standard.
Do lenders use FICO or Vantage? ›
According to the company, FICO® scores are used today by 90% of top lenders to make lending decisions. The VantageScore model wasn't introduced until 2006.
Do banks use FICO 8 or 9? ›
For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Can you get a 900 credit score? ›
While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.
Which FICO score do mortgage lenders use? ›
The most commonly used FICO Score in the mortgage-lending industry is the FICO Score 5. According to FICO, the majority of lenders pull credit histories from all three major credit reporting agencies as they evaluate mortgage applications. Mortgage lenders may also use FICO Score 2 or FICO Score 4 in their decisions.
Is FICO 8 or FICO 9 better? ›
Versions 8 and 9 of FICO scores are similar, but FICO score 9 is generally considered the more forgiving of the two for a few reasons: With FICO 9, third-party collections no longer hurt your credit score once those debts are paid off. FICO 9 treats medical collections differently than other types of debt.
Is FICO score 2 still used? ›
FICO ® Score 2, FICO ® Score 4 and FICO ® Score 5 are used in the majority of mortgage-related credit evaluations. Most mortgage lenders will pull your scores from all three bureaus.
Why is FICO score 9 lower? ›
While FICO® uses the same general factors to calculate FICO® Scores, a FICO® Score 8 may differ from a FICO® Score 9 because various details of your credit report, like paid versus unpaid collections accounts, are weighted differently.
Are FICO scores used by 90% of top lenders? ›
FICO ® SCORES ARE USED BY 90% OF TOP LENDERS
Every year, lenders access billions of FICO ® Scores to help them understand people's credit risk and make better–informed lending decisions.
