Coming to a competitor bank near you. . . Free FICO® scores for consumers?

A couple of days ago, Fair Isaac Corporation, the pioneer of the FICO score, announced that it was expanding its Scores On Statements program. The corporation had just signed an agreement with Pennsylvania State Employees Credit Union to provide their online checking customers with free credit scores. Scores On Statements authorizes lenders to give free FICO scores to their customers through online consumer accounts, along with educational information to help them better manage their credit rating.

With all the concern these days with credit and credit scores, this seems like a great program for bank marketing departments to implement. It’s a great incentive to attract prospects with this unique benefit. And, since the scores are only available online, it’s an even greater encouragement for patrons to sign-on to online statements. Many banks are trying hard to encourage customers to switch to the more economical online statements. It’s a great segue to up-selling other banking services such as Bill Pay. When a customer learns that 35% of his or her FICO score is comprised of bill payment history, that’s a good reason to enroll in Bill Pay with its bill payment reminder notices. And, as customers become accustomed to tracking their credit score, they are less likely to leave the fold. According to Fair Isaac, customers who know and understand their FICO scores have lower rates of delinquency.

Fair Isaac has a chart showing how Scores on Statements engage customers and move them from offline to online, then to eBill and Bill Pay. Businesses seeking more information about Scores On Statements can contact Fair Isaac at scoresonstatements@fairisaac.com