Consumer Action, FICO co-host credit, financial counseling webinars

FICO® Score Open Access for Credit & Financial Counseling is a valuable program that enables credit and financial counseling providers in the U.S. to share FICO Scores already purchased—for example, for initial customer contact or for debt management plan reviews—with their clients for free and with no additional score fees or program fees.

Consumer Action and FICO co-hosted two webinars on Feb. 8 to educate Consumer Action’s community partners about the program. Approximately 125 community partners attended.

“This is a great resource because it enables consumers to gain insight into how to improve the actual credit scores that lenders review,” said Consumer Action’s Audrey Perrott. “There are many educational scores, and often consumers confuse them with the actual scores used to make credit decisions. It’s important for those applying for credit to understand that they’re not the same, and to be aware of their actual score.”

Roy Pfeifer, a senior consultant with FICO’s Scores program, facilitated both webinars. He pointed out that community-based organizations and others looking to participate in the FICO Score program must meet certain eligibility guidelines. For instance, the organization’s primary mission must be to provide financial counseling and/or financial education services to clients; it must be a consumer reporting agency (CRA) customer that receives CRA data and has a CRA end-user agreement with one or more CRAs (Experian, Equifax or TransUnion); it must have an active end-user agreement with one of the three CRAs or resellers to purchase FICO scores for the purpose of financial counseling or risk management decisions; it must be registered as a 501(c)(3) non-profit organization or a government agency (or other government entity) that provides social services; and it must not be considered a “credit repair organization” as defined in the Credit Repair Organizations Act (CROA).

Click here to learn more about the program or register to become a member agency.

“One of our community partners signed up for the program the day of the webinar!” Perrott exclaimed. “I cannot wait for them to share best practices on how the tool has enhanced their clients’ counseling experience and improved their credit scores.”