On Wednesday, marketplace lending platform Payoff, Inc. announced it will provide members of its site monthly access to FICO Scores for free beginning January 2016.
Scott Saunders, founder and CEO of Payoff, shared:
“We are committed to helping people understand their financial health. By providing free access to FICO Scores, which are used in over 90 percent of lending decisions in the U.S., our members will be more informed to take control of their financial well-being.”
FICO Scores will be refreshed monthly based on Transunion data to give Payoff Members up-to-date information, which will include:
- FICO Score with two key factors impacting their scores
- FICO Score Meter to show them where they fall within the credit score range
- A visual of the score range to help them understand what each range means to financial institutions
- A breakdown of the factors that contribute to FICO Scores
Darlene Goins, senior director of Scores for FICO, added:
“The FICO Score Open Access program is helping millions of consumers learn about their FICO Scores, a key measure of their overall financial health. We are thrilled to have Payoff join the program and help further empower their customers.”