SAN JOSE, Calif. -

Building upon its efforts to give consumers increased access to their FICO score and help lenders be more informative about credit scoring, FICO rolled out a new program this week called FICO Custom Credit Education.

Through this solution, officials explained that lenders can license from FICO enhanced credit education tools to include in their consumer financial education programs. 

With FICO Custom Credit Education, lenders can provide their customers with a rich set of tools to improve their financial literacy.  These tools include:

• Unparalleled access to the FICO Score simulator. Built by FICO data scientists leveraging the latest FICO Score algorithm, officials believe the FICO Score simulator is the most powerful, intuitive and easy-to-use score simulator available. They said it is the only simulator modeling behavioral impacts on a consumer’s FICO Score.

• Positive factors impacting the consumer’s FICO Score. The company insisted positive factors can reinforce the good credit behaviors of high achievers, and encourage those customers who may be working to manage their credit or improve their financial health. 

• Personalized credit analysis and comparisons to FICO Score High Achievers. Beyond general credit information, this analysis can provide a wealth of personalized feedback for consumers trying to make sense of their credit reports and scores.

• FICO Score monitoring and alerts. Alerts of changes to the FICO Score can provide one of the best early indicators of fraud.

Other components include the FICO Score, a FICO Score meter, a 12-month FICO Score trending chart, up to four negative factors impacting the consumer’s score and FICO’s extensive collection of educational content.

For lenders wanting to offer their customers FICO Scores and additional education tools, FICO® Custom Credit Education can enable them to work with credit bureau partners to provide a powerful collection of FICO Score-based content and tools. 

“Unlike educational scores, the FICO Score is the most relevant and meaningful score to consumers because of its wide use by lenders in risk management decisions,” said James Wehmann, executive vice president of scores at FICO.

“Lenders no longer have to choose between the FICO Score and enhanced credit education tools. Now they can offer both to their customers,” Wehmann continued.

With more than 10 billion FICO Scores sold to lenders in 2013, the FICO Score is the credit score used in the overwhelming majority of lending decisions in the U.S.  The company has been educating consumers about the FICO Score for more than 10 years at www.myfico.com and www.scoreinfo.org

The FICO Custom Credit Education solution is available today to U.S. lenders.