President Obama highlighted the move made by Ally Financial on Monday to offer its auto finance customers free access to their FICO score as a means to better understand their credit health.

Obama mentioned the development during an event at the Federal Trade Commission highlighting the administration’s BuySecure initiative, which was launched last year to safeguard Americans’ financial security.

Finance company executives indicated the Ally effort will begin with a pilot program in February and a full launch this summer. The FICO Score will be available to customers who use Ally Auto Online Services or the Ally Auto Mobile Pay app.

“Efforts such as the BuySecure initiative help to drive awareness of the resources available to help consumers manage their financial matters, and we commend the White House for their attention to these issues.  Having free and easy access to your FICO Score is one simple measure for consumers to continually monitor their credit health and track improvements, as well as a means to know early if your credit profile has been compromised,” said Ally chief executive officer Michael Carpenter.

“We are pleased to offer this information at no cost to approximately 2 million of our auto consumers later this summer,” Carpenter continued.

According to the third-quarter data available from Experian Automotive, Ally stood slightly ahead of Wells Fargo as the top auto finance market holder, possessing 5.56 percent of the market. Looking at just new-model financing, Ally holds 7.31 percent of the market. The institution’s portfolio also represents 4.41 percent of outstanding used-vehicle installment contracts.

FICO Scores will be available to Ally's auto consumers who have an online account profile at https://www.ally.com/auto.  Customers can register for an online account profile at any time on Ally’s website. 

Officials mentioned that the process will begin next month with a pilot program for a limited number of customers. 

In addition to this resource, Ally also offers free financial education via its Wallet Wise program online at http://www.allywalletwise.com/ or through local community in-person sessions.  All consumers can take the online curriculum at any time, free of charge.  Ally also offers a Financial IQ quiz for consumers to test their knowledge of key topics on the Wallet Wise website.

"Access to your FICO Score is the latest addition to the free resources Ally makes available to our customers to help them get educated on their personal financial matters," said Jeffrey Brown, president and chief executive officer of Ally's Dealer Financial Services business.

“Ally has worked to advance consumer financial education for many years and since 2011, more than 61,000 consumers have taken our Wallet Wise financial literacy curriculum on the topics of credit, budget, banking and investing, and auto financing,” Brown continued. “We continue to believe that consumer education about financial matters is among the best defense."

FICO is a registered trademark of Fair Isaac Corp. in the United States and other countries.