WHAT WE DO:
Based in Minneapolis, FICO (formerly Fair Isaac Corporation) is best known for FICO credit risk scores. Lenders use roughly 10 billion FICO scores every year to help them make better decisions about consumer credit. The three major credit reporting agencies—Equifax, Experian, and TransUnion—calculate all of these scores using our formula. Lenders and other businesses also know our company for other FICO products that help them automate, improve, and connect consumer decisions across their organization. For example, FICO is a leading provider of fraud solutions that identify attempted identity theft and credit fraud while they are occurring, so that credit card companies can block the thief and protect their customers.
WHAT WE OFFER:
Most of FICO’s public education about credit scores is provided through our consumer Web site www.myFICO.com. There people can get the same FICO score—for a small fee—that lenders see, accompanied by the underlying credit report and our detailed analysis of their score. Customers also can use our FICO Score Simulator to learn how selected credit actions are likely to change their score. The education section of our site contains abundant free information about credit scores and good credit management. More than 300,000 people actively participate in FICO Forums, a free-wheeling public message board on myFICO.com devoted to credit issues and credit scores.
People can also download three educational booklets from myFICO.com. Understanding Your FICO Score provides a thorough description of credit scoring, including ways credit scoring can help you, the relationship between your credit report and your credit score, what information a FICO score considers, and how to interpret your score. We wrote a shorter version with Consumer Federation of America titled Your Credit Scores in order to provide a quick overview of what matters most in credit scores, with two stories that illustrate how your FICO score can change over time. Identity Theft and You provides an easy-to-understand overview of identity theft as well as ways to prevent, detect and resolve it.
WHAT WE NEED:
FICO is committed to helping consumers understand credit scores and how to manage their own credit health. We would like to build greater public awareness of the educational materials on www.myFICO.com.
This summer, FICO is providing free to teachers an interactive CD-ROM disk about FICO credit scores, designed for use in a classroom environment. The 30-minute narrative pauses frequently to allow the teacher to comment or answer questions. While the intended audience is adults who already have a little credit experience, the content may also be of interest to college and high school students. Titled Understanding Your FICO Score, the CD-ROM explains FICO scores and credit reports. It uses consumer examples to illustrate how scores work and how people can manage their scores. It also addresses common myths about credit scores and includes a short FAQ at the end. Any interested teacher can receive the CD-ROM free of charge (while supplies last) by sending us an email at the address below. Please include your U.S. mailing address and the age level of your students.
Public Affairs Director for FICO
Jump$tart Coalition for Personal Financial Literacy