New FICOŽ Score Planner empowers consumers to understand how to better reach their credit score goals
SAN JOSE, Calif., July 18, 2018 /PRNewswire/ -- An innovative consumer empowerment tool developed by FICOŽ Score data scientists. The FICOŽ Score Planner can be used by lenders and resellers to help enable consumers to set their target FICOŽ Score goals, understand potential credit actions they could take, and receive updates on their progress toward their goals. FICOŽ Scores are the most well known and valued credit scores by consumers with 90% brand awareness. FICOŽ Scores are the most widely used credit score and are included in over 90% of U.S. lending decisions, providing transparency, disclosure and consistency for lenders and consumers.
Today, analytics software firm FICO (NYSE:FICO) announced the release of the FICOŽ Score Planner. Another first-of-its-kind tool built by FICOŽ Score data scientists, the FICOŽ Score Planner is designed for lenders and resellers to empower consumers to use on their financial health journey. The FICOŽ Score Planner enables consumers to set a target FICOŽ Score goal and desired time duration to reach their goal. These inputs along with a consumer's current FICOŽ Score and credit report are analyzed by the FICOŽ Score Planner algorithm, which produces a set of personalized potential actions consumers could take to help reach their target FICOŽ Score goal. Consumers can then track their progress to their goal or modify their goals along their way.
"FICO is committed to bringing innovative, new, financial education solutions for consumers to our lender and reseller partners," said Geoff Smith, vice president, Consumer Scores, at FICO. "The FICO Score Planner is our latest unique tool that enables lenders and reseller partners to help their customers understand how to better manage and monitor their progress to improved financial health. There is nothing like this in the market today."
A significant new tool, the FICOŽ Score Planner joins a suite of FICOŽ Score features and content available to lenders and resellers. This new tool helps lenders and resellers provide their customers with a valuable feature to better empower them on their credit improvement journey. Lenders and resellers can benefit through new customer acquisition, increased customer engagement, improved customer experience and satisfaction.
"The products available at Experian.com help people to take control of their financial health," said Jeff Softley, Chief Marketing and Revenue Officer at Experian Consumer Services. "The FICO Score Planner provides important information that strengthens the value of those products."
Consumers can benefit from the new FICOŽ Score Planner through a clear and simple potential credit action plan and monitor progress toward their goal. Through an intuitive and easy-to-navigate user experience, consumers engage with the planner to see their current FICOŽ Score, enter a desired FICOŽ Score goal, and timeline to reach their goal. Based on the customer's current FICOŽ Score, credit profile and desired FICOŽ Score goal and timeframe, the FICOŽ Score Planner produces personalized potential action plans to help consumers clearly outline how they could improve their credit standing. Each month the consumer gets an update on their progress toward their FICOŽ Score goal and can reset their goal as well as time horizon, if desired. They can then receive and follow revised action plans.
For more information, read the blog FICOŽ Score Planner: Helping People to Meet Their Credit Score Goals.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 180 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/.
For FICO news and media resources, visit www.fico.com/news.
FICO is a registered trademark of Fair Isaac Corporation in the United States and in other countries.
 Source: BAVC FICO Study Q1 2018
Related Link http://www.fico.com
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