SECU prepares to “Do the Right Thing,” providing free FICO® scores to borrowers
RALEIGH, NC (August 27, 2014) — State Employees’ Credit Union (SECU) is pleased to announce it has partnered with Fair Isaac Corporation (FICO) to provide all members with an active SECU lending relationship free access to their FICO® Scores and the top factors impacting their score, through the FICO® Score Open Access program. The FICO® Scores will be available through secure Member Access via the SECU website, www.ncsecu.org, and will be updated on a quarterly basis. The Credit Union will officially launch the program beginning in November.
FICO® Scores are used worldwide and are the standard measure of U.S. consumer credit risk for financial institutions, credit card issuers and auto lenders. Many consumers are unaware of their credit score or don’t understand how lenders use the scores in determining their eligibility for loans or optimum lending rates.
“While SECU offers the same interest rate to all members, we recognize that risk-based pricing is common in the marketplace. Most lenders leverage FICO® Scores in their risk management process when making decisions on loan approvals, pricing and terms. SECU is a firm believer in consumer advocacy and in doing the right thing for the member. By educating members and increasing awareness about their FICO® Score, SECU is providing a valuable tool to help them better manage their use of credit to achieve overall financial success,” noted Mark Coburn, SECU Senior Vice President of Lending Development.
“FICO® Scores are the most widely used credit scores,” said James Wehmann, Executive Vice President of Scores at FICO. “We applaud State Employees’ Credit Union for participating in the FICO® Score Open Access program and continuing to be a leader in consumer financial education and empowerment.”
A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for 77 years. With more than 1.9 million members, SECU provides services through 254 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision countTM. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and other countries.