COSTA MESA, Calif.--(BUSINESS WIRE)--Payoff, Inc., a leading financial empowerment company, announces it will be the first marketplace lender to provide monthly access to FICO® Scores for free beginning January 2016 to its members who have refinanced their credit card balances with a Payoff Loan.
“We are committed to helping people understand their financial health,” said Scott Saunders, Founder & CEO, Payoff. “By providing free access to FICO Scores, which are used in over 90 percent of lending decisions in the U.S., our members will be more informed to take control of their financial well-being.”
Payoff Members will have access to their FICO Score, as well as trending information and educational resources describing factors contributing to their score. FICO Scores will be refreshed monthly based on Transunion data to give Payoff Members up-to-date information, which will include:
- FICO® Score with two key factors impacting their score
- FICO® Score Meter to show them where they fall within the credit score range
- A visual of the score range to help them understand what each range means to financial institutions
- A breakdown of the factors that contribute to FICO® Scores
Payoff’s Member Experience team will be available via phone, online chat and email to guide Payoff Members through the information provided. In addition, Payoff Members can contact Transunion directly for other credit-related questions.
“The FICO Score Open Access program is helping millions of consumers learn about their FICO Scores, a key measure of their overall financial health,” said Darlene Goins, senior director of Scores for FICO. “We are thrilled to have Payoff join the program and help further empower their customers.”
This new Payoff offering is part of the FICO Score® Open Access program launched in late 2013, which allows financial institutions to offer their customers the same FICO Scores used to help manage their accounts. FICO Scores provided by Payoff are not considered a formal credit bureau inquiry, and therefore do not impact the member’s credit score.
FICO Scores are the most widely used credit scores in U.S. lending decisions. FICO Scores are based on information in consumer credit files maintained by the major credit reporting agencies. Individuals who would like to learn more about FICO Scores may visit www.ficoscore.com.
Founded in 2009, Payoff, Inc. creates financial products and services with its Members' best interest at heart. Payoff empowers Members through The Payoff Loan™ to help refinance high-interest credit card balances, The Payoff Financial Personality Quiz™ to understand personal financial habits, Payoff Lift™ providing access to useful financial tools and tips, and Payoff Life™ with engaging financial lifestyle content. Since launch, Payoff has raised more than $50 million in equity financing, and Payoff's Board of Directors includes Joe Saunders (former Visa CEO), Arianna Huffington (Huffington Post Founder), Mohamed El-Erian (former Pimco CEO), Sean Park (Anthemis Group Founder), and Jim Lane (former Goldman Sachs partner). Payoff’s Chief Scientist, Dr. Galen Buckwalter (former eHarmony Chief Scientist), leads a diverse team of experts in neuroscience, behavioral economics, psychometrics, psychology and data science to provide Members with personalized solutions to improve financial health and habits. Payoff is backed by other global digital finance leaders, top-tier venture capital firms, and some of the most prominent individuals in financial services. For more information, visit: www.payoff.com.