Payoff is First Marketplace Lender to Offer Members Monthly Access to FICO® Scores for Free
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.
About Payoff
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.
Contacts
Payoff, Inc.
Cheri Quigley
PR Director
949-430-0646
cquigley@payoff.com
