Thursday
April 13
2017

FICO Partners with Operation HOPE to Improve Consumer Financial Health

SAN JOSE, Calif., April 11, 2017 /PRNewswire/ —

  • FICO is teaming up with Operation HOPE, Inc., a global financial dignity and economic empowerment nonprofit, to help consumers by providing FICO® Scores and other information that enables them to better understand their financial health.
  • Jim Wehmann, executive vice president, Scores, at FICO is delivering a keynote address in Atlanta at the Hope Global Forum, April 11th, at 9:30 am ET.
  • The new partnership extends FICO’s financial literacy and consumer empowerment initiatives, including FICO® Score Open Access for Credit and Financial Counselors.

Analytics software firm FICO (NYSE: FICO) and Operation HOPE, Inc., a global financial dignity and economic empowerment nonprofit, today announced a new strategic partnership.  The alliance supports HOPE Inside, a unique financial empowerment programming model that brings Operation HOPE counseling to communities free of charge. Core programs include credit and money management, homeownership preparedness and small business entrepreneurship. This partnership enables the HOPE Inside financial well-being coaches at more than 50 locations across the United States to access FICO® Scores and free educational materials on behalf of clients.

“We are honored to partner with FICO to provide additional resources to our clients,” said John Hope Bryant, Operation HOPE founder, chairman and CEO. “Access to this critical information sets individuals on the path to taking back their lives and creating a more secure financial future.”

“FICO is excited to partner with Operation HOPE to help consumers with their financial well-being,” said Jim Wehmann, executive vice president, Scores, at FICO.  “Together we are dedicated to increasing financial inclusion and consumer empowerment through the world’s most reliable credit scores as well as an unmatched commitment to financial counseling and financial literacy.”

HOPE Inside has allowed private financial institutions to scale, and sustainably package and deliver, financial literacy and empowerment programming. Though HOPE Inside had its genesis in bank branches, widespread market adoption continues to bring sponsored offices to government facilities, grocery stores, hospitals, college campuses, and other community locations, including Whole Foods, Hyatt Hotels, Detroit Medical Center, and Atlanta Public Safety Headquarters. Through the HOPE 700 FICO Credit Score Communities initiative, the focus on raising client credit scores to 700 and bringing financial uplift to communities is at the foundation of all HOPE Inside programming. There are commitments to open more than 250 new offices within the next 18 months.

“HOPE Inside has been quietly moving credit scores within communities an average of 120 points over 18-24 months,” said Bryant. “We work to get bankers out of the ‘no’ business, and into the ‘yes’ business, by helping to rehabilitate the credit, financial, and overall well-being profile of the HOPE client, and the future bank borrower, and by extension, the community as a whole.”

Now, HOPE Inside financial well-being coaches can share FICO® Scores with consumers for free to help educate them on their credit standing and provide key insights to enable them to better understand their financial health.  In addition, coaches can help consumers see the information lenders use to manage credit accounts including the top factors affecting their score.

“FICO Scores are used in more than 90 percent of consumer lending decisions in the U.S. Partnering with Operation HOPE to help consumers understand the scores lenders actually use to rate creditworthiness is a critical part of helping consumers take control of their personal finances,” said Wehmann.

FICO has made a deep commitment to furthering transparency, credit education, and consumer empowerment through new products, partnerships, services, and programs.  For example, the FICO® Score Open Access program allows financial institutions, including lenders as well as credit and financial counselors, to provide FICO® Scores, for free, to existing customers so they better understand their overall financial health.

For more information regarding the FICO® Score and Operation HOPE partnership, attend the FICO Hope Global Forum keynote session, Tuesday, April 11th at 9:30 am ET in Atlanta, Georgia.  Also visit www.hopeglobalforums.org for livestream access.

 

Source: Press Release (link opens in a new window)

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credit scoring, financial capability, financial inclusion