CAMBRIDGE, Mass.–Harvard University Employees Credit Union said it has become the latest PSCU-owner credit union to offer FICO Score Open Access to help its members with financial literacy and transparency.
PSCU, St. Petersburg, Fla., said it recently partnered with FICO and the three major credit bureaus, TransUnion, Experian, and Equifax, to provide the benefit to member-owners and help credit union members better understand their financial standings.
“With this new benefit, cardholders have access to their FICO Scores, as well as educational resources that help them understand the factors that affected their scores,” PSCU said. “Access to the benefit is free to cardholders and is already having an impact on member retention at Harvard University Employees Credit Union.”
Thomas Murphy, the credit union's SVP of Consumer Lending, said, "Since launching the program in December, we have been receiving very positive feedback from our members who appreciate that we provide them with their FICO Scores, as well as financial educational information related to their own FICO Scores and their specific situation. Our members have told us that knowing their FICO Scores has given them more confidence in understanding their financial health as they plan for their financial future."
The FICO Scores reflected on member statements are the same ones used by lenders in 90% of risk-management decisions.