Ally Financial will begin to offer its auto finance customers free access to a credit score as a way for them to better understand their credit health.
Beginning with a pilot program in February and a full launch this summer, the effort involving about two million customers provides them access to scoring by FICO, or the Fair Isaac Corp.
The FICO Score will be available to customers who use Ally Auto Online Services (https://www.ally.com/auto/) or the Ally Auto Mobile Pay app.
President Obama announced the program at a BuySecure event at the Federal Trade Commission today,
“Efforts such as the BuySecure initiative help to drive awareness of the resources available to help consumers manage their financial matters, and we commend the White House for their attention to these issues,” says Ally Chief Executive Officer Michael A. Carpenter.
He adds, “Having free and easy access to your FICO Score is one simple measure for consumers to continually monitor their credit health and track improvements, as well as a means to know early if your credit profile has been compromised.”
FICO score access is the latest addition to the free resources Ally makes available to customers “to help them get educated on their personal financial matters,” says Jeffrey Brown, president and chief executive officer of Ally's Dealer Financial Services business.
He adds, “Ally has worked to advance consumer financial education for many years and since 2011, more than 61,000 consumers have taken our Wallet Wise financial literacy curriculum on the topics of credit, budget, banking and investing, and auto financing.
“We continue to believe that consumer education about financial matters is among the best defense."
FICO Scores will be available to Ally's auto consumers who have an online account profile at https://www.ally.com/auto/. Customers can register for an online account profile at any time on Ally’s website.
In addition to this resource, Ally also offers free financial education via its Wallet Wise program online at http://www.allywalletwise.com/ or through local community in-person sessions. All consumers can take the online curriculum at any time, free of charge. Ally also offers a Financial IQ quiz for consumers to test their knowledge of key topics on the Wallet Wise website.
