What are FICO® Scores? How do they impact my ability to get a loan or establish credit with a financial institution? How do I find out what my FICO® Score is? Where can I go to get my score? Is there a fee to obtain this information?
We have all heard the term FICO® Score used at some point in time and we may have even wondered what the term means, or if it’s even relevant to our lives—and if it is, how it impacts us from a financial standpoint.
Knowledge is power
Learning and understanding as much as you can about your FICO® Score is a win-win because it empowers you and your ability to take control of your financial well-being.
With this in mind, PenFed is pleased to announce that an exciting new feature is now available through our PenFed Online banking service that allows eligible members to view their FICO® Score—for free!
Here’s how it works
If you are a PenFed member and you have an active checking account, installment loan, or a revolving line of credit—such as a credit card with us, you are now able to access and view your FICO® Score on PenFed Online when you login to your account.
What happens next?
When PenFed receives updated FICO® Scores during its normal course of business and the scores are updated within PenFed’s online banking site, a notification tile will appear on the main menu of the member’s account upon login.
You need only click the notification tile to access the FICO® NextGen Credit Score screen (This is the version of FICO® Score used by PenFed). This screen will allow you to view your current score; in addition to details regarding the score.
Enhancing your member experience
We are always on the lookout for new ways to improve your member experience with the best and newest innovative financial services and benefits we can think up! That is why PenFed has partnered with FICO—so that we could provide you with easy and direct access to this invaluable financial information.
Where can I learn more about my FICO® NextGen Score?
It is a given that you will have additional questions about your score, how it was calculated, and what factors had an impact on it.
To accommodate your natural curiosity, PenFed and FICO have worked together to ensure that a number of in-depth and helpful resources are readily available to you. These resources can be accessed externally on our website, or internally from your account on PenFed Online where your FICO® Score is displayed.
For more information about FICO® Scores and how they work, check out the following resource materials we’ve created to address your questions and concerns:
What if I want to dispute my FICO® Score?
Because FICO® Scores are based on the information in credit reports, it is very important to make sure that the credit report information is accurate. You should review your credit report from each credit reporting agency at least once a year and before making any large purchases, such as a home or car.
You have the right to obtain one free credit report each year from each of the credit reporting agencies through www.annualcreditreport.com. Please note that such free credit report will not include a FICO® Score.
FICO and “The score lenders use” are trademarks and/or registered trademarks of Fair Isaac Corporation in the United States and other countries.