One of the largest providers of credit scoring systems in the US is eyeing up open access credit reporting for Australian consumers.
Data analytics company FICO, provider of the most widely-used credit scoring system in the United States, has recently launched FICO Score Open Access for US consumers.
The product gives customers access to their FICO scores, information on the factors that have contributed to these scores and educational material on how their behaviour can further influence these scores.
FICO's senior director of global scoring solutions, Rachel Bell, told Banking Day Australia's comprehensive credit reporting regime, which starts in March next year, will open up the market for products of this kind.
"We have been talking to the Australian banks about this and there is a lot of interest,” she said.
“Giving customers that information, along with some tools that will help them manage their score, will deepen customer engagement with the bank.”
FICO already provides credit scoring systems, fraud prevention tools and other data analytics to a number of financial institutions in Australia.
Earlier this year credit reference company Veda launched a similar product VedaScore, a service that offers credit reports and credit alerts, as well as a score tracker.
