FICO and FINRA Foundation Celebrate 14 Years of Financial Education Partnership to Empower Military Families
July 22 2024 - 8:00AM
Business Wire
In recognition of Military Consumer Awareness
Month in July, FICO reinforces partnership that provides
active-duty service members and their spouses free access to their
FICO® Scores
FICO, a leading analytics software firm, and the Financial
Industry Regulatory Authority (FINRA) Investor Education
Foundation, celebrate their longstanding and continued partnership.
For fourteen years, FICO and FINRA Foundation have brought
financial education resources to United States’ active-duty service
members and their spouses by providing military financial educators
and counselors for the Department of Defense and Coast Guard
Personal Financial Management Programs.
Throughout the partnership, military financial educators and
FINRA Foundation Military Spouse Fellowship Accredited Financial
Counselors® have provided active military members with their FICO®
Scores, credit reports, and other financial educational information
and tools from myFICO.com for free, providing access to hundreds of
thousands of military families.
Research by the Military Family Advisory Network has shown that
more than three-quarters (75.8%) of military and veteran family
members surveyed report they carry debt, with over 80% indicating
that their finances have caused them stress. Additionally, the Pew
Research Center has reported that about a third of veterans (35%)
report difficulty paying their bills during their first few years
transitioning back to civilian life. Together, these figures
highlight the importance of providing military members and their
families with access to educational resources to empower them in
their credit education journeys and financial lives.
WATCH: FINRA Foundation Provides Free FICO Scores to Military
Service Members
“There’s no greater honor than being able to support the great
men and women who serve our country,” said Geoff Smith, vice
president and general manager of Consumer Scores at FICO. “It is
with tremendous pride that FICO continues to provide financial
education and resources to our service members and their families
by offering free access to their credit scores, credit reports and
related resources through our ongoing partnership with FINRA
Investor Education Foundation.”
Through engagement with military financial educators and FINRA
Foundation Military Spouse Fellows eligible personnel can access
their FICO® Scores for free as well as gain insight to understand
what may be helping or hurting their credit scores, simulate how
different actions may impact their scores, and develop action
plans.
“Our partnership has been very impactful, and we are proud to
continue our work with FICO,” said Gerri Walsh, President of the
FINRA Foundation. “Empowering service members and their spouses to
achieve their financial dreams is a mission we work toward each
day, and we are thrilled to be able to help so many on their credit
education journey through this endeavor.”
Active-duty service members and their spouses interested in
obtaining their FICO Scores should contact the military financial
educator at their nearby base/installation. Or they can visit
www.finrafoundation.org/creditscore for more information.
For over 30 years, FICO® Scores have been the industry standard
for determining a person's credit risk. Today, more than 90% of top
U.S. lenders use FICO Scores to help them make faster, fairer, and
more accurate lending decisions. FICO offers other resources to
help people kick start their financial literacy and credit
education journey. For example, myFICO lets consumers check and
monitor their FICO Score for free. Plus, FICO continually updates
the website and app with credit education materials and tools that
can help people better understand how credit works.
About the FINRA Investor Education Foundation
The FINRA Investor Education Foundation supports innovative
research and educational projects that empower underserved
Americans with the knowledge, skills, and tools to make sound
financial decisions throughout life. Since 2006, the Foundation has
delivered free, unbiased financial education tools and training to
service members, their spouses and military and financial educators
through on-base educational forums, professional development
training programs and online and printed educational resources. The
Foundation holds both a Statement of Support with the Department of
Defense in support of DoD’s Financial Readiness Network and a USCG
Qualified Organization Designation. Learn more about the FINRA
Foundation at www.finrafoundation.org.
About FINRA
FINRA is a not-for-profit organization dedicated to investor
protection and market integrity. FINRA regulates one critical part
of the securities industry—member brokerage firms doing business in
the U.S. FINRA, overseen by the SEC, writes rules, examines for and
enforces compliance with FINRA rules and federal securities laws,
registers broker-dealer personnel and offers them education and
training, and informs the investing public. In addition, FINRA
provides surveillance and other regulatory services for equities
and options markets, as well as trade reporting and other industry
utilities. FINRA also administers a dispute resolution forum for
investors and brokerage firms and their registered employees. For
more information, visit www.finra.org.
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency. Learn more at
www.fico.com.
Learn more at https://www.fico.com/en.
Join the conversation at https://x.com/fico_corp &
https://www.fico.com/blogs/.
For FICO news and media resources, visit
https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240722034195/en/
Julie Huang press@fico.com
FINRA media@finra.org
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