US-based data analytics firm FICO is, reportedly, planning to launch its credit scoring programme, FICO Score Open Access, in Australia, following its successful launch in the US recently.
FICO Score Open Access provides customers with access to their FICO scores, information on the factors contributed to the scores and educational content to enable better understanding.
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FICO global scoring solutions senior director, Rachel Bell, was quoted by Australian Broker Online as saying that the Banking Day Australia’s comprehensive credit reporting regime, which starts in March 2014, 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," Bell added.
"Giving customers that information, along with some tools that will help them manage their score, will deepen customer engagement with the bank."
The firm already provides credit scoring systems, fraud prevention tools and other data analytics to many financial institutions in Australia.
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