WASHINGTON — Ally Financial will kick off a pilot program in February that offers its auto- finance customers free access to their FICO scores. The program will roll out to Ally's two million auto-finance customers this summer.
The initiative is designed to help consumers better understand their credit health.
The FICO score will be available to customers who use Ally Auto Online Services or the Ally Auto Mobile Pay app.
"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," said Ally CEO Michael A. Carpenter in a statement.
The FICO score is an important measure of a consumer's ability to secure credit.
It is a type of credit score that makes up a substantial portion of the credit report that lenders use to assess an applicant's credit risk and whether to extend a loan. FICO is an acronym for the Fair Isaac Corporation, the creators of the FICO score.
Edmunds says: Auto consumers get smart about their personal finances with the help of Ally Financial.