goPeer Becomes First Peer-to-Peer Lending Platform to Provide FICO® Scores for Free to Canadian Consumers

Rhea-AI Summary

FICO (NYSE: FICO) has partnered with goPeer, a Canadian peer-to-peer lending platform, to provide Canadian consumers free access to their FICO® Scores through the FICO® Score Open Access program. This initiative aims to enhance financial transparency and education among borrowers by helping them understand their credit risk. With 90% of top Canadian lenders using FICO Scores, this collaboration is significant for improving financial literacy and decision-making for Canadian consumers. The program is part of a larger initiative by FICO and goPeer to elevate credit education and empower borrowers.

Positive

• Partnership with goPeer to provide free FICO Scores enhances transparency.
• Increases financial literacy and confidence for Canadian consumers.
• Supports FICO's initiative towards better credit education.

Negative

• None.

goPeer’s peer-to-peer lending platform provides Canadian consumers access to transparent credit information through the FICO® Score Open Access program

TORONTO--(BUSINESS WIRE)-- Global analytics software firm FICO (NYSE: FICO) announced today that goPeer, a peer-to-peer lending platform in Canada, will provide FICO® Scores to its customers for free through the FICO® Score Open Access program. Becoming the first peer-to-peer lending platform in Canada to leverage the FICO® Score Open Access program, goPeer aims to educate consumers by increasing transparency through its borrowing process.

“As a company that champions financial wellness, we are continually innovating to offer consumers the best experience,” said Marc-Antoine Caya, CEO of goPeer. “This collaboration with FICO allows us to empower our borrowers to improve their financial wellbeing with even more insights into their credit with their FICO Score, key factors, and educational content.”

Allowing Canadian consumers to access their FICO® Score provides greater insight to help them understand it and determine how lenders may view their credit risk. The ability for consumers to check their FICO® Score will provide them with increased confidence in financial decision making and greater overall financial literacy.

“FICO Score Open Access program empowers consumers to take charge of their financial future,” said Kevin Deveau, vice president and general manager of FICO US and Canada Sales. “With FICO Scores being used by 90% of the top Canadian lenders and credit unions, our partnership with goPeer helps Canadian consumers have the opportunity to access their score and understand the role of credit in daily life.”

The FICO® Score Open Access program allows lenders to help educate customers about their FICO® Scores by providing comprehensive and transparent information to help them understand their scores. Across the U.S. and Canada, hundreds of lenders are participating in the FICO® Score Open Access program to provide FICO® Scores to consumers for free. Offering free access to FICO® Scores is part of FICO and goPeer’s initiative toward providing improved credit education and transparency to Canadian consumers.

Learn more about FICO® Score Open Access Canada here: https://www.fico.com/en/latest-thinking/solution-sheet/fico-score-open-access-canada.

About goPeer

goPeer is a Toronto-based financial technology company that connects modern investors with credit-worthy Canadians looking for a loan. goPeer's marketplace uses technology to eliminate inefficiencies in the consumer lending process, resulting in better rates for borrowers, while offering investors access to a high-yield asset class.

Learn more at www.gopeer.ca.

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, telecommunications, health care, retail, transportation and supply chain, and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of rental cars are in the right place at the right time.

Learn more at www.fico.com.

Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/.

For FICO news and media resources, visit www.fico.com/news.

FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005227/en/

Julie Huang

press@fico.com

Source: FICO

FAQ

What is the FICO Score Open Access program in Canada?

The FICO Score Open Access program allows consumers in Canada to access their FICO Scores for free, promoting credit education and transparency.

How does the partnership between FICO and goPeer benefit consumers?

The partnership provides Canadian consumers with free access to their FICO Scores, helping them understand their credit risk and improving financial literacy.

What percentage of Canadian lenders use FICO Scores?

Approximately 90% of the top Canadian lenders and credit unions utilize FICO Scores in their credit assessments.

When was the partnership between FICO and goPeer announced?

The partnership was announced on March 15, 2023.

What is goPeer's main function?

goPeer is a peer-to-peer lending platform that connects Canadian investors with credit-worthy borrowers, improving the lending process.