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Can credit cards with access to complimentary credit score information benefit consumers and lenders?

Author

Listed:
  • Vyacheslav Mikhed

Abstract

Barclaycard U.S. is one of a growing number of banks offering cardholders free access to their FICO Credit Scores with credit card products. On November 19, 2014, Paul Wilmore of Barclaycard U.S. presented Barclays? rationale for offering this feature and provided his perspective on its development. He also discussed how consumers responded to this feature in terms of their spending, repayment behavior, and lifespan and intensity of their relationship with the bank. According to Wilmore, program participation is correlated with increased card spending, decreased credit utilization and delinquency, increased digital engagement, and lower cardholder attrition.

Suggested Citation

  • Vyacheslav Mikhed, 2015. "Can credit cards with access to complimentary credit score information benefit consumers and lenders?," Consumer Finance Institute discussion papers 15-3, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpdp:15-03
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/dp15-03-can-credit-cards-with-access.pdf
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    More about this item

    Keywords

    Credit Reports; Risk Scores; Credit Cards; Consumer Lending; Information; Credit Performance;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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