Visa Launches National Financial Education Program for College Students
Visa USA has announced the national launch of its What's My Score program - including giving away 5,000 free FICO credit scores - to college students. The launch coincides with the release of a new survey of credit and debit cardholders that shows that only 17 percent of those surveyed knew their FICO credit score by the time they were 21 years old.
"College students are in desperate need of personal finance education that can help them manage their money responsibly," said Jason Alderman, director of financial education for Visa USA. "What's My Score is a major expansion of Visa's decade-long commitment to financial literacy and provides substantive educational resources for college students through an innovative web site."
What's My Score explains and demystifies credit scores for college students and provides free information on how young adults can improve their scores. In addition, a wide variety of resources help students learn the basics of financial management, including: budgeting, saving, paying for college, buying a car, getting a first job, protecting their identity and critically evaluating different loans. There are also comprehensive materials available to assist college professors and administrators in teaching students about these vital financial life skills. All of the resources on "What's My Score" are being provided to students and colleges at no cost.
Up to 5,000 college students will receive their FICO score for free, courtesy of myFICO, Fair Isaac Corporation's (NYSE:FIC) consumer division. Visa and Fair Isaac are working cooperatively on a robust college outreach campaign to raise awareness for "What's My Score." The 5,000 free FICO credit scores for college students are available on a first-come, first-serve basis through the "What's My Score" web site.
To receive their FICO score, students will first have to take a free 15- minute online financial education tutorial, designed to provide a crash course in responsible credit use.
"We share a longstanding commitment with Visa and the What's My Score program to help more young adults get engaged, excited and serious about financial responsibility," said Andy Jolls, vice president of myFICO. "We look forward to working with Visa to further promote these valuable tools and resources to help young adults make smart financial decisions."
Additional key findings of Visa's credit and debit cardholder survey include:
"Not knowing your credit score is the financial equivalent of driving with your eyes closed," said Alderman from Visa. "America's college students are bordering on the edge of financial illiteracy and we are tackling this problem head on."
- Just 64% of cardholders surveyed knew their credit score by the age of 40
- Surprisingly, 15% of those cardholders surveyed never learned their score
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)