Visa Launches National Financial Education Program for College Students

Marking the start of a significant new effort to improve the financial literacy level of America’s college students, Visa USA today announced the national launch of its What’s My Score program, which includes giving away 5,000 free FICO credit scores.

Coming on the eve of "Financial Literacy Month," which is held annually in April to promote the importance of financial literacy, Visa’s announcement to provide free FICO® scores and comprehensive financial education resources to college students coincides with the company’s 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 (http://www.whatsmyscore.org) 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 – News) 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 at http://www.whatsmyscore.org.

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.

In addition, myFICO offers a free FICO Score Estimator that allows younger consumers, who are just starting to develop a credit history, to estimate what their FICO score might be. This FICO Score Estimator is available at both http://www.myfico.com/ficocreditscoreestimator and http://www.whatsmyscore.org.

"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."

"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."

Visa announced the acquisition of "What’s My Score" on January 25, 2007. The program was originally developed by the Responsible Credit Partnership (RCP) when it was a special project of The Saint Paul Foundation. RCP became a part of The Center for Financial Services Innovation on January 1, 2007, which then spun "What’s My Score" off to Visa.

In addition to "What’s My Score," Visa also runs the award-winning Practical Money Skills for Life program (http://www.practicalmoneyskills.com), a free, multilingual educational resource complete with home, school and at work financial lesson plans. Practical Money Skills for Life is aimed primarily at teachers and students in elementary through high school, as well adult consumers. The acquisition of "What’s My Score" allows Visa to dramatically expand the reach of the company’s financial education efforts to the nation’s 17.5 million college students.