The credit scoring ecosystem has transformed from a system focused on reporting past behavior to one that empowers consumers to take control of their financial futures. In this conversation, Melinda McBride, SVP of Enterprise Alliances and GM of Consumer Insights & Engagement Solutions at Equifax and Martin Toha, Founder and CEO of Array, explore how their partnership is making credit insights more accessible, debunking persistent myths, and creating pathways to better financial wellness for millions of consumers. Together, they reflect on a decade of change and share what gives them optimism about where credit health is headed next.
REFLECTIONS
How has the credit scoring ecosystem changed over the past decade?
Melinda: I believe the most significant shift is the pivot from merely reporting historical performance to empowering and enabling better financial outcomes. Ten years ago, the focus was heavily on what consumers had done. Now, with innovative partnerships like the one we have with Array, we’re focused on what they can do. We are seeing a powerful movement towards financial inclusion by integrating more alternative data and providing tools that give consumers direct visibility and control over their financial health. For Equifax, this means a deeper commitment to technology and data strategies that support broader access to credit, moving away from a one-size-fits-all model and toward personalization.
Martin: Over the past decade, credit has become far more transparent and accessible. Today, most consumers who want to know their credit score do, which has shifted the ecosystem away from simply reporting history and toward enabling action — a theme Melinda touched on well.
On the lender side, scoring has become more customized and purpose-built. Models are increasingly tailored to specific borrower segments, and they’re incorporating additional data beyond traditional credit lines, including rent and bank data. Regulatory oversight and ongoing testing of new data sources have helped validate these approaches, giving lenders more confidence to innovate responsibly.
All of this signals a continued evolution of credit scoring, with newer models gaining traction. We’ve seen that clearly with VantageScore’s growing market share across both consumer lending and mortgages, reflecting the broader move toward more inclusive and flexible scoring frameworks.
CURRENT STATE
What’s one credit myth that causes the most measurable harm but continues to persist despite years of education efforts?
Martin: One of the most damaging myths is the belief that simply getting any credit product will automatically help you build credit. That assumption leads consumers to open accounts before they understand the long-term impact of that first decision.
The reality is that the wrong initial credit card or loan can do more harm than good. Poor terms or a mismatched product can drag down a score early and make it harder to recover, sometimes for years. In those cases, doing nothing is often better than doing the wrong thing.
That’s why access, education, and trusted data sources matter so much when credit is delivered in context. Consumers need to feel confident engaging with their credit before they act which is where ongoing access to scores and guidance becomes essential.
Melinda: The most harmful and persistent myth I see is that "checking your own credit score will lower it." This fear keeps consumers from engaging with their credit reports and scores, which is the very first step toward improving their financial health. It creates a needless barrier to entry for the curious and the motivated. Through the Array partnership, we are actively working with platforms that embed credit education directly into the user experience, allowing them to view and monitor their scores freely and frequently—a factual process which has zero impact on their score—to finally dispel this anxiety-inducing misconception.
What trends are you seeing in how consumers connect their credit score to their overall financial wellness?
Melinda: The trend is clear: consumers are increasingly viewing their credit score not just as a gatekeeper for loans, but as a holistic indicator of their financial well-being and stability. It's a proxy for their financial management discipline. We’re seeing a rise in "credit health" as a personal KPI, often bundled with savings, budgeting, and debt management tools. Our work with Array is essential here, as it allows us to provide partners with the technology to integrate personalized credit insights directly into the consumer's daily financial journey, fostering a proactive and integrated approach to financial wellness, rather than a reactive one driven only by a pending loan application.
Martin: What’s interesting is that as credit modeling has become more sophisticated, with more custom scoring approaches and additional data layered into underwriting, the traditional credit score and underlying credit data remains one of the most critical components to most models of overall financial health, not a weaker one.
Not that long ago, there was real skepticism about whether a credit score would remain relevant. Today, despite all the innovation happening around it, the credit score continues to act as a bellwether. It’s not the only input anymore, but it remains one of the most important indicators of how someone manages their financial life. As consumers see credit reflected across more decisions and tools, it naturally becomes connected to a broader sense of financial wellness rather than just loan eligibility.
FUTURE TRENDS
How do you see the relationship between credit education and consumer protection shifting as AI makes financial content easier to access—but also easier to manipulate?
Melinda: I see this as a critical fork in the road where the stakes for trust and accuracy will skyrocket. The role of AI in credit education is a double-edged sword: it can personalize guidance for millions of people, but it can also rapidly scale financial misinformation and even sophisticated scams. Therefore, the partnership between credit education and consumer protection must move from passive advisories to active, real-time defenses. Equifax and Array, through our secure data platforms and API solutions, must become the trusted, verifiable source of truth, leveraging AI for protection by flagging anomalies and misleading information, while ensuring that the educational content we power is consistently accurate, transparent, and authoritative.
Martin: AI is an incredibly powerful advancement for financial tools and education. At its best, it brings more clarity, simplicity, and actionability to topics that have historically felt opaque or intimidating for consumers. That accessibility can dramatically improve understanding and confidence at scale.
But that promise only holds if the information people are engaging with is grounded in trusted data. As AI makes financial content easier to generate and distribute, the role of authoritative sources becomes even more important. When accurate credit data is delivered in context and paired with clear guidance, AI becomes an accelerant for better decisions rather than confusion. Used responsibly, it has the potential to strengthen both credit education and consumer protection at the same time.
What gives you the most optimism about the future of consumer credit health and financial wellness?
Martin: What gives me the most optimism is that while people have always cared about their financial security, the tools supporting them have improved dramatically. Consumers want to understand their money, make smarter decisions, and feel more in control, and today they have far more accessible ways to do that than in the past.
At the same time, companies are taking greater responsibility for meeting consumers where they already are. Instead of treating credit and financial health as standalone topics, organizations like Equifax are helping bring them directly into the products, platforms, and benefits people use every day. That combination of consumer motivation and better access creates real momentum for healthier financial outcomes.
Melinda: My greatest optimism stems from the explosion of embedded finance and the shift toward proactive, partner-driven solutions. The consumer no longer has to go searching for their credit data; their favorite financial apps, employers, and banking platforms can bring personalized credit insights directly to them. This accessibility, powered by strategic partnerships, is making financial literacy operational. When credit is no longer a mystery but an integrated part of a budgeting app or a financial wellness benefit, we accelerate the journey toward economic empowerment for millions.
If consumers could understand one encouraging truth about their credit health, what would you want them to walk away with?
Martin: I’d want consumers to know that where you start matters far less than where you’re going. No matter your current credit situation, there is always a path forward, and progress is possible with the right actions over time.
Credit health is something you can actively work toward, regardless of past mistakes or setbacks. With clear goals, better visibility, and consistent behavior, consumers can make meaningful improvements that compound over time. That understanding is what turns credit from something people fear into something they can use to support their financial goals.
Melinda: I would want every consumer to walk away with this truth: Your credit is an active, living asset, and today is the most powerful day you have to improve it. Too many people view their credit history as a fixed, unchangeable record of past mistakes. That is simply not true. Every positive action you take—making a payment on time, reducing a balance—has a measurable, forward-looking impact. Improving their credit score, consumers unlock favorable loan terms and prevent good money from being spent on avoidable, high-interest debt.
We, at Equifax, are focused on making those tools and that knowledge as accessible as possible through our partnerships.
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