Does Knowing Your FICO Score Change Financial Behavior? Evidence from a Field Experiment with Student Loan Borrowers

We gratefully acknowledge Marianne Bertrand, Anat Bracha, Michael Collins, Jacob Goldin, Sam Hartzmark, Emir Kamenica, Neale Mahoney, Sanjog Misra, Devin Pope, Justin Sydnor, Oleg Urminsky, George Wu, and participants in seminars at NYU, Rutgers, USC, USMA-West Point, Washington University in St. Louis, Wharton, Wisconsin, Yale, the Federal Reserve Bank of New York and in the Chicago Booth Behavioral Approaches to Financial Decision-Making Conference, Cornell IBHF Conference, Boulder Summer Conference on Consumer Financial Decision Making, the CFPB Research Conference and the Advances in Field Experiments Conference for conversations and suggestions that have greatly improved the quality of this project. We also thank Jennifer Chellew, Monica Milone, Ryan Corey, Annat Shrabstein, and Marie O'Malley from Sallie Mae as well as Joanne Gaskin and Jenelle Dito from FICO for their assistance throughout the project. Nicholas Herzog provided excellent research assistance. All remaining errors are our own. This work was supported by the True North Communications Inc. Faculty Research Funds at The University of Chicago Booth School of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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