If you’ve ever tried to find out what your credit score was, you most likely stumbled into the realization that there are literally thousands of different credit scores out there, most of which are completely useless.
But, there are a set of industry-specific credit scores which are used liberally throughout the entire lending stratosphere.
These of course are the FICO scores.
Up until now, the only way of obtaining a true FICO score was to either apply for credit (mortgage, auto loan) or through myFICO.com, where you could obtain a FICO score for $20 per credit bureau.
Things are about to change!
FICO Score Open Access, a new initiative spearheaded by the Fair Isaac Company (FICO), will give banks, lenders, and credit card companies the option to provide consumers with free FICO scores.
Considering that 90% of all lending institutions use FICO scores to determine a consumer’s creditworthiness, you may want to have a glance at your FICO scores.
Key Features of the FICO Score Open Access Program
- A free FICO Score
- On paper statements, via mobile devices, online access, etc…
- At many frequencies; annually, quarterly, monthly, etc…
- 2 personalized key factors influencing your FICO Score.
- A 12-month historical FICO Score trend.
- A FICO Score Meter, indicating the strength of your FICO Score.
- Comprehensive FICO consumer credit education content.
And this is all Free, for consumers who have accounts with participating companies.
What companies are participating in the Free FICO Score program?
So far, Barclaycard US and First Bankcard are the only participating credit card companies to have joined this new program.