150 Million Consumers Now Have Access to Free FICO Scores
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Thanks to the development of the FICO Score Open Access program, 150 million consumers now have access to free monthly FICO scores. The program allows financial institutions and credit card providers to show consumers their FICO scores on their credit card statements, giving them the power to monitor their credit and catch suspicious activities.
Barclaycard and First Bankcard were the first credit card issuers to offer free credit scores to their consumers, but now an array of other companies provide the same services, including Discover, Citi, Chase, and Bank of America. There are no fees for accessing this information outside of the standard fees associated with the credit card or financial account.
Aside from credit card companies, there are several student loan providers, mortgage companies and auto lenders who participate in the FICO Score Open Access program. Consumers may access their scores through mobile apps, paper statements, and banking websites, depending on how the financial institution chooses to present the information.
Earlier this month, FICO launched a new score simulator tool allowing customers to see how different financial decisions will impact their credit scores. Consumers do not have to have an account with a FICO Open Access member in order to use the tool. They can get to it online at MyFICO.com.