Really Free Credit Scores from FICO & Credit Card Companies

Really Free Credit Scores from FICO & Credit Card Companies

Fred Williams, writing in the CreditCards.com blog, reports that FICO, the owner of the most-used credit score, has a new free score program that allows lenders who already buy the score to share the score with consumers at no extra cost.

Barclaycard and First Bankcard have announced plans to provide the free credit scores, and other card card companies will do the same in the near future according to FICO.

FICO expects millions of consumers will have access to their scores by the end of this year by logging into their participating credit card company account. The scores will be updated every 60 days, but if there is a change in the interim, some companies, including Barclays will update the score and email the customer with an alert.

Currently, consumers have to pay a fee, such as $15 to the credit reporting agencies or FICO to get their scores unless you are denied a loan on the basis of your score in which case the lender is required under the Dodd-Frank law to communicate the score to you.

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