Free Credit Scores on Your Bank or Credit Card Statement?
Fair Isaac Corp., the company behind the FICO credit score, has launched a new product for banks and credit card companies that might make it easier (and cheaper) for you to get your credit score more regularly. It’s called FICO “Scores on Statements,” and it allows banks that pay for the service to offer monthly updated credit scores on their online bank statements — with some customers perhaps getting them for free (depending on the bank).
So far, Pennsylvania State Employees Credit Union, Washington Mutual (which is being acquired by J.P. Morgan Chase), and the Sears Solution MasterCard, issued by HSBC, are part of the program, and their customers can get their FICO score free. Also included with the score are the top reasons why the score is what it is, and how they may improve the scores (that’s Fair Isaac’s language, not ours).
This may be a service to look out for if you’re in the phase of life where you’ll be making a lot of major credit purchases, such as a home, auto, or large appliance. The higher your FICO credit score, the less you pay in interest. There is also plenty of information about credit scores online, if you want to learn more about credit.
