Tuesday, November 12, 2013

IS Fico really giving consumers free credit scores? Tracy B

Tracy Becker, FICO Pro

IS FICO REALLY GIVING CONSUMERS FREE CREDIT SCORES?

CEO & President of Credit Restoration and Education at North Shore Advisory, Inc.
Fico is "supposedly" offering FREE credit scores to "some" consumers. Fico has rolled out a program called "Open Access" which allows consumers who applied for a credit card with a particular bank(s) access to a copy of the scores pulled by the creditor. Right now there are limited banks doing this but Fico wants to get more enrolled. What they are not telling consumers is that Fico has already been paid by the lender who reviewed the credit scores for risk evaluation.

So is this actually wonderful if Fico is offering consumers free credit scores only after they have already been paid by the creditor? How the program actually works is that you will only get free credit scores if you applied for a credit card with Barclay's bank and First National Bank to date. If you just want to see your credit scores and you haven't applied for a credit card you still have to purchase them at the myfico site.

See more info here: http://www.bloomberg.com/news/2013-11-04/fico-to-offer-barclaycard-holders-credit-scores-for-free.html
FICO, owner of the credit-scoring formula most widely used by U.S. lenders, is giving some consumers access to their credit scores for free, even before they apply for a loan.


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