Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Legal » FICO Signs Deal to Provide Free Credit Scores

FICO Signs Deal to Provide Free Credit Scores

By
Add to Favorites:
FICO Signs Deal to Provide Free Credit Scores
November
6

Have you ever wondered what your credit score really looks like? Not the credit report you can request for free from the credit reporting agency once a year that lists your accounts, but the actual number the bank gets when you apply for a credit card or a loan.

People who have a Barclaycard or First Bankcard credit card can now access their credit scores for free directly from their accounts. Cardholders can now receive the same scores that that banks and lenders buy from FICO when determining how financially fit a potential customer is when applying for a loan or a credit card.

How the score was calculated

Customers will also be able to see what factors were used to determine their score, and they can receive information on how to improve it. The system also allows cardholders to monitor changes in their credit score over time. Scores are updated every month.

Five cards in the Barclaycard US portfolio are currently eligible for free credit scores, including Barclaycard Ring, Barclaycard Arrival, Barclaycard Rewards, Juniper, Frontier and Carnival. Cardholders need to opt into the program to receive the benefit. Barclaycard plans on increasing the number of cards included early next year.

First Bankcard members with a First National Bank of Omaha card in their wallet will be getting their credit scores first. Individuals with one of their co-branded cards will also be included in the program, and begin receiving their scores in the first quarter of 2014. New customers will be able to see their scores within 90 days.

Educational materials designed to give folks a better understanding of the role their credit score plays in their financial lives are also a part of the overall package.

More to come?

While this initiative is limited to Barclaycard US and First Bankcard customers, FICO said it is available to all financial services companies that request scores to determine creditworthiness as part of the FICO® Score Open Access program.

“In 2012 approximately 10 billion FICO Scores were bought by lenders for risk management purposes and we are prepared to allow all of them to be shared with bank customers without any additional score fee charged by FICO to lenders,” said a FICO representative.

Add to Favorites:

Related News:

FICO Scores Getting a Makeover

By Elizabeth Nelson, Posted: March 17, 2014

Your FICO score may look a little different starting this summer. The company is releasing a new version of their credit-scoring product, the FICO Score 9, designed to provide more accurate risk assessment across different industries. Continue reading
Millions of People Now Have Free Access to Credit Scores

By Elizabeth Nelson, Posted: October 29, 2015

It used to be that people could only get one free copy of their credit report each year, and they still had to pay to find out their actual credit score. But over the last two years, since FICO launched their Open Access program, it’s ... Continue reading
Discover Rolls Out Free FICO Scores to All Cardholders

By Elizabeth Nelson, Posted: February 10, 2014

Discover it customers got access to their FICO scores last November, but now anyone with a Discover card will find their free FICO score printed on their monthly statement. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit