Free FICO Scores for Commerce Bank Customers - Card Issuers News


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Free FICO Scores for Commerce Bank Customers

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.
Note that there are a variety of different credit scores and creditors may use different scores to make lending decisions

Folks who bank with Commerce Bank now have an easy way to keep tabs on their credit ratings. FICO, a leading provider of credit scores, has partnered with the bank to offer free FICO scores to customers on their monthly statements.

Whether they access their statements online or elect to receive paper copies in the mail, people will be able to see how their FICO scores change each month. FICO scores range from 300 to 850 and can fluctuate from month to month. Scores are based on the information provided by lenders to credit reporting agencies about consumers’ payment activity. A score in the 700s and above indicates that someone is a good risk for a potential lender. Scores in the 600s and below are considered subprime and may mean lenders are more reluctant to extend a line of credit, or may charge a higher interest rate for a mortgage or other type of loan.

Maintaining a good credit score is an important part of staying financially healthy, along with things like putting money into savings and sticking to a household budget. The FICO Score Open Access program provides free credit scores to customers of various banks and credit cards, including Discover, Citi, and Chase Slate. Chad Doza, senior vice president of consumer credit cards at Commerce Bank, said, “Managing credit is something that our customers take very seriously, and Commerce Bank is excited to assist their efforts by providing free access to FICO Score information on their monthly credit card statements.”

Credit scores used for many purposes

Besides being a deciding factor when a customer applies for a loan, credit scores can also be used to determine whether or not an applicant gets a job, an apartment, a credit card or a mortgage. While having a poor credit score doesn’t rule out someone being approved for these things, it can mean they will have to pay a steeper interest rate than someone with excellent credit.

Credit scores, including the FICO score, are based on five factors: payment history, debt-to-available-credit-ratio, length of credit history, types of credit issued, and amount of new credit applied for. The most important of these is payment history; it is weighted the most heavily when calculating a consumer’s score.

The major credit bureaus – TransUnion, Experian, and Equifax – collect the information that FICO uses to determine credit scores. It’s important that consumers order copies of their credit reports from each of these agencies at least once a year to check them for accuracy. An estimated 80% of credit reports contain a mistake of some kind. While mistakes may be minor, they can still affect a person’s score. All consumers are entitled to receive one free credit report per year from each credit bureau.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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