Have You Received Your Free FICO Score?

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We support reforms to the financial marketplace that protect consumers from unscrupulous banks and lenders.

By Consumers Union on Wednesday, January 28th, 2015

Consumers are finally seeing substantial progress in the credit score market. They’ve long faced real challenges in getting the same credit score that their banks and lenders purchased when making lending decisions about them.

But over the past year, millions of Americans have gained access to free, reliable credit scores. Recently, President Obama announced that more than half of the adults who have credit scores will have regular, free access to the same ones that their credit card companies and lenders consult. Banks and lenders including JP Morgan Chase and Bank of America have pledged to share the actual FICO scores that they use with select customers.

Citibank 2

Discover has already begun offering these scores to customers as part of the FICO Open Access program, and Citi has rolled out the service to some of its cardholders. (To the right, we’ve added the actual notice sent to a Citi customer). These developments are likely due in part to the hard work of the Consumer Financial Protection Bureau (CFPB). Last year, the consumer watchdog put pressure on top banks to release real credit scores, for free, to consumers across all product lines.

Historically, it’s been difficult to get a free, reliable credit score – that’s why we’ve been pushing for reform for years. You can get your free credit reports at annualcreditreport.com, and there are a number of free “educational” scores available to you on the web. But educational scores are likely not used by your lender, and consumers usually have to buy FICO scores, the brand used by most lenders, online.

Have you received your free FICO score? If so, tell us how it has helped you! Your stories will help us push banks to offer free FICO scores to all of their customers – and to press for legislation that will guarantee every consumer their full credit information.

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