Let’s face it your credit history impacts nearly every facet of your life and that is why the Consumer Financial Protection Bureau put the hammer down on credit card companies to offer free credit scores to consumers so they can ensure their credit is top notch. A FICO score wields an incredible amount of power as it has become the numero uno factor in how much credit you receive and why. When credit card companies offer free credit scores it can not only lead to better financial practices, but aid in preparing you for the results of a loan application.
The Significance of Free Credit Scores
We already touched upon how one little number can dramatically alter your existence, but a free FICO score does also save you $20 and keeps you in the know. Also, it provides financial security. How? Because when your credit rating suddenly plummets by 200 points, a free credit score allows you to determine if there was identity theft committed or if the credit bureaus made some sort of error with your account information.
Which Credit Card Companies Offer Free Credit Scores?
Although you are entitled to one free credit report a year from each of the three credit bureaus, Equifax, Experian and TransUnion, these scores can differ from one another and simply do not pack the same punch as a FICO score. Therefore, here is a list of credit card companies that provide your FICO rating as their free credit score:
- Ally Bank
- American Express
- Bank of America
- Barclaycard US
- Barclaycard Arrival Plus
- Barclaycard Arrival
- Barclaycard Rewards Mastercard
- Barclaycard Ring MasterCard
- US Airways
- Frontier Airlines
- Wyndham Rewards Visa
- Chase Bank
- Chase Slate
- First National Bank of Omaha
How Free Credit Scores Benefit Everyone
Free credit scores not only aid in greater financial control for the consumer, but also for the lender. Banks want you to pay your bills and have a top credit rating so they can lend you more money. That is why they want you to exercise wise financial management practices and a receiving a free credit report is the first step to enable consumers to exactly that. Access to a free credit report benefits all parties involved and should be a courtesy which all credit card companies provide.