Free-credit-score-a-palooza has begun. Well, it continues. Millions of consumers with Citi-branded credit cards can now get a free peek at their Equifax-based FICO credit score just by logging on to Citi’s website. Citi had promised the move last year, and it comes just a week after the White House announced a slew of banks would start offering free credit scores to consumers later this year. (A list is below).
Citi announced its Citi.com/creditscore website went live on Tuesday night.
“Our commitment is to deliver value to our cardmembers whenever they reach for their card – and this includes information and insight to help them plan for the future,” said Ralph Andretta, Head of Product Management, Citi Cards. “An important piece of this is being informed on how to build a strong credit history to inform their individual goals.”
In addition to the score, Citi said consumers will also have access to educational tools:
- FICO® Score with two key factors impacting their score
- FICO® Score Meter to show cardmembers where they fall within the credit score range
- A visual of the score range to help them understand what each range means to lenders
- A breakdown of the factors that contribute to FICO® scores
“We are always pleased to see companies taking steps to empower consumers with information that helps them manage their credit wisely. Providing Citi credit customers with free access to the same FICO score often used to make lending decisions and insights into factors that impact their score gives consumers valuable tools to build a stronger financial future,” said Ken McEldowney, Executive Director of Consumer Action. in Citi’s announcement. “As more financial institutions plan to provide this important credit tool, Consumer Action hopes it will soon be available to all credit card customers across the U.S.”
Citi will answer general questions online, through its @AskCiti Twitter account. Specific score questions will be directed elsewhere.
Expect a slew of new questions as more consumers begin to see the 3-digit number that has so much control over their financial fortunes.
Discover has been offering free scores for nearly a year. Not a Citi or Discover customer? You might have to wait your turn.
Ally Financial: Will offer FICO scores, beginning with a pilot program in February and a full launch this summer to auto finance customers.
Bank of America: “We will begin offering credit scores to our consumer credit card customers later this year. No more details to share at this point,” Bank of American spokeswoman Betty Riess told Credit.com.
Citigroup: The White House announced in October that the bank would begin offering free FICO scores in 2015. That’s an estimated 23 million consumers.
JPMorgan Chase: Plans to offer FICO credit scores at no charge to Slate cardholders “in the coming months,” said spokesman Paul Hartwick. That covers about 10 millions consumers.
USAA: Will offer cardholders access to the Experian VantageScore, a competitor to the FICO score. USAA is already testing the program and expects it will be available to all consumers by March.
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