For years, credit cards have offered a free credit score as a customer incentive. Usually these credit scores were Vantage Score or other non-FICO credit scores that are advertised as “educational” scores. These scores give consumers an idea of whether they have poor, fair, or excellent credit, but when a consumer applies for a credit card or loan, the lender will pull their FICO score.
Earlier this month, however, FICO announced a new partnership with Barclays and First National Bank of Omaha where credit card customers will be able to pull their FICO credit score for free as part of their cardholder benefits. James Wehmann, executive vice president of Score at FICO, stated in a press release from FICO that the number and variety of credit scores has “confused” consumers with people mistaking educational credit scores for FICO scores used by actual lenders.
Paul Wilmore, General Manager of Consumer Markets at Barclaycard US, reiterated a need for consumer education and stated that offering free FICO scores will show consumers “a clear, concise picture of their credit worthiness” and “help them take control of their finances.”
We want to hear from our readers! Do you have a credit card issued by Barclays or First National Bank of Omaha? Do you think more credit card companies should offer FICO scores, or are educational scores sufficient? Leave a comment below, and let us know what you think!
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