Attention, Wells Fargo customers.
The bank announced Wednesday it will be offering free credit scores and credit reports to all of its customers through Nov. 16, 2014.
You can get these scores by obtaining a personal access code from a Wells Fargo branch. The bank also has provided some credit management tips on its website as part of the promotion.
Wells Fargo also offered free credit reports and credit scores in 2013 and 2012.
“In much the same way an annual check-up helps us stay physically healthy, consumers can take control of their financial health by regularly checking their credit and taking steps to improve it,” said Gary Korotzer, an executive vice president in Wells Fargo’s Consumer Credit Solutions Group, said in a press release.
Federal law entitles all consumers to one free credit report from each bureau — Equifax, Experian and TransUnion — every year. You can get these reports by visiting AnnualCreditReport.com, but they won’t show your credit score. (You can usually purchase one with the report from the bureaus for a nominal fee.)
Fortunately, Wells Fargo isn’t the only financial firm on the free-credit-score bandwagon. Discover currently supplies credit cardholders with their FICO credit scores via their monthly statements and Capital One has a free app that lets its credit cardholders track their TransUnion score. (Remember, there’s more than one version of your credit score out there in the ether.)
More big banks may follow suit. Back in February 2014, the Consumer Financial Protection Bureau urged major issuers to make credit scores and related content available for free to customers.
For now, if your bank isn’t running a free credit score program, you can find a version sans charge elsewhere. Lenders must furnish your score for free if they deny you credit or offer less-than-the-best terms and certain websites offer credit reports and scores for free.
Have you taken advantage of free credit scores?
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