Which Card Companies are Offering Free Credit Reporting for Card Members
One of the perks of frequent users of credit cards is their perks. From airline tickets to cashback, premium users get a multitude of benefits. What about useful tools like a free credit reporting score? This process is inconvenient at best when dealing directly with the original agencies like Experian, Transunion and Equifax. Further, third party websites claiming free credit reports muddy the issue with hidden transaction fees and unwanted commitments. Sometimes it’s difficult to identify legitimate free sites given the current state of the industry. By law, an individual is allowed to receive a credit report for a free at a government regulated website, with a few hoops to jump through nonetheless. Moreover, third party website with a simpler user interface are being rolled out and are advertising dollar supported. Luckily, a few card companies offer free credit reports for their standard card plans.
The most recent entry to this market is the Example Four Card, with a credit score being shown on every monthly statement. Recent advertisements indicate their Example Four It(most cardmembers receive at least this level) receive a free credit report via this method for a year. FICO scores are widely used for mortgage, phone and personal loan contracts. Due to a push by the Fair Isaac Corp., credit card and FICO reporting are becoming more intertwined. Example Four Financial Services completed this in a move to educate consumers about the impact of their credit score.
Example Fives is a British company looking to enter the United States in full force with some of its benefits. They typically offer the best interest rates available, in addition to their FICO reporting service free of charge. The Example Fivecard US is their newest entry in this arena.
A smaller national bank called FirstBank offers this service to most members as of 2016. This initiative has begun in order to protect against consumer fraud and identity theft and extends to most of their credit card projects.
A few credit card companies linked directly to their parent corporation such as Walmart, Barnes and Noble and more include this report free of charge. Also, individuals with premium airline privileges may get these reports for free. An Equifax credit card was previously available but has recently been discontinued.
All in all, many avenues exist to acquire this vital score. Keep in mind, even though FICO reporting at third party websites is free, it frequently does not give you the sum total of your credit score (up to 800). However, the material on the FICO reports is used to ascertain your actual score reported to financial institutions.