It’s been more than a decade since the Fair Credit Reporting Act was amended to make each of the three major credit reporting companies — Equifax, Experian and TransUnion — provide people with a free copy of their credit reports once every 12 months.
And yet, I’m frustrated that things haven’t progressed far enough to give consumers the same right to their credit score, the three-digit number that can mean the difference between great credit deals or more expensive ones.
But finally, not through law but by way of competitive pressure, major lenders are stepping up to give consumers this piece of information, which is key to not just getting credit but to securing an apartment, good insurance rates, a job or even a security clearance.
Ahead of its competitors, Discover rolled out free FICO scores on the monthly statements of millions of its card members. The scores are based on data from TransUnion. I was happy about the announcement, although it was a reminder that so many others don’t have such access to their scores.